India Business News Headlines 17th April 2018

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Here are the India Business News Headlines 17th April 2018:

• Fortis Healthcare has raised Rs.150 crore bridge loan from RattanIndia Finance,, which will keep it afloat till it finds a buyer. The funds will be used for meeting operational expenses and improving cash flows in the short term.

• Supreme Court has stayed a NCLAT order that allowed partial sale of RCom assets to Reliance Jio until the tribunal decides on the case. The next hearing is on 18th April. The order has effectively halted RCom-Jio deal of Rs25,000 crore for sale of tower and fibre assets. RCom can, however, can sell or transfer spectrum, media convergence nodes and real estate.

• Hello Network, the new social network launched by Orkut founder Büyükkökten, is in talks to raise money from strategic investors in India. The company is trying to establish itself as an alternative to social media platforms like Facebook, Twitter and Instagram.

• Myntra has acquired Witworks, a Bengaluru-based start-up, which makes wearable devices, for an undisclosed amount. The acquisition will allow Myntra to develop wearable products for its various in-house brands.

• PandoCorp, a start-up that digitizes logistics operations for companies, has raised $2 million in a funding round led by Nexus Venture. Its product, Pando, helps companies monitor and optimize their supply-chain operations over a single dashboard.

• Uttam Galva Steels has now offered to repay its creditors in full. Its previous offer to pay back 51% of its dues was rejected by the creditors last week. NCLT has directed SBI to decide on the offer and inform them by the 24 April, 2018.

• Prakash Nene, MD & CFO of Multiples Alternate Asset Management, has quit citing personal reasons. It is the second top-level exit from the fund after its MD Dinesh Tiwari resigned in October 2016 after working for six years. Multiples has already started its roadshow to raise its third offshore fund of $1 billion.

• Enam Holdings has acquired 15% stake in Vehere Interactive Pvt. Ltd, a privately-held technology company for an undisclosed sum. Vehere develops solutions for security agencies under two verticals – communication intelligence and cyber security.

• AffordPlan, a healthcare focused fintech company, has raised $10 million in funding led by Lok Capital. AffordPlan offers financial assistance for non-emergency medical and expensive procedures like eye care, pregnancy, bariatric, plastic surgeries.

• LIC has reportedly booked record equity trading profits of Rs.25,000 crore in fy 2017-18, up from Rs.19,000 crore in the last fy.

• Binani Cement case : UltraTech Cement is now willing to pay Rs 79.60 billion, which is Rs 7 billion more than its earlier offer. However the revised offer has failed to impress many lenders of Binani Cement.

• A number of key stakeholders of Flipkart have reportedly agreed to sell their shares to Walmart, but the biggest shareholder, SoftBank is holding back for a better price. Walmart has reached an agreement with Tiger Global, Naspers, Accel and Tencent Holdings. Flipkart founders, Sachin and Binny Bansal will also sell a part of their stake to Walmart.

• Supreme Court has rejected Jaypee promoters’ demand to bid for its ailing unit Jaypee Infratech. Section 29A bars any insolvent person or willful defaulter from bidding for any ailing company.

*News as published in Business Standard, Live Mint and Economic Times.
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