Here are the India Business News Headlines 17th November 2017:
- Bharti Airtel’s proposed acquisition of consumer mobile business of Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd has been approved by CCI. The deal now needs approval of Sebi, NCLT, telecom department and stock exchanges. This is Airtel’s seventh acquisition in five years.
- APG Asset Management NV, the Dutch pension fund manager has invested $175 million of fresh equity into Virtuous Retail South Asia Pte in a joint venture with Xander Group for acquisitions and greenfield project developments. The JV was set up in November 2016 to acquire a portfolio of shopping malls.
- As part of attempts to recover their loans, lenders of Sterling Port are planning to bring a strategic investor to replace the existing concessionaire at the Dahej port project in Gujarat. Srei Infrastructure Finance, Andhra Bank and Corporation Bank, have invited expressions of interest for the Sterling Port to recover their loans.
- SSG Capital Management Ltd has bought 34.42% stake in Cox & Kings’s British subsidiary Prometheon Holdings from Rohatyn Group. Prometheon owns Holidaybreak, a European niche travel company. With this, Rohatyn has made a complete exit from Prometheon. Cox & Kings continues to hold the balance stake.
- ICICI Bank has tied up with Paytm to offer short-term credit to their common customers. Paytm-ICICI Bank Postpaid will function like a virtual credit card and will help ICICI to assess credit profile of customers who have no or minimal credit history. Customers who are shopping through Paytm can choose the option to pay later and use the credit line offered by ICICI Bank. The product is not available for offline customers yet and only those customers who have an account with ICICI Bank and use Paytm to shop will be eligible for the product. The credit limit has been set at Rs.20,000 and the amount borrowed needs to be repaid within 45 days, after which it will attract a charge of 3%, similar to the credit card offerings.
- Insolvency professionals of Essar Steel and Bhushan Steel have initiated fresh forensic audits of these companies’ accounts. The move is result of the recent changes in rules introduced by NCLT. The audit will ascertain if any preferential treatment was given by promoters to related or any non-related parties during the two years preceding the commencement of insolvency proceedings. It will also look for any undervalued or fraudulent or extortionate credit transactions.
- To revive its consumer packaged goods business, Raymond Ltd is now focusing on its Park Avenue brand of male grooming products and home care brand Premium. Raymond’s total consumer goods sales stand at nearly Rs.500 crore and its brand ‘Park Avenue’ including apparel and personal care products is already worth Rs.1,000 crore.
- Mahaveer Group , the affordable housing company, has raised Rs.380 crore from Piramal Finance for its five projects in Bengaluru. The money will be mainly used as working capital and partly for refinancing purposes. Piramal has extended the money as construction finance.
*News as published in Business Standard, Live Mint and Economic Times.