India Business News Headlines 18th April 2018

India business news headlines 18th April 2018
Here are the India Business News Headlines 18th April 2018:

  • Electrosteel Steels Ltd has became first of the 12 large loan defaulters identified by RBI to win court approval to exit bankruptcy. Kolkata bench of NCLT has cleared Vedanta’s Rs5,320 crore resolution plan for Electrosteel and rejected objections of an unsuccessful bidder.
  • Kedaara Capital is in final stages of discussions to acquire Munjal family-owned, Sunbeam Auto Ltd., for $100 million. Sunbeam designs, manufactures and sells automotive aluminium die casting components.
  • While hearing the legal challenge to Aadhaar, Supreme Court has raised concerns over use of data analytics to influence elections. UIDAI says Aadhaar data collection cannot be compared with Facebook data scandal and they don’t have the algorithms that Google has.
  • Vogo Automotive, a Scooter rental start-up, is in advanced talks to raise Rs40-45 crore from Ola, Stellaris Ventures Partners and Matrix Partners. The investment, if goes through, indicates Ola’s growing interest in expanding beyond cabs and turning into a one-stop platform for the urban transport.
  • Avendus Enhanced Return Fund, the second hedge fund of Avendus Capital, has crossed Rs.1,000 crore in assets under management in just a period of four months since its launch. Fund will invest 70% of its proceeds in the long only portfolio and 30% in long/short portfolio.
  • Marico Ltd will acquire up to a 22.5% stake in Revofit, a fitness and wellness solutions app for an undisclosed amount. The aim is to learn about the digital consumer.
  • AstraZeneca, the Bio-pharmaceutical major, has announced to further invest $90 million in India over the next five years. The announcement was made after a meeting between Leon Wang, company’s executive VP for international region and the
    PM Narendra Modi during his Sweden visit.
  • Atlanta-based Gray Matters Capital, an impact investing foundation, has launched an accelerator program named ‘GMC Calibrator’ to focus on education tech start-ups in India. It will invest $2 million in education tech start-ups that it mentors.
  • Aditya Birla Group is in talks to raise $1 billion for Idea Cellular by selling stake of its promoter entities. Stake sale transaction is being structured in a way to maintain current shareholding (42.57%) of the promoter entities in Idea Cellular. Part of the amount will be used to settle dues arising from the Vodafone-Idea merger.
  • Flipkart has entered into a long-term strategic partnership with Asus, thje Taiwanese handset maker. The aim is to grow its smartphones market share to about 40%. First smartphone, ZenFone Max Pro, under this partnership will be launched on 23rd April.
  • Deutsche Bank AG has called off talks with IndusInd Bank to sell its retail and private wealth businesses in India, portfolio size of which together is around Rs.30,000 Crores.
  • As per TRAs Brand Trust Report 2018, which covered 2,488 consumer-influencers across 16 cities in India, Samsung is the most trusted brand in India followed by Sony and LG. In FMCG companies, Patanjali topped the list.
  • Fortis update : Fosun Health Holdings, a wholly-owned subsidiary of Fosun International, has made a proposal for primary infusion of $350 million, including a preliminary investment of Rs 1 billion. The offer, however, is subject to due diligence, which would be completed within three weeks. The deal will enable Fosun to own a 25 per cent or more stake in Fortis.
  • Tata Steel has raised around $1.9 billion through syndicated loans for its Singapore units Nat Steel Asia and TS Global to refinance its existing high-cost debt. About 20 banks, including Citigroup, SBI, JP Morgan, ICICI, Axis, Bank of America-Merrill Lynch are part of the lending syndicate.

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