India Business News Headlines 19th Feb 2018

India business news headlines 19th Feb 2018

Here are the India Business News Headlines 19th Feb 2018:

  • Dalmia Bharat Cement and UltraTech Cement, the top two contenders for Binani Cement, have submitted nearly identical bids of around Rs.6000 crore each. This includes upfront cash payments and offer of close to 20% stake in Binani to lenders. The winning bid will be decided by the lenders.
  • Reliance Industries and its global partners will set up India’s first integrated industrial area in Maharashtra with an investment of Rs.60,000 crore. More than 20 global companies including Nokia, Dell, HP, Cisco, Siemens and Corning have already agreed to co-invest with Reliance.
  • Aye Finance, a Gurugram-based small business loan provider, has raised Rs.25 crore through a securitization deal from investors including Intellegrow and Hinduja Leyland. It had also raised Rs.10 crore in a previous round. Aye Finance, having 72 branches in 10 states, provides mortgage, term loan and hypothecation services to MSMEs.
  • DLF will now focus on selling ready-to-move-in flats over the next 3-4 years worth Rs.15,000 crore and launch new projects for sale only after reaching advanced stage of construction. Out of Rs.15,000 crore, around Rs9,000-10,000 crore worth of housing units inventories are in Gurugram. It has initiated the process to start construction of its housing project at Moti Nagar in central Delhi.
  • Sebi has eased access norms for investment by foreign portfolio investors. It has now opened up Indian capital markets to clients of global private banks, which can invest in stocks without having to go through registration or compliance requirements. Foreign banks which until now could do only propriety trades, have been allowed to invest in domestic securities on behalf of their clients.
  • Amazon India has crossed 300,000 seller base in less than five years of their operations in India. Of this, 100,000 new merchants were on-boarded in seven months. Amazon has been pumping huge amounts to strengthen its seller and customer base and building infrastructure. It has expanded its network of third-party affiliates and service providers to ensure that sellers from non-metros and smaller towns get easy access and required support to start and manage their online business.
  • GST Council is working to revamp the return filing process and further liberalize rules to make compliance easier for taxpayers and boost government revenues. A meeting of central and state government officials will be held on 27 February to finalise the proposal.
  • GIC of Singapore may buy 40% stake in Prestige Estate’s rental unit projects for Rs.14,000 Crore. Last year, it had also bought a significant minority stake in rental arm of DLF for approx. $1.4 billion.
  • Pallavi Shroff, the founder of law firm Shardul Amarnath Mangaldas, will join the board of One97 Communications, parent company of Paytm to guide on governance law and regulations. She is also on the board of various other companies including Maruti Suzuki, Apollo tyres.
  • Aircel will shortly file for bankruptcy with NCLT as its parent company, Maxis, is unwilling to invest more funds to run the firm. The Board of company has already been dissolved.
  • Amazon India has started its own food retailing business with a pilot run in Pune. It has become the first Indian e-commerce firm to stock and sell food items directly to consumers.
  • The Government is considering to make provisions in the Companies Act to create a mechanism to make independent Directors more accountable and ensuring that they are discharging their duties.
  • Vikram Kothari, the promoter of Rotomac Pen, has also allegedly ran out of India after taking Rs.800 crore loan from various public sector banks. He took loan of Rs. 3.52 billion from Kanpur branch of Allahabad Bank and Rs. 4.85 billion from three other banks: Bank of Baroda, Union Bank of India and the Indian Overseas Bank.

 

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

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