Latest India Business News Headlines 1st June 2018
Read latest India business News Headlines 1st June 2018
– Air India disinvestment – The government did not receive any bid for Air India and the deadline came to an end yesterday. The panel shall now look into options including fresh bids under revised terms.
– American Tower Corp has completed the acquisition of 9900 telecom towers of Idea Cellular. The deal value was Rs 4,000 crore.
– Apollo Hospitals, Manipal Hospitals, AION Capital and Narayana Health-Bain Capital are suitors for Seven Hills Healthcare, which owns and operates one hospital each in Mumbai and Visakhapatnam. Seven Hills is currently undergoing insolvency resolution for dues of around Rs1,200 crore.
– Bharti Airtel is planning to offer its customers an integrated billing system for their fixed-line, broadband, postpaid mobile and DTH connections with a 5-10% discount on the combined bill. This would enable customers to bundle all their Airtel connections into one single bill and save them the hassle of multiple bill cycles.
– CoinTribe Technologies, an online lending platform for SMEs, has raised $10 million in its series B funding round led by PE fund Sabre Partners. Till now it has raised around $15 million.
– Temasek Holdings and PayPal Holdings have acquired minority stakes in Pine Labs by investing $125 million. Pine Labs is a digital retail payments platform backed by Sequoia Capital and Actis and offers a cloud-based point-of-sale payments solutions.
– Warburg Pincus has acquired 26% stake from Legal & General in IndiaFirst Life Insurance for Rs.710 Crore. IndiaFirst is a JV between Bank of Baroda, Andhra Bank and Legal & General.
– Kunal Shah, co-founder of FreeCharge, has raised $30 million for his upcoming venture from a clutch of investors led by Sequoia Capital. He is planning to start an incubator which would help start-ups in consumer space.
– Essar Oil is planning to raise a debt of Rs 3,000 crore through private placement of non- convertible debentures.
– Trai has launched a web portal to provide network coverage details of all operators. This will allow consumers to make a more informed decision while selecting the service provider.
– ITDC is planning to lease its iconic property Ashok Hotel on lease. The lease may be for a period of 60 years.
– Tata Motors has undergone a pact with Maharashtra Government to deploy 1,000 electric vehicles from its passenger and commercial vehicles across the state. The firm will also set up EV charging stations in Maharashtra.
– Videocon case – ICICI bank has asked Chanda Kochhar to go on an indefinite leave until an independent enquiry is completed. The decision was made on the advice of the majority of the 7 independent directors on ICICI Board.
*News as published in Business Standard, Live Mint and Economic Times.
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