Here are the India Business News Headlines 1st March 2018:
- With a focus to get out of the infrastructure game and strengthen connectivity, Bharti Airtel is exploring merger and sale options of its telecom towers businesses.
- In a new distribution model, Britannia is planning to operate with a “zero-day inventory” by reducing distance between its distribution centres and retail stores.
- Amazon India has launched Amazon Prime Music, an ad-free online music streaming service, exclusively for its Prime members at no additional cost. The service was launched internationally around four years ago. As per Amazon the service has ‘tens of millions of songs’ across major international and Indian labels in over 10 languages including English, Hindi, Bengali, Tamil, Punjabi, Telugu, Kannada, etc. and offers unlimited offline downloads.
- Walton Street is trying to strengthen its India presence with a new realty fund. The fund, with a Rs.300-crore-target, will be used to invest in secured debt instruments in construction and development of residential properties in tier-I cities.
- Alteria Capital Advisors LLP has raised Rs.356 crore for its initial debt fund. It’s targeting a total corpus of Rs800 crore and intends to use the money to fund start-ups across seed and growth stages in technology, consumer services, healthcare, logistics and education technology.
- Axis Bank has deferred a $500-million bond sale, which were due for placement on 19th February, as international investors have expressed concerns about India’s banking system in the wake of PNB fraud.
- Central bank officials are conducting a special inspection of ‘letters of undertaking’ issued by the state-run banks. RBI is also reviewing SWIFT working and scrutinizing the issuance of LoUs to check for any gaps.
- Aircel has filed an application at the Mumbai bench of NCLT along with its units for insolvency citing high unsustainable debt, price wars, legal and regulatory challenges.
- CBI has registered a complaint against Kolkata-based RP Info Systems, makers of Chirag computers, for defrauding a group of lenders of around Rs.515 crore. The firm had allegedly obtained credit facilities from 10 PSU banks, including SBI by submitting fabricated documents.
- Macquarie Group, a Sydney-based infrastructure asset management company, in an auction has won rights to manage 648km of national highways for Rs.9,681.5 crore. The first such auction by the government, it is part of a plan to monetize publicly funded, operational national highways through toll-operate-transfer model.
- In a bid to revive operations and expand its footprint, India Coffee House, an eight decade-old coffee chain run by Coffee Board of India, is preparing to bring private sector food and beverage retailers on board as master franchisees.
- NestAway, the home rental startup, has raised Rs.330 Crores in a series-D funding round. The funds would be used to expand into newer segments.
- PharmEasy, an e-pharmacy platform, has raised around Rs.196 Crore in a series-C round of funding. Money would be used to scale up operations and technology.
- PNB fraud :
– PNB has appointed BDO, the Belgium-based consultancy firm, as forensic auditor for five Nirav Modi group companies.
– IT department has issued look out circulars against Nirav Modi and Mehul Choksi to restrict their movement and has also attached four assets of Nirav Modi worth Rs.70 crore.