India Business News Headlines 20th November 2017 – Tentaran.com

Here are the India Business News Headlines 20th November 2017:

 

  • Government may exempt crowdfunding activities from provisions of Companies Act and bring such fund-raising under Sebi. Crowdfunding is defined as the use of money collected from a large number of individuals, typically through internet or social media, to finance a new business venture. As per Section 42 of the Companies Act, number of investors in any private placement cannot be more than 50 at one go and 200 in a year.

 

  • TCG Asset Management, the asset management arm of The Chatterjee Group (TCG), is planning to launch an Alternate Investment Fund called Primario Fund with a target corpus of over Rs.2,000 crore. The fund will infuse primary capital in the form of preferential allotments, qualified institutional placements, initial public offerings, pre-IPOs and institutional placement programs.

 

  • Asia Healthcare Holdings is in talks to raise around $100 million by selling a significant minority stake. TPG has hired Kotak Investment Banking to handle the transaction.

 

  • Chinese phone and appliances maker Xiaomi Corp. will invest around $1 billion in 100 startups in India over the next five years. Xiaomi wants to create an ecosystem of apps around its smartphone brand. The company will invest in businesses such as content, financial technology, hyperlocal services and manufacturing to increase the adoption of mobile internet in the country.

 

  • Grofers has denied holding merger talks with BigBasket. Grofers has so far raised $160 million and is trying to take its revenue to about Rs.1,000 crore in 2017-18.

 

  • After consumer products and other daily-use items, the government is now looking to reduce GST on consumer durables like washing machines and refrigerators, which is currently 28%.

 

  • Promoters of Validal are looking to exit the company who together hold about 65%. The deal is expected to be closed around Rs.600 Crore.

 

  • Lenders have filed insolvency plea against SevenHills Hospital. Total liability of the chain is about Rs.1000-1200 Crore.

 

  • Strides Shasun, the pharmaceutical company, will sell its India brand generic business to Eris Lifesciences for Rs.500 Crore in an all cash deal. The move is to reduce Stride’s debt and the company wants to focus more on the international markets.

 

 

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

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