Here are the India Business News Headlines 21st March 2018:
- Aavishkaar-Intellecap Group is planning to raise around $75 million in the next few months to fund growth of its various businesses as also to invest in new ventures. The group extends working capital and business loans to SMEs. In January 2017, it had raised $25 million in equity funding from Triodos Investment and Shell Foundation.
- Gujarat State Petroleum Corp. has decided to sell around 28.4% stake in Gujarat Gas, its city gas distribution business, to its subsidiary Gujarat State Petronet. The transaction would help GSPC to reduce its Rs16,500 crore debt by over Rs3,250 crore. Both Gujarat Gas and GSPL are subsidiaries of GSPC.
- PNB fraud:
Mehul Choksi has once again refused to join CBI probe citing suspended passport, medical condition as also due to issues he was facing because of ‘unnecessary closure’ of business in India due to ‘untenable allegations’.
- SBI has approached Supreme Court to seek approval for sale of RCom’s assets to Reliance Jio. RCom reportedly owes around Rs45,000 crore to as many as 35 banks, out of which SBI dues are Rs.4,027 crore.
- In a public interest lawsuit alleging compromises on aviation safety, Delhi high court has asked DGCA to file an affidavit on the airworthiness of Airbus A320neo planes in India.
- Fireside Ventures, an early-stage VC fund focused on consumer brands, has closed its first fund with a corpus of Rs340 crore. The fund plans to invest in around 20-25 consumer brand businesses over the next two to three years. Current investments of the fund is in segments like personal care, processed foods, lifestyle and home products.
- Fisdom, a Wealth management start-up, has tied up with Lakshmi Vilas Bank to help customers register, manage and National Pension Scheme investments using its mobile app. Registered customers on Fisdom will be able to to invest in NPS instantly within minutes without any paperwork.
- Chargebee Inc., an enterprise software start-up, has raised $18.5 million in a series C funding round from new as well as its existing investors. With the latest round, the firm has so far raised nearly $25 million which makes it one of the best funded product start-ups in the country.
- Videocon Industries has sold its entire stake of around 51.32% in its JV with US-based Liberty Mutual Insurance Group to Enam Securities and Diamond Dealtrade. Deal value has not been disclosed.
- Since April 2017, the government has cancelled licence of around 5000 NGOs barring them from receiving foreign funding for violating various laws.