Here are the India Business News Headlines 21st November 2017:
- Private equity firm Paragon Partners has completed fundraising for its maiden private equity fund, Paragon Partners Growth Fund-I, with commitments of approx. $120 million. Funds have been raised from a diverse mix of domestic and global investors. Paragon Partners focuses on opportunities in core sectors including financial services, consumer discretionary, infrastructure services, manufacturing,industrial and healthcare services.
- Sebi has formed a committee to hear cases of firms and their directors who have complained to have been classified as shell companies because of technical errors. The panel will be a sub-committee of Sebi’s secondary market and advisory committee (SMAC). For genuine cases of small technical errors or mis-interpretation, SMAC will make representations and/or help companies to make representations to the ministry of company affairs for seeking relief.
- Sajjan Jindal-controlled JSW Steel may team up with external investors for setting up a platform for acquiring distressed assets. The group is open to various options including setting up a platform in partnership with financial sponsors as it looks for inorganic growth and opportunities in the distressed assets space where a number of large steel companies are facing bankruptcy,
- Boeing Co., American plane maker, may be hiring around 800 direct employees in India over the next two years in various job functions like core engineering, frontline factory workers and also other support functions. The move is to tap further into India’s booming aerospace industry. Boeing currently has 1,200 direct employees and 7,000 of those who work on its projects at its partner firms in India.
- GSF Accelerator has opened application process for sixth iteration of its accelerator program starting from December and will invest $1 million in the start-ups it incubates. The deadline to apply is 30 November. Only five start-ups will be taken in for the six-month-long program and the fund plans to invest $200,000 in each of the five start-ups.
- Homeland, an Online furniture and design company, has acquired Capricoast.com, an online marketplace for home interior goods for Rs.90 crore to enhance its technology and expand into new categories.
- Unicorn India Ventures, an early-stage venture capital fund, has launched its maiden debt fund with a corpus of Rs.600 crore ($93 million). The fund will look to invest in about 10 companies a year, with an average ticket size of Rs20 crore. Unicorn India Ventures was founded in 2016 by Anil Joshi and Bhaskar Majumdar. Lending to start-ups is referred to as venture debt and is substantially different from regular corporate lending, which is generally asset-backed and provided to profit-making companies.
- SoftBank is close to acquiring an additional 10-12 per cent stake in ANI Technologies, Ola’s parent company, to increase its holding to around 50 per cent. SoftBank will pay around $400 to $500 million to Tiger Global for their partial exit.
- Quess Corp has acquired a majority stake in Tata Group’s domestic-focused back-office firm Tata Business Support Services (TBSS) for Rs 153 crore. The move is to plug in the gap in offering customer services in India. TBSS, based in Hyderabad, employs over 27,000 people handling over 500 million customer transactions a year. TBSS has 27 delivery centres with customers across various sectors like auto, banking, telecom, media and retail. Quess will now own 51 percent in TBSS.
- Central Board of Excise and Customs has written to 100 major companies including Colgate-Palmolive, Dabur, Nestle, and Hindustan Unilever and some large restaurant chains including McDonald’s, CCD and MTR to pass on the benefit of reduction in GST to consumers. The move is result of instances of companies and restaurants continuing charging high rates.
- Mumbai’s Donear Group has acquired Amritsar based OCM Woolen Mills for an undisclosed amount. The acquisition would enable Donear to expand its range of products to Indian consumers for all weather conditions and for all occasions.
*News as published in Business Standard, Live Mint and Economic Times.