India Business News Headlines 23rd Feb 2018

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India business news headlines 23rd Feb 2018
Here are the India Business News Headlines 22nd February 2018:

  • The department of telecommunications has created a strategic plan to create synergies among its seven PSUs including frameworks to facilitate manpower sharing, innovation and export promotion, utilize vacant land and buildings, boost technology as also settle legal issues and financial claims. seven PSUs that come under the DoT are BSNL, MTNL, BBNL, TCIL, C-DoT, ITI and TEC.

  • Kia Motors, the South Korean auto maker, will soon start recruiting 3,000 employees to operate its upcoming plant in Andhra Pradesh. The company is investing over $1 billion to set up its new manufacturing facility in India.

  • Federal Bank, the Kochi-based private lender, would acquire 26% stake in Equirus Capital. Financial details of the transaction have not been disclosed yet. Equirus Capital is a closely held unlisted investment banking firm that has completed around 135 M&As, IPOs, QIPs, private equity and structured finance and has raised over $3.2 billion till now.

  • Alibaba is in talks to pick up a stake in Dailyhunt, a news aggregator and e-bookstore. Alibaba has proposed to buy 10-12% stake in Dailyhunt at a valuation of close to $500 million

  • Bharti Infratel and Indus Towers, two of India’s largest telecom tower firms, are now planning to merge their businesses. Bharti Infratel had earlier tried to acquire a controlling stake in Indus Towers.

  • Supreme Court has rejected Essar Group company’s petition challenging a Gujarat government move to expand the limits of the Hazira port. Gujarat government had allowed Hazira Port and Adani Hazira Port to expand their port limits in Hazira via a notification on 16th Jan 2016. Essar had submitted that this move would infringe on the limits of its Magdalla port and encroach upon the land it reclaimed.

  • Essel Infraprojects Ltd, a unit of Essel Group, will enter the electric vehicle segment with an investment of Rs3,500 crore. It has recently signed an MOU with the Uttar Pradesh government for this. The project will create around 50,000 jobs.

  • CoLive, a start-up offering shared living spaces, has raised Rs12 crore in a new funding round led by the private investment arm of SAR Group Family Office. The funds will be used to expand presence to 25 cities in India, ramp up technology infrastructure and hire fresh talent. It currently operates 75 properties in Bengaluru with 3,000 beds inventory.

  • FourKites Inc., a start-up that tracks freight shipments for packaged goods makers and retailers, has raised $35 million in a round led by August Capital. FourKites is based in Chicago, with a R&D centre in Chennai. FourKites’ solution helps retailers, manufacturers and shippers track their cargo.

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

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