India Business News Headlines 24th November 2017 – Tentaran.com

Here are the India Business News Headlines 24th November 2017:

 

  • President Ram Nath Kovind has given his approval to an ordinance amending the Insolvency and Bankruptcy Code, barring errant promoters of defaulting companies from regaining control of their assets being sold under the bankruptcy process. While the move is seen as sending a strong signal against crony capitalism, some experts have also expressed concern that such stringent criteria for potential investors could reduce the number of revival proposals for these companies. The IBC ordinance bars not only willful defaulters, but also several other categories such as guarantors to the debtor, those with loans classified as NPAs for at least one year, people convicted with a prison term of more than two years for any offence, Directors in disqualified companies, entities barred by Sebi and also people found to have struck fraudulent transactions with the firm and its connected entities.

 

  • Everstone Group, through its platform Everlife, has acquired Malaysia’s Chemopharm Sdn Bhd, a provider of products and services to research and medical facilities and laboratory in South-East Asia. Based in Malaysia, Chemopharm operates in Singapore, Thailand, Philippines, Indonesia and Vietnam,caters to over 4,000 customers.

 

  • South Korea’s Lotte Confectionery Co. Ltd is acquiring Havmor Ice Cream, Ahmedabad based ice-cream maker, for Rs1,020 crore. The transaction is expected to be closed within a week. Havmor manufactures 150 kinds of products from its two plants and sells through its network of around 30,000 dealers.

 

  • Uber is looking at stepping up its India investments. It’s planning to build India-specific and global innovations at its Bengaluru centre and to rapidly scale up growth and its engineering team.

 

  • Sunil Bharti Mittal has pledged 10% of his family’s wealth (approx. 7000 Crores) to Bharti Foundation. A large part of this amount will be used to set up Satya Bharti University to provide free science and technology education to poor students. The University would be set up in north India with a capacity to enroll 10,000 students.

 

  • Sunteck Realty will invest Rs.1,500 crore in commercial leasing portfolio. The firm is looking to build a rental portfolio of about 2.6 million sq. ft of office and retail space in Goregoan, Mumbai and is also aiming for an REIT (real estate investment trust) in the future.

 

  • Star Health and Allied Insurance has received around 12 bids to acquire its business from private equity investors. Interested parties include financial and strategic investors like Kedaara Capital Advisors, PremjiInvest, Carlyle Group, Bain Capital, HDFC Ergo General Insurance, ICICI Lombard General Insurance and more. Star Health Insurance is considered to be the largest independent health insurer in India.

 

  • Biocon is planning to increase share of its branded formulation sales to 20 per cent from the current 14 per cent, targeting revenue of $1billion by the end of 2018-19. In 2016-17, Biocon reported revenue of Rs 4,078 crore. Biocon currently sells branded formulations, including biologics and biosimilars, in India and the UAE.

 

  • Indian railways will start tendering its 8000 km of rail lines for electrification every year from the next fy. with a target to have 100% electrified rail network in the next five years. The total project cost is estimated to be around Rs.30-35,000 crores.

 

  • Department of Telecom has exempted featurephone makers from installing GPS in the phones. It had earlier made it mandatory for all phone manufactures to have GPS feature in the phones.

 

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