Here are the India Business News Headlines 25th January 2017:
- The government has formally kicked off banking reforms, linking capital infusion of Rs.88,000 crore in ailing public sector banks with a set of performance metrics. PSU banks will have to revamp their lending practices, like advancing loans to big businesses and consortium lending, monetize non-core assets, rationalize overseas branches, adopt technology and move to recover bad loans. The strategy is to provide a lifeline to banks struggling with bad loans so that they can start lending again and revive the investment cycle in the economy.
- Chinese electric bus makers are working on to set up operations in India as they see huge potential in the sector. Five Chinese electric bus makers have held talks with Indian industry bodies in wake of government’s push for an all-electric public transport.
- Finance ministry is considering offering higher income tax deductions on investments made by taxpayers in securities used to raise funds for government infrastructure projects. It wants to increase the limit to Rs.2.5 Lakh from the current limit of Rs.2 lakh. The extra deduction will be available only on investments made in the government infrastructure projects.
- 3one4 Capital, Bengaluru-based an early-stage venture capital fund, has raised its second fund, with commitments of Rs.250 crore. The focus areas of the fund span across verticals like ambient intelligence technologies, education-tech, machine-driven actionable intelligence services for enterprises, fintech, enterprise automation, media and content development and health-focused companies.
- Lixil Corp., flagship company of Tokyo-based Lixil Group, has acquired Hyderabad-based Sentini Sanitarywares Pvt Ltd as part of a plan to invest $65 million to produce ceramicware in India. The cost of the acquisition is pegged at Rs230-250 crore for an about 96% stake. The remaining amount will be invested in the 45-acre plant. Lixil Group has businesses across 150 countries in housing and building materials and markets products and services under brands like Lixil, American Standard, Grohe, DXV, INAX and Permasteelisa.
- BookMyShow.com is in advanced talks to raise around $50-60 million from private equity firm TPG Growth. TPG Growth is the middle market and growth equity platform of TPG, an American alternative asset firm . If the deal goes through, it will be the fifth round of fund-raising for BookMyShow.
- MXC Solutions, which operates CarTrade.com and Carwale.com, has signed up an agreement to acquire a majority stake in Shriram Automall which sells used trucks, buses and other vehicles, from Shriram Transport Finance Corporation (STFC) for Rs 1.56 billion.
*News as published in Business Standard, Live Mint and Economic Times.