India Business News Headlines 26th Feb 2018

India business news headlines 26th Feb 2018

Here are the India Business News Headlines 26th Feb 2018:

  • To match growing demand of zinc in India, Hindustan Zinc is set to commission two new mills of ore-treatment in Rajasthan with a joint capacity of 3 MT for an investment of Rs600 crore. After the commissioning of new mills, the ore treatment capacity will increase to 17.5 MT from the current 14.5 MT per annum.
  • OBC loan default case : CBI has registered a case against Simbhaoli Sugars Ltd and its top executives for causing a loss of Rs109 crore to OBC.
  • Lodha Group is working to reduce its high debt levels by more than Rs.1,000 crore and deliver around 11,000 homes and offices to customers in 2017-18, up 53% from the previous year. The group has a debt of around Rs.16,500 crore. Lodha Group is also expected to file for an IPO soon.
  • Unacademy, an education content platform, is in talks with existing and new investors to raise $30-35 million. It had earlier raised $11.5 million from Sequoia and SAIF at a valuation of around $40-50 million. Unacademy has built a platform for educators from various domains to create multimedia courses which are published on firm’s app and website.
  • To handle the additional tax impact due to GST, Parle is considering to hike prices as also reduce quantity of biscuits in some packs. GST rate on biscuits is 18%, which is much higher than the earlier 12% VAT that companies had to pay. GST has not impacted the premium segments of the biscuit market much, but has hit the bottom end of the pyramid where Parle G operates.
  • Zoom Air is in advanced stage of talks with investors and PE firms to raise about Rs100 crore to finance its expansion plans. The airline, operated by Zexus Air Services, currently operates in the Delhi-Jabalpur-Kolkata sector snf is planning to extensively connect North East India under government’s regional connectivity scheme.
  • Telcos at war: COAI’s Rajan Mathews has ruled out offering an apology to Reliance Jio. COAI had rebutted Jio’s verbal offensive against it, saying that was duty-bound as an association to raise concerns related to growth of the sector and that COAI’s differences are with Trai’s order not anything with any specific operator.
  • Paytm is now planning to apply for licence to operate as a Life and General insurer. It has set up two entities – Paytm Life Insurance and Paytm General Insurance to operate in the sector. Curently it runs as a corporate agent for group insurances on its platform.

 

  • PNB fraud: ED will soon send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of Nirav Modi and Mehul Choksi. The countries where the requests would be sent include Switzerland, United Kingdom, Belgium, Hong Kong, Singapore, United States, Dubai, and South Africa.

 

  • Two top level executives of Aircel – Vipul Saurabh, National Head – Operations and Customer Services and Anupam Vasudev – CMO, have resigned. It is being reported that Aircel may file for bankruptcy soon.

 

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

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