India Business News Headlines 27th December 2017 – Tentaran.com

Here are the India Business News Headlines 27th December 2017:

  • Reliance Communications has finalized a debt resolution plan involving sale of its assets. The plan also ensures that lenders and bond holders does not need to write off their dues or convert it into equity. As per the plan, which includes sale of spectrum, fibre and tower network, equity injection by global strategic partners and development of real estate assets, RCom’s debt will be reduced by Rs39,000 crore from the Rs45,000 crore.

  • Former Supreme Court judge G.S. Singhvi has written to Radhakrishna Foodland, logistics partner of McDonald’s in north and east India, to restore the supply chain services they had stopped on 20th December. Singhvi is an administrator appointed by NCLT on the board of CPRL to oversee its functioning.

  • Lendingkart has raised Rs25 crore in debt from SBI. The loan is in the form of cash credit facility which allows Lendingkart to draw the amount over separate tranches as and when it needs it. Earlier this year, Lendingkart got two private sector banks—Kotak Mahindra Bank Ltd and Yes Bank Ltd—on board as lenders.

  • Tata Steel has sounded out banks about raising around $5.1 billion through loan facilities and a bond issue to help refinance debt. It has planned $2.15 billion six-year syndicated facility to refinance loans in the books of units, TS Global Holdings Pte and NatSteel Asia Pte.

  • Qualcomm Ventures, venture capital arm of Qualcomm Inc., is looking to back Indian companies in mobile technologies and healthcare. Qualcomm Ventures India may invest in six start-ups every year. Starting from 2007 Qualcomm Ventures has grown its portfolio to over 20. It invests from a dedicated $150 million India-focused fund announced in June 2015, one third of which has been spent till date.

  • Venture capital exits jumped 56% to $2.77 billion in 2017. 2017 witnessed big venture capital exits, including Tiger Global Management’s $800 million part-exit from Flipkart by selling its stake to SoftBank.

  • Prestige Group, the real estate developer, is set to acquire 66.66% stake from private equity partner Red Fort Capital and land owners in Prestige Projects Pvt. Ltd for Rs324 crore. Prestige already owns 33.34% in the firm.

  • Government is exploring possibility of bringing back the provision to allow industries to hire workers on fixed-term contracts. The move will allow industries to employ workers for short assignments and terminate their services on project completion.

  • Vodafone has announced rollout of VoLTE mobile network services starting in January 2018. The first phase would include Gujarat, Delhi, Mumbai, Kolkata and Karnataka. Airtel also launched VoLTE services on its network across select cities last month.

  • Reliance Jio has announced a New Year Surprise offer for Jio Prime customers offering benefits worth Rs 3,300. The offer is valid for new and existing prime customers.

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