Here are the India Business News Headlines 27th October 2017:
- SBI has initiated bankruptcy proceedings against Amtek Auto’s subsidiary Castex Technologies. Amtek itself is one of the 12 companies identified by RBI for early bankruptcy proceedings.
- Adani, Vedanta may bid for $9 billion Bunder diamond mine, abandoned by Rio Tinto this year, estimated to have 32 million carats of diamonds in Madhya Pradesh. Rio Tinto “gifted” the Bunder deposit, about 500 km southeast of New Delhi to Madhya Pradesh in February saying that it was pulling out to conserve cash and cut costs.
- Amazon India plans to double down on its investments in India, especially in key areas such as digital payments and Prime membership programme.
- Hero FinCorp, financial services arm of Hero MotoCorp, plans to enter non-life insurance business and is looking to acquire a controlling stake in an existing general insurance company.
- Shapoorji Pallonji Group in talks to sell stake in solar power project portfolio and is reaching out to financial investors. SP Group is engaged in construction, infrastructure and real estate businesses across the country.
- For Air India privatisation, 14 firms have expressed interest to act as transaction and legal advisers which include names like KPMG, BNP Paribas, Cyril Amarchand Mangaldas, Luthra and Luthra, ALMT Legal and Trilegal.
- Ruia group has joined hands with Russian financial services company VTB Capital to bid for Essar Steel, currently going through RBI mandated insolvency process.
- As per a report released by CRISIL, currently power transmission sector in India is the most attractive to invest in followed by roads & highways and renewable energy.
- Due to consumption boom in the video content space, India Today Group has launched seven niche digital channels under the brand Mobile Tak. The new digital channels — News Tak, Sports Tak, Food Tak, Life Tak, Astro Tak, Tech Tak and Yoga Tak will help them strengthen their presence among vernacular audience.
- Paytm Mall has told its sellers to not use services of Unicommerce eSolutions, owned by Snapdeal and warned that the breach would result in termination of contract or legal action.
*News as published in Business Standard, Live Mint and Economic Times.