Here are the India Business News Headlines 28th Feb 2018:
- National oil companies of, Kuwait Oman and Abu Dhabi are in discussions with Bharat Petroleum for buying up to 24% stake in its Bina refinery in MP.
- Creditors’ panel of Binani Cement has approved the resolution plan submitted by Dalmia which is backed by Bain Piramal Resurgence Fund. Dalmia consortium has agreed to invest approx. Rs.6,700 crore in Binani Cement over a period of time.
- To tighten default disclosure norms, Sebi is considering a proposal to force corporate borrowers to report all loan defaults if repayment is delayed by over 30 days for loans above Rs.5 crore.
- Google has integrated Google Tez, the mobile payments app, with SBI, allowing bank’s customers to transact directly from their bank accounts through this app. SBI is the first public sector bank to partner with Google Tez.
- SpiceJet and IndiGo will start their first UDAN flights on routes under the second round of the regional connectivity scheme from July-August this year.
- Mr.Arun Jaitley has said that GST Council will continue to prune the list of items in the highest tax slab of 28%, however, merging of 12% and 18% slabs will have to wait till increase in tax compliance.
- ICICI Prudential Real Estate Investments has sold four of its five office investments to HNIs. These exits have resulted in an IRR of 10-21% on the investments for the firm.
- Finance Ministry has directed all public sector banks to examine all bad loan accounts exceeding Rs50 crore for any possible fraud. It has also given banks a 15-day deadline to take pre-emptive action, identify and address operational and technological risks and adopt best practices to tighten their systems.
- Gaana is trying to raise $115 million from its existing investors – Tencent, Times Internet. The firm does not have any other investors on board. Times Internet wants to use funding from Tencent to invest in AI to personalize the music experience for Gaana users.
- NCLT has issued notice to Asian Colors Coated Ispat Ltd in a plea by SBI, which is leading firm’s lenders’ consortium, for initiating insolvency proceedings over a Rs3,900 crore default. ACCI has objected to SBI’s plea as it had already placed a resolution proposal before a committee of creditors, which was rejected by them. It is one of the corporate debtors identified by RBI in August 2017.
- Railways has partnered with Ola to facilitate last mile connectivity at its five key Delhi railway stations. Passengers will now be able to book cabs with the assistance of Ola representatives stationed at its kiosks within the station premises. Ola Zones have also been set up at each station, providing dedicated parking, which will work as dedicated pick up and drop points.
- As per HR consultancy Aon Hewitt’s annual Salary Increase Survey, which analysed data across around 1,000 companies from 20 industries, the average salary increase for India Inc stands at 9.4% this year, while key talent may get around 15.4%
- Doner & Gyros, Dubai-based quick service restaurant chain, is entering India in partnership with FranGlobal, overseas arm of Franchise India Holdings. The firm is looking to open around 150-200 stores in India over the next five years with an investment of approx. Rs200 crore. It currently has 22 outlets in UAE, Lebanon, the UK and Saudi Arabia.
- Singapore Tourism Board has signed up a strategic partnership with Paytm for promotion of tourism to Singapore. Paytm will create a microsite featuring Singapore’s new, inside-out, unified brand ‘Passion Made Possible’ and related branded content to drive more travellers.
- GIC , the Singaporean sovereign wealth fund, has agreed to invest around Rs 26 billion in Exora Business Park, subsidiary of Prestige Estates’ for a stake of up to 40 per cent.
- PNB fraud:
– Nirav Modi’s Firestar Diamond has filed for bankruptcy in the US citing liquidity and supply chain challenges.
– CBI is quizzing former MD Usha Ananthasubramanian, other bank officials of PNB
– ED is seeking a non-bailable warrant against Nirav Modi.
- Rotomac case:
– IT deptt. has filed a dozen new charge sheets against Vikram Kothari and his group for alleged tax evasion and also attached three more company bank accounts.
*News as published in Business Standard, Live Mint and Economic Times.