India Business News Headlines 28th March 2018

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India business news headlines 28th March 2018

Here are the India Business News Headlines 28th March 2018:


  • Reliance Industries has agreed to sell some of its assets in Eagle Ford shale position in United States for $100 million to Sundance Energy Inc., however, it will continue to retain its interest in the remaining assets of Eagle Ford.

  • GlaxoSmithKline Plc. is exploring a partial or full sale of its stake – 72.5% – in its Indian unit GSK Consumer Healthcare. It is also exploring to sell the Horlicks brand. The move is aimed to fund GSK’s $13 billion buyout of Novartis’s stake in a global consumer healthcare JV.

  • Monnet Ispat bankruptcy: ICICI Bank has moved NCLT to include its claim of $75 million, which it says was not included by IRP. ICICI’s claim was a corporate guarantee given by Monnet Ispat in favour of its subsidiary Monnet Power.

  • Binani Cement update : Counsel for Binani Cement lenders have described the offer of UltraTech Cement as ‘excellent’ and have asked NCLT for time till the 2nd April to discuss the offer between all the 25 lenders.

  • The Board of Fortis Healthcare has announced sale of its hospital assets to Manipal Health Enterprises and TPG Capital. The board has also approved sale of its stake, twenty percent, in SRL Diagnostics to Manipal Hospitals. TPG Capital and Dr Ranjan Pai, the promoter of Manipal will invest Rs.3,900 crore into Manipal Hospitals to fund the acquisitions.

  • PNB Fraud : A court in United States has approved bidding process to sell assets of Nirav Modi firm, Firestar Diamond. PNB is also planning to take part in bankruptcy proceedings.

  • DriveU, a Chauffer-on-demand service start-up, has raised Rs.20 crore, in a funding round led by Amit Singhal, a former Google executive. In an earlier round of funding, Unitus Seed Fund had invested in DriveU $1 million in February 2016.

  • SmartCoin, a micro-lending start-up, has raised $2 million in funding led by Accion Venture Lab, a US based fund, which invests in micro-finance institutions. SmartCoin provides small to mid-size ticket loans to mobile users through credit scores.

  • Following Delhi High Court’s order, Delhi Metro Rail has been asked to pay Rs.3.06 billion by 28th March to a consortium of 11 banks to ensure that no account of Delhi Airport Metro Express, a unit of Reliance Infra, turns into NPA.

  • Airports Authority of India has served notices to Air Odisha and Air Deccan to commence operations of Udan flights within a month. Under the first round of Udan, won by five airlines, approx. 70 airports were to be connected.

  • Central Board of Direct Taxes has extended last date for linking of Aadhaar with PAN till June 30.

  • Income Tax department has frozen some bank accounts of Cognizant in Chennai and Mumbai to recover Rs.2500 Crore due as dividend distribution tax.

  • Air India sale : As per the reports, the Government may transfer 76% to the new owner along with management control. The divestment process is expected to begin soon.

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