Read latest India business news headlines 28th May 2018 :
– Bharti Airtel’s acquisition of Tata Teleservices would need government approval after clearances from CCI and NCLT. Tata Teleservices owes the government, which holds 26% stake in Tata Communications, Rs10,000 crore in spectrum charges and license fee dues.
– Goldman Sachs could raise Rs4,000-4,500 crore in the stake sale through the ReNew Power IPO.ReNew Power Ventures Pvt. Ltd will spot the biggest exit for a private equity fund through an initial share sale in India.
– The Adani Group may obtain the sugar business of Shree Renuka Sugars. Wilmar Sugar is a subsidiary of Singapore-based agribusiness group Wilmar International and owns a 39% stake in Shree Renuka Sugar.
– Online insurance startup Acko, which competes with Coverfox, Digit Insurance and Policybazaar, has raised $12 million from Amazon and others. The total equity funding has taken the total funding of Acko to about $42 million.
– In an industry Global Flight Pricing Report, Air India Express was ranked second and IndiGo fifth as the cheapest airlines in the world.
– Patanjali Ayurved has been approached by electric vehicles, steel and mobile chip manufacturers for support by way of the buy-out, JVs or investments. According to MD Acharya Balkrishna, Patanjali will invest in or partner with only home-grown companies.
– The committee of creditors of Era Infra and Engineering is considering a proposal to securitize and sell the company’s receivables worth Rs15,000 crore to an external investor.
– PNB fraud: The Enforcement Directorate will seek an official declaration to categorize Nirav Modi as a ‘fugitive’ based on its charge sheet filed before a special court in Mumbai last week under PMLA.
– Income tax department has exempted Angel investors from income tax for investments in startups with effect from April 11. The exemption, however, is subject to certain conditions.
*News as published in Business Standard, Live Mint and Economic Times.