India Business News Headlines 29th December 2017 –

Here are the India Business News Headlines 29th December 2017:

  • Reliance Jio will buy a majority of the wireless assets of RCom. The deal will give Reliance Jio access to valuable 4G spectrum and help Anil Ambani repay the lenders.

  • Tata Global Beverages has agreed to sell its 31.85% stake in Watawala plantations in Sri Lanka to Colombo-based Sunshine Holdings Plc. for Rs.120 Crore. The move is in line with its strategy of focussing on packet tea businesses in key geographies

  • Going by the indicators, Private equity interest in the Indian restaurant and quick service restaurant sector is showing signs of revival after a two-year lull. Four PE and M&A deals concluded in December 2017. The top deal saw L Catterton Asia, the investment arm of French luxury goods conglomerate LVMH, acquiring a controlling stake in Impresario Entertainment & Hospitality, which owns fine dining restaurant brands Social and Smoke House Deli.

  • The government has informed Parliament that there is no proposal to reconsider the decision to privatize Air India, which has a debt of Rs.51,890 crore. The government is working on the modalities for its strategic disinvestment.

  • Facebook has said that in line with the government’s Startup India campaign, it will create opportunities and invest in India’s startup ecosystem in 2018. Last month, Facebook had announced accelerator programs to help foster future talent that may help tech startups, developers and students in India build products using emerging technologies.

  • Sebi has restricted cross-holding in mutual funds and credit rating agencies. As per the new norms, a sponsor of a mutual fund or its associates cannot hold more than 10% in any other asset management company or have a board seat.

  • Yamaha India has appointed Motofumi Shitara as group chairman. The decision comes after its HO called back Hiroaki Fujita, chairman of Yamaha Motor India group of companies and Masaki Asano, MD of Yamaha Motor India sales.

  • Bhushan Power & Steel and Electrosteel Steels have got 90-day extension by NCLT for resolution under the Insolvency and Bankruptcy Code. For Bhushan Power & Steel, the deadline for submission of resolution plan was January 10.

  • RBI has given an approval to KKR & Co. to start an asset reconstruction company (ARC). This will allow KKR & Co. to dabble directly into India’s stressed assets market, where banks have more than Rs.14 lakh crores of stressed loans. ARCs work on acquisitions, resolution and reconstruction of stressed and non-performing loans.

  • The government is likely to infuse about Rs.10,000 Crores in six state run lenders including Bank of Maharashtra, Dena Bank and United Bank of India.


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