Here are the India Business News Headlines 29th January 2017:
- Stellaris Venture Partners, an early stage tech-focused VC firm, has raised an undisclosed amount of investment from Cisco Investments. It had raised $50 million for its maiden fund in February 2017. The firm invests in technology businesses in sectors like cloud, IoT, machine learning, enterprise applications and analytics in both business and consumer centric start-ups.
- Reliance Jio will raise around $2.2 billion in foreign currency debt to fund purchase of RCom’s wireless assets. Reliance Jio will reportedly receive funding support from the parent company.
- Sebi is likely to tighten net worth norms, introduce new shareholding rules and ease directorship conditions for stock exchanges, depositories and clearing corporations. Due to rise in trading turnover, its considering doubling the net worth requirement for stock exchanges and clearing corporations.
- SBI, the lead lender for Videocon companies, may invite new bids to select interim resolution professionals (IRP) for Videocon Industries and Videocon Telecommunications. SBI had chosen Alvarez & Marsal as the IRP for these two companies in the last week of December.
- To improve price discovery and market liquidity, Indian Banks’ Association (IBA) is exploring the possibility of setting up an online trading platform to sell bad loans. RBI had urged banks and ARCs to collaborate for this for selling bad loans. Indian banks have a stressed asset pool of over Rs.10 trillion.
- Air India’s debt could turn out to be around 40% higher than expected. As the exercise of calculating Air India’s debt has began, going by the calculations so far, the amount may be around Rs.70,000 crore as against Rs.48,000 Crore anticipated earlier.
- As per private capital tracker Venture Intelligence, insurance companies and wealthy individuals are increasingly interested in investing in venture debt funds due to their fixed income nature and track record. The venture debt deals witnessed a significant uptrend in 2017 with 30 deals of $81 million being closed as compared to $40 million in 31 deals in 2016.
- As per a Cisco study, Globally, IP video traffic will be 82 per cent of all consumer internet traffic by 2021.
- The latest infusion of Rs.1950 Crore has taken the total fund received by Amazon India from its parent company in US to Rs.8150 Crore in 2017-18.
- ArcelorMittal and Nippon Steel have tied up to bid together for Essar Steel. The final contours of the tie-up are being worked out.
- Jasper Infotech has started discussions to sell its warehouse management company, Unicommerce eSolutions to raise cash. It is seeking a valuation of about Rs.150-200 Crore for it.
*News as published in Business Standard, Live Mint and Economic Times.