Here are the India Business News Headlines 29th November 2017:
- Rel Com is selling its DTH subsidiary, Reliance BIG TV Ltd., to Pantel Technologies and Veecon Media and Television on an “as-is, where-is” basis. The transaction will help RCom reduce liability of unsecured creditors and benefit stakeholders including lenders and shareholders of the company.
- IndoStar Capital has called off deal to buy ICICI Home Finance as it found problem of alignment of objectives with ICICI Home Finance. Now IndoStar is looking to expand its home loan book through its existing subsidiary IndoStar Home Finance.
- MobieFit Technologies, promoters of MobieFit fitness mobile apps, has raised Rs8.7 crore in funding from NB Ventures. NB Ventures is a Dubai-based venture capital fund with a corpus of over $50 million. Its earlier investments in India include HealthifyMe and MediAssist. The company had earlier raised seed funding of $1 million in December 2015. MobieFit helps users undertake fitness routines for goals such as running marathons, weight loss and strength training.
- Small- and mid-size property firms are struggling to raise funding for projects under the stringent new RERA regulations that came into force this year. Many of them are now trying to raise capital from non-banking financial companies, private lenders or from partnerships to share costs. Under the RERA, presales or sale of housing units without first securing all the required approvals has been strictly prohibited. Moreover, the mandatory rule of maintaining a 70% escrow account for every project and other compliance costs has also pushed up the overall project costs of the projects.
- The district administration of Shahjahanpur, UP, has slapped a fine of Rs.45 Lacs on Nestle India and also on its distributors after Maggi allegedly failed to pass the lab test and was found to have ash content above the permissible limits of human consumption. However the company says that it’s a case of application of incorrect standards.
- Cabinet Appointments committee, led by Prime Minister Modi, has appointed Pradeep Singh Kharola, an IAS officer from the Karnataka cadre, as the new chairman of Air India Ltd. Pradeep will replace Rajiv Bansal to become the third chairman of the Air India this year. He is also expected to execute Air India privatisation process.
- Philips India Ltd has launched ICU@home, a new service to provide intensive care unit equipment and care at home, which is expected to be 30-40% cheaper than at hospitals.
- Amazon has launched a new programme—Amazon Saheli—aimed at empowering and enabling women entrepreneurs across the country to sell their products on its marketplace. The store will help them gain access to logistics and fulfilment facilities.
- Paytm Mall is holding talks with SoftBank for leading a $500-600 million financing round. SoftBank already holds about 20% in Paytm’s parent company.
- Trai has recommended upholding the basic principle of keeping the internet free. The proposals of Trai after acceptance by DoT, would ensure that no service provider can restrict, discriminate or interfere in the treatment of content by blocking, slowing down, degrading or granting preferential speeds while providing internet access.
*News as published in Business Standard, Live Mint and Economic Times.