India Business News Headlines 2nd April 2018
Here are the India Business News Headlines 2nd April 2018:
- Swiggy and Zomato are in talks to raise funds from existing and new investors. The new round of funding is expected to bring in $200 million for Swiggy and $400 million for Zomato.
- A group of investors have approached several Fortis shareholders, to oppose Fortis-Manipal-TPG deal citing valuation concerns. They are demanding a better valuation as also want the board to find an alternative to raising funds to buy back stake in Fortis from Singapore-based Religare Health Trust.
- Blackstone Group has acquired Comstar Automotive Technologies, a Chennai-based auto parts maker for about Rs.1,000 crore. Comstar makes starter motors and alternators for automotive applications.
- IFCI has approached NCLT to intervene in the insolvency and bankruptcy proceedings of Monnet Ispat to include its claim of Rs158 crore. The amount was a corporate guarantee given by Monnet Ispat in favour of a subsidiary.
- Enforcement Directorate has started an enquiry into the Rs 32.50-billion loan sanctioned to Videocon group and others by ICICI Bank. ED has asked Sebi seeking information on the Videocon group and will also approach RBI for details on disclosures by ICICI Bank about its dealings with Videocon.
- Paytm has revamped its app with updates personalizing user experience and making money transfer simpler and faster. It is offering instant transfers to Paytm Payments Bank, Paytm wallet and any bank account for a charge of zero per cent.
- Dr K Rathnam, MD Amul Dairy has resigned on Saturday citing personal reasons. As per the reports, Rathnam’s resignation is the result of bitter internal politics and an alleged fraud worth Rs 4.5 billion, however the Board has dismissed such reports.
- Maxis Communications, the parent company of Aircel, has provided Rs 95 crore to help the firm pay salaries to around 5,000 employees and tide over immediate operational expenses.
- Re-New Power Ventures, led by Sumant Sinha, has finalised takeover of Ostro Energy for an enterprise value of ₹10,800 crore. This is the biggest M&A deal in the renewable sector.
- Mankind Pharma has agreed to sell its 10% stake to ChrysCap for Rs.2,280 Crores.
- Gyanendra Badgaiyan, CEO of Indiatech, a think tank created by companies like Flipkart, Ola, Makemytrip, etc. has resigned due to differences with promoters.
*News as published in Business Standard, Live Mint and Economic Times.
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