Here are the India Business News Headlines 2nd January 2018:
- As part of its strategy to gain more market share than Amazon, Flipkart is planning to invest heavily in technology and new categories such as groceries.
- Sebi’s proposal to make listed firms disclose defaults on their loans within a day of it happening is not approved by RBI. The RBI considers banks to be the biggest stakeholders in default data and believes such data is not for public consumption.
- The loans to existing borrowers are set to get a little cheaper with SBI reducing its base rate by 30 basis points. The move is likely to be followed by other banks. SBI’s revised base rate now stands at 8.65%.
- The promoter of MedPlus Health Services has raised around Rs700-750 crore in debt financing from Goldman Sachs to buy out existing private equity investors – US-based Mount Kellett Capital Management, TVS Capital Funds and Ajay Piramal’s India Venture Advisors – which together hold a 69% stake in MedPlus.
- Reliance Retail is planning to launch cameras, electronic wearables, dongles and tablets under the Reconnect brand and sell them through Reliance Digital stores. The company already offers a range of electronic products including, computer mouse, television sets, speakers, etc.
- Prestige Group, the Real estate firm, has acquired Singapore-based CapitaLand Ltd’s stake in various shopping mall projects in Bengaluru, Hyderabad, Mangaluru, Mysuru and Udaipur for around Rs.342 crore. The acquisition will boost Prestige’s annuity portfolio with an estimated incremental rental income of about Rs.75 crore per year.
- With the closure of RBI’s deadline to resolve 28 identified large stressed accounts in the second list, banks shall refer around 24 of them for insolvency proceedings. These accounts together hold about 40% of bad loans of around Rs.4 trillion. The companies include East Coast Energy, Asian Color Coated Ispat, Visa Steel, Essar Projects, Castex Technologies, Coastal Projects, IVRCL, Orchid Pharma, SEL Manufacturing, Uttam Galva Metallic, Uttam Galva Steel, Monnet Power, Nagarjuna Oil Refinery, Ruchi Soya Industries among others.