Here are the India Business News Headlines 30th January 2017:
- Sterlite Power has bought Standard Chartered Private Equity 28.4% stake in its transmission business for Rs.1,010 crore. It now holds 100% stake in the business. The firm had attracted an investment of Rs.500 crore from SCPE in 2014 , the first private foreign investment in Indian transmission sector.
- After the completion of stock sales worth Rs.500 crore, more than 100 former and current employees of Paytm have become rupee millionaires. This includes Rs.300 crore from the latest secondary sale of shares, which valued Paytm at $10 billion. This is the second sale of Paytm Esop units after a Rs.200 crore cash out by staff in mid-2017.
- Paytm and Alibaba Group-owned AGTech Holdings Ltd have formed a JV to launch Gamepind, a gaming platform focussed on mobile users in India. Gamepind, available as a standalone app and in the Paytm app, will offer popular social, casual and sports games with exclusive rewards programme as also cash coupons and products, which will serve as a marketing and promotional platform for merchants to engage with mobile shoppers and gamers.
- Abu Dhabi Investment Authority (ADIA), the world’s second largest sovereign wealth fund, is expanding its India presence starting with hiring a new country head and later setting up an office here. ADIA manages assets worth $792 billion and has till now only one international representative office in Hong Kong. Owned by the Emirates, ADIA already has a wide exposure in India in various sectors like real estate, infrastructure and banking, insurance and financial services.
- JSW Steel has offered Rs.3,700 crore for Monnet Ispat which is undergoing the insolvency resolution proceedings. Monnet Ispat owes more than Rs.10,000 crore to its lenders.
- As per a report from RedSeer Consulting, India’s online food ordering sector is growing consistently at 15 per cent on a quarterly basis from January to September last year.
- The Government is considering a nationwide single GST registration process for aviation, banking and insurance sectors. As of now, these companies have to register themselves and file GST returns in every state or UT they operate in.
- Nestle has entered Indian pet care market with dog food starting with premium packaged food for dogs under ‘Supercoat’ brand . The size of pet care market, including food and other pet products, in India in 2016 was Rs1,712 crore.
- CureFit, the health solution startup, has raised around $10 million in debt financing from HDFC and Axis Bank. It plans to raise more funds to fund its capital expenditure.
- eKincare, an AI driven integrated healthcare benefits platform has raised $1.5 million funding from Ventureeast and others.
- Anil Sardana, CEO and MD of Tata Powr has resigned citing personal reasons, effective 30 April.
*News as published in Business Standard, Live Mint and Economic Times.