India business news headlines 30th January 2019
- Dewan Housing Finance has sold wholesale real estate project finance loans worth Rs.1,375 crores to Oaktree Capital fund. Cobrapost has accused DHFL promoters to have syphoned off Rs.33,000 crores from the company.
- Jet Airways cancelled around 19 local flights yesterday as its lessors forced grounding of some planes due to non-payment of lease rentals.
- Paytm has acquired Nightstay, a hotel booking platform, for an undisclosed amount to venture into the hospitality segment. It has earmarked Rs.500 crores for scaling operations in the hotel business and expand travel services portfolio.
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- SBI is set to take a 15% equity stake in Jet Airways to convert part of their loans into equity. Under the deal, holding stake of Naresh Goyal may reduce drastically.
- Supreme Court has set aside Petroleum and Natural Gas Regulatory Board’s order withdrawing NoC for laying gas pipelines in Udaipur and Jaipur by Adani group.
- Punit Goenka, MD&CEO of Zee Entertainment, has been elected the new chairman of BARC India, TV viewership measurement company. He will take over from Nakul Chopra.
- Brookfield Asset Management is hiring Aditya Joshi of Apax Partners to grow its India business.
- Essar Steel update – NCLT’s Ahmedabad Bench has rejected the plea of Essar Steel Asia Holding to submit a settlement proposal.
- SoftBank’s investment in India is set to cross $10 billion with the latest investment in FirstCry and Delhivery. Though the firm had plans to invest the amount in 10 years starting 2014, it’s been able to achieve its target in less than five years.
- Cremica Food Industries is starting construction of a food park in Una, HP from next month with an investment of Rs.100 Nick Read, the Vodafone CEO, is said to have met Telecom secretary to seek relief in spectrum payments of Vodafone Idea. Vodafone Idea and Bharti Airtel had requested the government for deferment of spectrum payment due to losses in the business.
- Oyo is in advanced stages of discussion to acquire Innov8, a co-working space business, for around Rs.200 Crores.
- New FDI rules – After domestic e-comm firms, offline retailers are also requesting the government not to extend the deadline of Feb.1 set for compliance of new FDI rules. Meanwhile, Amazon and Flipkart have requested for extension of 4-6 months.
- Rana Kapoor and Madhu Kapoor have agreed to nominate one director each on the board of Yes Bank.
News credit: Livemint, Economic Times, Business Standard