India Business News Headlines 3rd April 2018

India business news headlines 3rd April 2018
Here are the India Business News Headlines 3rd April 2018:

 

  • Softbank and Alibaba have committed to invest about Rs.2,900 crore in Paytm Mall in four tranches, one of which of Rs.357.5 Crore has already been made. Rs.2,600 crore shall be invested by SoftBank and the rest by Alibaba. The deal has valued Paytm Mall between $1.6 billion and $2 billion.

  • Avista founder, Rajiv Kochhar, has denied any business dealings with ICICI Bank either directly or through his firm, although he maintained that Avista was involved as an advisor in a few transactions with Videocon.

  • India Quotient has raised $30 million for its third fund. It is also planning to add another $30 million later this year. The fund will invest in start-ups operating in education technology, social networking, financial technology and other consumer businesses and brands. The fund has so far invested in around 40 firms including Lendingkart, Sharechat and Fab Alley.

  • Motherson Sumi Systems has agreed to acquire Reydel Automotive Group, which manufactures interior parts of vehicles, for $201 million. Reydel has 20 manufacturing units in 16 countries.

  • NBFC Varthana has raised Rs.350 crore through a combination of a primary raise and secondary stake sales by investors lead by ChrysCapital. Varthana specializes in providing debt financing and support to affordable private schools.

  • IndiGo will be flying to Tamil Nadu’s Tiruchirappalli from 1 June with same day return option to and from Chennai.

  • Bhushan Steel update : Tata Steel has offered an upfront payment of Rs.35,200 crore to Bhushan Steel. It has also offered the lenders 12.27% in the firm and agreed to pay arrears of employees’ salary and continuation of their employment.

  • Videocon update : Goldman Sachs has approached NCLT to recover around Rs 36 crore from Videocon Industries. The money was lent to Videocon Global, a subsidiary of Videocon Industries.

  • PNB Fraud : CBI has started questioning senior executives of other Indian banks including Axis Bank, Bank of India and Allahabad Bank, the overseas branches of which were issued LoU by PNB.

  • Binani Cement update : Kolkata bench of NCLT has given Binani Cement ‘s lenders one more week to decide on the revised acquisition offer made by UltraTech Cement.

  • Essar Steel update : ArcelorMittal has put in a fresh bid jointly with Nippon steel. JSW Steel has also entered the ring by tying up with Numetal.

  • Gurpratap Boparai has taken charge as MD of Skoda Auto India and will be responsible for firm’s development in the domestic market.

*News as published in Business Standard, Live Mint and Economic Times.
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