Here are the India Business News Headlines 5th December 2017:
- Patanjali group is set to diversify into solar power business. It plans to invest Rs.100 crore for manufacturing solar power equipment.
- Telecom dept officials shall be meeting representatives of Airtel, Vodafone and Idea to hear their pleas against penalty in Jio case. Trai has recommended a Rs.3,050 crore cumulative penalty on Airtel, Vodafone and Idea for allegedly denying sufficient points of interconnection to Jio.
- Hines, a global real estate investment and management firm with $100 billion in assets under management, has agreed to invest $23 million in Tata Housing’s premium wellness-themed project Serein at Thane. The investment will be used for development of the project.
- Paytm Payments Bank will invest Rs.3,000 crore to create a network of more than 100,000 consumer banking touch points over the next three years. It is inviting retail stores and mom-and-pop businesses to become its local banking partners, which will be able to accept deposits, allow withdrawals and take in requests for new savings bank accounts from its existing and new customers. 3,000 such outlets – ‘Paytm ka ATM’ went live on Dec. 4 in Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.
- The Abu Dhabi Investment Authority, owned by Emirate of Abu Dhabi, has acquired a minority stake in KKR India Financial Services for an undisclosed amount. ADIA has been investing in India as a limited partner and has partnered with several private equity funds in India.
- The Kirloskar group is working on to sell a controlling stake in Kirloskar Oil Engines Ltd, its diesel generator manufacturing business. The deal is expected to fetch Kirloskar group more than $500 million.
- Airtel has acquired a strategic stake in Juggernaut Books, a digital publishing platform for an undisclosed amount. The investment is in line with Airtel’s endeavour to build an open content ecosystem and bring digital content to its customers. The money will enable Juggernaut to ramp up content acquisition, digital marketing and be ready for a subscription-led offering.
- The Essar Group is planning to pay its dues to lenders to enable them to take part in the bidding process for its steel plant in Hazira, Gujarat. Tata Steel, ArcelorMittal and some other companies are keen to acquire it.
- Bombay High Court has upheld MCA order for merger of scam-tainted National Spot Exchange with its parent, 63 moons technologies. The court, has however extended an interim stay granted last year to the merger order passed by Union Ministry of Corporate Affairs on Feb 12, 2016 for 12 weeks.
- Tata Projects has bagged a Rs 5,612 crore project to design and build part of India’s largest sea-bridge, the Mumbai Trans Harbour Link. The project involves constructing a 7.8-km-long bridge section across Mumbai Bay.
- Tata Communications shall be investing upto Rs.160 Crore in Cloud business, a market estimated to be between $200-250 billion. The company is working on several smart city projects to generate data.
- Senior-level exits continue at Ola with Shalabh Seth being the latest to resign. It’s been less than a year that Seth joined Ola as CEO.
*News as published in Business Standard, Live Mint and Economic Times.