Here are the India Business News Headlines 5th January 2018:
- Idea Cellular Promoters will invest Rs.3,250 crore and the company plans to raise a similar amount, for which a panel has been constituted. The move is to strengthen its balance sheet before a planned merger with Vodafone India.
- Samvardhana Motherson International, the holding firm of auto component major Samvardhana Motherson Group, has acquired 100% stake in MS Global India Pvt. Ltd from Korea-based MS Group. MSGI is the supplier of various auto components including frames for chassis of commercial vehicles. The acquisition will allow SAMIL to enter a new vertical of sheet metal parts.
- NIIT has acquired Eagle International Institute for $8.1 million. The acquisition will help NIIT expand its training capability for global roll-out of cloud-based enterprise applications in the pharmaceutical and life sciences industry. Headquartered in Rochester, US, the consolidated turnover (provisional) of Eagle International for the financial year ended December 2017 was $10.7 million.
- Lenders to Aircel and GTL Infrastructure are planning to merge the firms to clear the combined debt and get a stable earning from the new entity. March 31 has been set as the deadline to initiate the merger.
- PayU India is shutting down its e-wallet PayU Money and will focus LazyPay, its credit based product. The company has restricted loading money in the wallet and will close the services by January 31, 2018.
- Volvo Bus Corporation has appointed Suresh Chettiar as the new Business Head of Volvo South Asia and VP of Volvo Bus Corpn. He will replace VRV Sriprasad, who has opted an early retirement.
- The Oberoi, New Delhi, the flagship property of the Oberoi group has been reopened after a major renovation. The hotel had been closed in April 2016.
- EarlySalary, a digital short term lending startup, has raised Rs.100 Crore in series B round of funding. The firm plans to increase the number of disbursals to 100,00 from 14,000 currently being done every month.
- Paisabazaar has received a commitment of Rs.200 Crore from its parent company EtechAces. The funds are planned to be used to strengthen technology platform and build in new decision making systems to improve rate of conversion.