Here are the India Business News Headlines 5th March 2018:
- The government is asking bankers to take criminal action against those private power producers who have inflated project costs. As per several industry experts, many private sector developers inflated project costs for raising a higher amount of debt to cover their equity component, a practice called gold-plating.
- Air India is looking at raising Rs.500 crore by selling real estate and land in 2018-19, which is likely to include some of its prime properties in Delhi, Mumbai and Chennai.
- NuMetal, which has bid for Essar Steel, is willing to drop Rewant Ruia as a consortium partner if required, as Insolvency and Bankruptcy Code bars owners and associates of defaulter companies from bidding for distressed assets when sold to raise cash for creditors. Rewant Ruia is the son of vice-chairman of Essar Group, Ravi Ruia.
- As per a report released by Ficci with EY, Indian media and entertainment industry is expected to grow at an annual average rate of 11.6% to reach Rs.2 trillion by the year 2020. The M&E sector saw a growth of around 13% over 2016 and reached about Rs1.5 trillion in 2017.
- IDBI Bank is likely to initiate insolvency proceedings against Orissa Slurry Pipeline Infrastructure, the firm operating the pipeline supplying raw materials to Essar Steel’s Odisha plant as it wants to avoid any hurdles in the sale process of Essar Steel. Orissa Slurry Pipeline is a 253km pipeline responsible for transporting about half the raw materials for the plant and whoever controls it can influence plant’s production capabilities.
- The central government has been taken aback by HUL’s offer of Rs 1.19 billion for not having passed on GST cut benefits to customers. The current guidelines allow the government to accept penalties in the said fund after an investigation, however, HUL has told the government that it was penalising itself.
- Adani Group is redesigning its communication strategy as also planning to work on its brand image. The group has hired Suhel Seth as its brand consultant. Adani group has interests in foods, realty, ports and power sectors.
- BigBasket is looking to supplement its online business with offline kiosks to be installed across various apartments and office complexes. The kiosks will stock daily groceries, fast moving consumer goods, fruits and vegetables.
- Recruiterbox, an HR technology platform, has been acquired by Turn/River Capital, a US based private equity fund for an undisclosed amount. Recruiterbox makes an Applicant tracking software which helps HR departments to manage their hiring.
*News as published in Business Standard, Live Mint and Economic Times.