India Business News Headlines 6th February 2018- Tentaran.com

India business news headlines 6th February 2018
Here are the India Business News Headlines 6th February 2018:

  • Xander Group has bought an office building in Bengaluru for Rs.350 crore from Sanjay Ghodawat Group. The acquisition is in line with firm’s plans to expand its commercial office portfolio, which is currently valued at around $500 million in India.

  • Edelweiss Infrastructure Yield Plus, an alternative investment fund managed by Edelweiss Alternative Asset Advisors, is expecting to achieve a first close of around $250 million by the end of February. It is targeting a fund size of around Rs.2,000 crore, with an additional green shoe option of Rs.4,500 crore. The fund will invest only in operating assets in sectors such as renewables, roads and transmission.

  • Tata Motors Ltd and Warburg Pincus Llc have mutually agreed to call off Warburg’s proposed investment of around $360 million in Tata Technologies due to delays in securing regulatory approvals as also recent performance of the company not meeting internal thresholds.

  • Singapore Telecommunications (Singtel) will indirectly raise its stake in Bharti Airtel by investing Rs.2,649 crore. With the latest round of investment, Singtel’s total stake in Bharti Telecom will increase from 47.17% to 48.9%. Bharti Enterprises, owned by the Mittal family continues to hold over 50% stake in Bharti Telecom.

  • Fairfax Financial Holdings Ltd, Warburg Pincus LLC and General Atlantic LLC have joined the race to buy Legal and General Group Plc’s 26% stake in IndiaFirst Life Insurance Co. Ltd. IndiaFirst is a JV between Bank of Baroda, Andhra Bank and Legal and General.

  • UK’s CDC Group has agreed to invest $21 million in Asian Institute of Medical Services. CDC’s long-term investment will support company’s five-year expansion into tier 2 and 3 cities in Jharkhand, Bihar and UP.

  • Emami has signed a deal to acquire a substantial minority stake in Brillare Science Pvt. Ltd, valuing the company at Rs75-100 crore. based in Ahmedabad, Brillare manufactures hair and skin care products and sells them to professional salons. Emami currently does not sell through grooming salons.

  • Murugappa Group has appointed M.M. Murugappan as the executive chairman. Murugappan, who was serving as VC, succeeds A Vellayan, who served as executive chairman from November 2009. Murugappan is also on the board of several companies outside the Murugappa Group including Mahindra & Mahindra, Cyient Ltd and is also on the board of governors of IIT-Madras.

  • The Supreme Court has dismissed an appeal by Hotel Leela Venture and asked them to pay Rs.258 crore to the Airport Authority of India for the land leased to them near the Mumbai airport. Hotel Leela had challenged Delhi high court asking them to pay the amount to AAI.

  • ArcelorMittal is set to sell its entire 29 per cent stake in Uttam Galva Steels, undergoing insolvency proceedings, to its co-promoter, the Miglani family’s Sainath Trading Company, for Rs 1 a share. The average share price in the past six months was Rs 24 a share. With this transaction, ArcelorMittal will become eligible to take part in auctions for stressed assets in India.

 

  • CBI has booked jeweller Nirav Modi, his wife, brother and partners for allegedly cheating Punjab National Bank of Rs280.7 crore.

 

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