India business news headlines 6th February 2019

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India business news headlines 6th February 2019
India business news headlines 6th February 2019

Mohandas Pai-backed 3one4 Capital shall raise Rs.350 crore for its new fund Continuum I. The early-stage investor has invested in data platform Tracxn, meat delivery firm Licious and fintech startup Tonetag.

Samunnati Financial has raised $5 million in debt from Symbiotics. Samunnati provides affordable and customized financial product offerings to small/marginal farmers, working capital loans to community-based organizations and receivable finance to agri SMEs.

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PMO has held meetings to speed up the strategic sale of PSUs identified by Niti Aayog. The list includes Air India, Dredging Corporation, BEML, Scooters India from which the government expects to generate around Rs.90,000 crores.

Dish TV shall invest Rs.3,000 crores in its subsidiary Dish Infra Services.

NCLT has ordered liquidation of Reid & Taylor India after investors put up by the employees association and other bidders failed to come up with a viable revival plan. The company owes over Rs.4,100 crores to its lenders.

CCI has given approval to state-owned financial institution Power Finance Corporation for the acquisition of 52% stake in REC, which is expected to get the government Rs.15,000 Crores.

Pilots of Jet Airways have warned that if the salaries are not paid they will collectively take a final call in March. The airlines is yet to clear salaries from November onwards in part/full.

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The government has withdrawn duties on key components used in Mobile phones such as LCD display, touch panel etc from Feb.1. This shall keep mobile phone prices under control.

The government has refused the proposal of Trai for giving free internet connections to the poor. The commission found that the mobile tariffs across the country are already pretty low.

The govt has accused Amazon and Flipkart of influencing prices of goods on their platforms through various means and has defended its decision to implement new FDI rules.

ED has cleared restoration of Vijay Mallya’s properties to the consortium of banks led by SBI. The banks would, however, need to give an undertaking on returning the money.

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*news source: Livemint, TOI, ET

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