Here are the India Business News Headlines 7th February 2018:
- Capricorn Food has filed for IPO to raise Rs.500 crore. Proceeds from the sale of new shares will be utilized to repay the debt. Capricorn a food processing company, manufactures tropical fruit pulp/purees and concentrates, frozen fruits and vegetables and fruit juices and its customer list includes companies like Cremica Food, Varun Beverages, Coca-Cola and Manpasand Beverages.
- Healthi, a Healthcare start-up, has raised $3.1 million funding, led by Montane Ventures, an early-stage venture capital firm associated with the Piramal family office. Healthi offers online preventive healthcare services through healthcare providers and corporates.
- As per a report published in Livemint, profitability is still elusive for consumer internet start-ups in India even after months of cost-cutting. An analysis of earnings reports of 43 consumer internet companies showed cumulative losses of more than Rs.19,200 crore on revenues of Rs.26,090 crore for the fiscal year ended on 31st March 2017. The list includes companies like Flipkart, Paytm, Zomato, Shopclues, Snapdeal, Hike amongst others.
- To protect start-ups from aggressive tax demands, IT department has stayed all recovery proceedings of the “angel tax” against start-ups as of now. The department of revenue has directed assessing officers to dispose of all the pending appeals by 31st March.
- In a first management change under Abidali Neemuchwala, Wipro has appointed new leaders to head Oil & Gas practice and Manufacturing & Technology vertical. These two segments together bring 39% of company’s total revenue. N.S. Balasubramanian, who heads the manufacturing and technology practice, Wipro’s second largest vertical, accounting for 22.7% or $457 million of company’s December quarter revenue, will take over as Head of energy, natural resources, utilities and construction business unit. Anand Padmanabhan will take over as head of business development and strategic sales.
- Lenders led by SBI have asked L N Mittal, the promoter of ArcelorMittal, to repay a debt of Rs 13.40 billion taken by KSS Petron. Mittal owns a 33 per cent stake in KazStroyServices (KSS) of Kazakhsthan, an oil infrastructure provider company, in his personal capacity and KSS owns 100 per cent of KSS Petron, which turned NPA in 2015.
- A new consortium led by Rewant Ruia, son of Ravi Ruia, is likely to make an all-cash offer of $5-6 billion to retain Essar Steel. The newly formed consortium will have Russia’s VTB as the largest shareholder with 40% stake and Rewant and his brother Shashi Ruia will hold around 26%.
*News as published in Business Standard, Live Mint and Economic Times.
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