Here are the India Business News Headlines 7th November 2017:
- Everstone Group has agreed to acquire Kenstar brand from Century Appliances, an associate of the Videocon Group. Everstone Group will also enter into a strategic alliance with Videocon for manufacturing and developing new products.
- RCom will sell its DTH subsidiary, Reliance BIG TV, to Veecon Media and Television. Veecon will acquire the business on ‘as-is where-is’ basis, along with all existing trade and contingent liabilities.
- Supreme Court has rejected a plea by Jaiprakash Associates to deposit Rs.400 crore with the court registry to safeguard interest of homebuyers. The company wanted to deposit money in parts towards Rs2,000 crore that it had been directed to pay by 5th November.
- AION Capital Partners is in talks to acquire entire debt of hospital chain Seven Hills Healthcare of about $200 million from a consortium of lenders led by Axis Bank. Seven Hills Healthcare operates two hospitals in Mumbai and Visakhapatnam. AION is an India-focused fund established by Apollo Global Management Llc. together with ICICI Venture Funds Management Co. Ltd, with around $825 million in committed capital.
- Board of Tata Chemicals has approved sale of its non-bulk phosphatic business to IRC Agrochemicals for Rs375 crore. The deal will involve sale of fertilizer business along with assets attached to it as also company’s Haldia plant. IRC Agrochemicals is a wholly owned subsidiary of the Netherlands-based Indorama Holdings BV.
- Income-tax department and Sebi will be scrutinizing Paradise Papers – documents obtained by a global network of investigative journalists to see if any Indian individual or companies were guilty of wrongdoing.
- India and the UK have held talks to close loopholes in the immigration and extradition process of Vijay Mallaya. The extradition hearings are set to begin in London’s Metropolitan Magistrates’ Court in about a month.
- Paytm has integrated BHIM UPI, the government’s mobile payments interface, onto its platform in a bid to increase its user base. Paytm currently gets about 100 million monthly users on its platform. Paytm is also planning to invest Rs.5000 Crore over the next three years.
- Jewellery helps Titan become third-most valuable Tata firm, the first two being TCS and Tata Motors.
- Formula-E is to power Mahindra’s electric car drive.The Mahindras’ renewed commitment to Formula-E comes at a time when India is pushing to eliminate fossil-fuel powered vehicles by 2030.
- Infosys co-founder Gopalakrishnan has invested an undisclosed amount in Big Data company Crayon as part of series A2 round of funding.
*News as published in Business Standard, Live Mint and Economic Times.