India Business News Headlines 8th Feb2018

India business news headlines 8th February 2018

Here are the India Business News Headlines 8th February:

  • The Supreme Court has allowed Sahara Group to sell its Aamby Valley township in parts through a court-appointed liquidator. The direction came after the court was informed by the official liquidator of the difficulties in selling the township as a whole.

 

  • TVS Capital Funds, a Chennai-based private equity firm, is expecting first close of around Rs700 crore for its third private equity fund by end of March. The fund is targeting a corpus of Rs1,000 crore. The fund invests in India’s mid-cap businesses and currently has assets under management of over Rs.1,100 crore across its two earlier funds.
  • The bankruptcy court has allowed auction of properties of Western India Shipyard, a subsidiary of Gujarat-based ABG Shipyard, which is one of the 12 large cases referred by RBI for early bankruptcy proceedings.

 

  • Angel tax – The government is considering to exempt investments from recognized angel investor groups in start-ups from the so-called angel tax. A committee has been set up under Sebi to form a framework for regulating angel investment.
  • Strand Life Sciences, a bioinformatics and integrated and specialized diagnostics company, has raised Rs60-80 crore from Quadria Capital. The funds are to be used to grow the business by providing personalized diagnostic techniques and specialized in-house tests to patients.
  • LONGi, the Chinese solar firm, will invest $309 million in setting up a manufacturing facility for monocrystalline silicon cells and modules in Andhra Pradesh. LONGi will be the first Chinese company to set up a solar equipment manufacturing facility in India.
  • The Supreme Court has cancelled 88 iron ore mining leases in Goa, dealing a blow to miners including Vedanta Ltd. as it found the government’s process of renewing the mining leases of companies to be in violation of law. Fresh licences will be issued by the State through an auction.
  • To tap India’s fast growing cosmetics market, Amazon is preparing to launch its own brand of beauty and personal care products. The domestic online beauty and personal care market is expected to cross $3.5 billion by 2022 from about #300m as of now.
  • Brotin Banerjee , MD & CEO of Tata Housing has resigned citing personal reasons. Banerjee’s resignation is the second top-level exit in the Tata group after Anil Sardana, MD, Tata Power resigned in January.

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

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