Here are the India Business News Headlines 8th January 2018:
- Promoters of Aban Offshore, which collectively owes nearly $2 billion to 17 banks, have offered to pay up to $600 million in a one-time settlement. Banks, which must either finalize resolution plans or initiate insolvency proceedings at NCLT, are yet to take a final decision. Aban Offshore, among the 28 companies on RBI’s second list of large corporate defaulters, is the flagship company of Aban Group and provides offshore drilling services to companies engaged in exploration and production of oil and gas.
- The parliamentary panel has said not to privatise Air India, give it 5 years to revive and write off its debt. It has also said the government should explore possibility of ‘an alternative to disinvestment’.
- Uber is relaunching its ‘auto’ service starting with Bengaluru and Pune later this month. It had shut down this service almost two years ago. Ola also offers the ‘auto’ booking service from its platform and is currently operational in 73 cities with over 120,000 autos associated with it.
- To give a big push to the online sales of its FMCG products, Patanjali Ayurved is likely to partner with eight leading e-tailers and aggregators viz Amazon, Flipkart, Paytm Mall, Snapdeal, Grofers, 1mg, Bigbasket and ShopClues. Once the agreements are in place, Patanjali range of products will be available on all these platforms.
- Sebi’s proposal requiring listed companies to disclose a loan default within one day is unlikely to be implemented as RBI and the Government are not in its favour.
- Brookfield, the Canadian Institutional Investor, is set to buy Equinox Office Complex from Essar Group for Rs.2,450 Crore. Part of proceeds will be used by Essar Group to pay out lenders like Yes Bank, HDFC Bank, Edelweiss Capital .
- Karnataka Government is set to start funding technology startups based across the country. Entrepreneurs can apply to the Karnataka Government for funds provided they register their companies under Karnataka Shops and Establishment Act, 1961. Around 5000 startups have registered so far. The state had funded 250 firms in 2017.
- Airtel Payments Bank has removed 1000 retailers from its Network for not following the due process. The move is result of an internal enquiry conducted by Airtel to zero in on errors and lapses that led to its Aadhaar based e-KYC licence getting suspended.
- Indigo has started 3 daily flights from Tirupati to Hyderbad and Bengaluru. Sri Venkateswara International Airport is at Renigunta, around 15 kms from Tirupati.