India Business News Headlines 8th March 2018

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India business news headlines 8th March 2018

Here are the India Business News Headlines 8th March 2018:

  • Tata Steel has emerged as the highest bidder to buy controlling stake in Bhushan Steel. It has offered around Rs34,800 crore as upfront payment to banks and an additional Rs1,200 crore to operational creditors.

  • Government has approved a relief package for the telecom sector by easing spectrum-holding caps and extending payment period for spectrum to 16 years from 10 years.

  • Union Cabinet has increased DA for 11 million government employees and pensioners to 7% from 5%. It’s been revised from 1 January 2018.

  • PictureTime, an operator of low-cost mobile cinema theatres in rural areas, has raised Rs25 crore in a pre-Series A funding from a group of wealthy individuals, led by Ajay Relan. The firm, which has 10 mobile cinema theatres as of now, will use the funds to add 100 new mobile theatres units by March 2019.

  • Prime Venture Partners, an early-stage VC firm has closed its third fund worth Rs400 crore. The firm will focus on investing in sectors like online financial education, logistics, services, healthcare and enterprise software. The firm closed its first fund in 2012 with a corpus of $8 million and second in 2015 for $46 million. The fund invests in 3-5 technology companies every year.

  • Pepperfry has raised Rs250 crore in a fresh funding round from State Street Global Advisors, a US-based investor. Funds will be used to expand its supply chain, investment in technology and opening new stores.

  • Liberty House, part of Sanjeev Gupta’s global industrial group GFG Alliance, has emerged as the highest bidder for Amtek Auto paving the way for former’s entry into the Indian market.

  • Competition Commission of India (CCI) has unconditionally approved proposed acquisition of Binani Cement by Rajputana Properties, subsidiary of Dalmia Bharat Cement. Binani Cement owes around Rs6,500 crore to its lenders.

  • CCI has imposed a fine of more than Rs54 crore on Jet Airways, SpiceJet and InterGlobe Aviation for unfair business practices with respect to fixing fuel surcharge on cargo transport.

  • NCLT has directed Reliance Infratel to stay the sale of its assets until 13 March hearing the petition filed by offshore investors of Reliance Infratel led by HSBC Daisy Investments alleging oppression of minority shareholders and mismanagement.

  • Fosun Group, the Chinese investment conglomerate, is looking to acquire a minority stake in Ahuja Constructions for around Rs.350 Crores through its property investment and management platform Fosun Property Holdings. The structure is expected to be finalised soon.

  • Reliance Capital has named Anand Natarajan as COO. Natarajan will work closely with ED Anmol Ambani in ensuring smooth functioning of group’s operations, develop synergies across businesses and drive performance. Natarajan has earlier worked in Fullerton India ANZ Indonesia.

  • As per Forbes’ 2018 ‘World’s Billionaires’ list, Mukesh Ambani’s wealth surged by 72.84% to $40.1 billion— highest among the 119 Indian billionaires on the list. Ambani was ranked 19th globally, up from 33rd position in 2017.

  • As per a report by property consultant Knight Frank, Mumbai continues to be among the world’s top 20 expensive cities. Mumbai ranked 16th among the world’s costliest cities for 2018.

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