Here are the India Business News Headlines 9th April 2018:
- Mountain Trails Foods, the parent company of Chai Point, is in advanced discussions to raise about $20 million in Series C funding from new investors including Paragon Partners and also from its existing investors. Till now, Chai Point has raised around $13 million in funding.
- KKR-backed, structured finance provider Avendus Finance, is now planning to start SME financing by lending to dealers, distributors and vendors of mid-market businesses. Till now it offers customized financing solutions for mid-market businesses such as sponsor financing, growth financing, bridge funding, acquisition financing, recapitalization, etc.
- Makers of Cello pens have moved Bombay high court against company’s previous owners for allegedly violating a non-competing agreement and entering into the stationery business. Bic Clichy, the French stationery maker, had bought 100% stake in Cello Writing Instruments from Rathod family in parts between 2009 to 2015 and had entered into a sale agreement that included a non-compete clause.
- Bharat Petroleum Corporation is planning to hive off its gas business into a separate wholly-owned subsidiary as the company intends to bring all natural gas-related businesses into one fold.
- Tata Chemicals have signed a pact with Allied Silica to acquire its precipitated silica business for Rs123 crore. The business transfer agreement between Tata Chemicals and Allied Silica includes acquisition of an existing manufacturing site in Tamil Nadu, which will produce highly dispersible silica. The deal is expected to be closed within three months.
- Xiomi is in advance talks to pick up a stake in ZestMoney, a financial technology startup,, which is in the process of raising around $20million. If the deal goes through, this will be Xiomi’s second investment in the fintech sector after investing in Krazybee last year.
- HDFC is in advance talks to buy Apollo Munich Insurance for approx. Rs.1000 Crores.
- Jyoti Structures resolution plan may get a fresh lease of life as around 81% of its lenders are said to have agreed on the resolution plan. NCLT shall be hearing the plea today.
- PNB scam:
– ED has unearthed Rs5,000 crore money trail. Instead of directly transferring money to these shell companies controlled by Nirav Modi and Mehul Choksi, it was funneled through layers of shell companies controlled by them. ED is likely to file charges against them within a month.
– A CBI court has issued non-bailable warrants against Nirav Modi, Mehul Choksi