Here are the India Business News Headlines 9th February 2018:
- Malvinder and Shivinder Singh have resigned as directors from Fortis Healthcare’s board after the Delhi HC order upheld the Rs3,500 crore arbitral award in favour of Daiichi Sankyo.
- Swiggy has raised $100 million, mostly from Naspers Ltd, in its biggest-ever funding round. Meituan-Dianping, Chinese internet firm which runs an online platform for a range of services including food delivery and restaurant bookings, also invested in the latest funding round.
- Tata Steel, JSW Steel now face off over Bhushan Power. The liquidation value and the fair value of Bhushan Power are said to have been fixed at Rs9,000 crore and Rs24,000 crore, respectively.
- Industrial real estate is fast emerging as the go-to asset class for investors and developers, as demand for SEZ is increasing rapidly due to boost in e-commerce from the government’s Make in India initiative and GST. There is a rush to buy land across states to build industrial, industrial clusters and townships, logistics and warehousing parks. The warehousing and logistics sector is attracting huge investments.
- Multinational automakers making electric vehicles for overseas markets are hesitant to introduce them in India until the government frames a clear policy on EVs. They want to be sure that there is clear policy from the government since subsidies are important because currently they don’t see customers to shift towards EVs.
- Fusion Microfinance has raised Rs80 crore in the latest round of funding from existing investors Oikocredit, Creation Investments and GAWA Capital. The funding will help Fusion Microfinance continue its growth momentum through infrastructure capacity ramp up, network expansion, and growing the employee base of 3,000. The firm last raised Rs162 crore in 2016 and has a 100% women client base in rural and semi-urban areas.
- In response to SBI’s application, NCLT has refused to initiate insolvency proceedings against Shakti Bhog Foods to recover over Rs2,045 crore since it’s already undergoing liquidation.
- Reliance Jio has bagged digital rights to broadcast Winter Olympics in India. It will work with IOC to provide comprehensive coverage of the Winter Olympics in India live and catch-up content on mobiles.
- eBay has written off its investment in Snapdeal amounting to a loss of $61 million. Softbank also wrote off $1 billion in losses on account of erosion of value of the shares.
- The Competition Commission of India (CCI) has imposed Rs.136 Crore fine on Google for search bias and abusing its dominant position. It said that Google was leveraging its dominance in the market for online general web search and to strengthen its position in the market for online syndicate search services.
- Icertis, a cloud based enterprise technology startup, has raised $50 million in 4th round of funding. The company has so far raised $96 million.
- B Capital Group, the mid to growth stage tech focused venture capital firm has made the final close of its maiden fund at $360 million. It will primarily invest in four technology sectors – consumer, fin-tech, healthcare and transportation and logistics.
*News as published in Business Standard, Live Mint and Economic Times.