Here are the India Business News Headlines 9th January 2018:
- From the 28 stressed loan accounts RBI has asked banks to resolve by 13 December or send to NCLT, banks may choose to sell some of them to Asset Reconstruction Companies (ARCs) in the absence of suitable bidders due to over-supply of stressed assets. ARCs are likely to pick the loans keeping in mind scope for resolution and complexities involved in resolving the accounts through NCLT.
- Flipkart and its payments arm PhonePe, are undertaking different strategies to develop their respective units. Flipkart will look to offer financial and payments solutions for its range of products and PhonePe is looking to build out a distinctive business unit around financial services to co-create insurance and mutual fund products with large financial services firms. The move is part of a broader strategy to avoid cannibalizing each other’s businesses.
- As per the statement given by civil aviation secretary Mr. Rajiv Nayan Choubey, the government will invite expressions of interest for Air India after the budget presentation on 1st February, despite a parliamentary panel suggesting a five-year pause.
- Life Healthcare Group Holdings Ltd, the second-largest private hospital owner in South Africa, is considering to sell its stake (49.7%) in Max Healthcare and is said to be in talks with Radiant Life Care. The deal size is expected to be around $406 million.
- To boost revenues, Kolkata Port Trust is looking to lease out around 93 plots, starting with 26 for which bids are to be received this month. These plots are to be leased for 30 years and can be developed into anything other than houses. Although it has eased several conditions for bidders a major drawback remains that the lease is not renewable.
- As per Inc42 Datalabs, the Indian tech start-ups received $9.4 billion investments across various sectors in the first three quarters of 2017, a growth of 1.35 times compared to total investment in 2016.
- Essar Ports has completed a Rs 28-billion planned investment in its Vizag and Salaya terminals in Andhra Pradesh and Gujarat. It is now looking at further investments to take its capacity to 150 million tonnes per annum over the next two years.
- As per the changes in Companies Act, the companies which have not cleared their dues to banks, will need approval from lenders if managerial remuneration exceeds 11% of company’s net profit. The move is to ensure that the promoters of defaulted companies do not keep extracting money through high remuneration.
- As part of its third anniversary offering, Vistara has announced a one day discount sale of all-inclusive fares starting at Rs 1,099. The 24-hrs sale offers low fares for all classes. The offer started at 0001 hrs and will be open till 2359 hrs on January 9. The travel period is between January 17, and April 18, 2018.