Here are the India Business News Headlines 9th March 2018:
- Techstars, Global start-up incubator network, will be launching a new start-up accelerator in India next month and has hired Bala Girisaballa, previously MD at Microsoft Accelerator India, to run the programme. The fund will invest in early-stage ventures in India. The firm also plans to work with a number of top companies and corporates that will set up or have already set up technology centres in India.
- Govt is planning to extend UDAN scheme to international flights. Assam govt has expressed interest in connecting Guwahati airport with several South East Asian destinations.
- Videocon Industries is planning to raise around Rs30,000 crore by selling its stakes in oil blocks in Brazil to repay bank loans.
- Idea may be the biggest beneficiary of govt’s telecom sector relief package. New rules may help Idea save around $200 million in cash flows for the next two fiscals.
- Renaissance Steel has moved NCLT against Electrosteel Steels bids. It says that Tata Steel and Vedanta are not eligible to bid for Electrosteel Steels’s assets as they are guilty of criminal misconduct punishable with two or more years in jail.
- Government has eased out rules for the proposed e-way bill system to make e-permits required for shipping merchandise under the GST regime more acceptable to businesses and transporters. The revised rules make e-way bill requirements simpler and also add some safety features to prevent tax evasion.
- Starting from the next fiscal year, Indian Railways will conduct reverse e-auctions for all supply tenders above Rs10 crore and services and work orders above Rs50 crore to eliminate human intervention and help bring more transparency.
- Flipkart’s PhonePe says Paytm’s claims on UPI are ‘misleading and while Paytm ‘seems to be leading the market’ in terms of number of UPI transactions, the average value of such transactions is much lower at Rs.40 compared to Paytm’s Rs.1,800.
- Uber Technologies founder Travis Kalanick, has started a new venture investment fund called 10100, to invest in emerging technologies in countries like India and China. The fund will also focus on “large-scale job creation”, with investments in real estate, e-commerce and emerging innovation in China and India.
- IFCI may sell its stakes in NSE as part of the revival plan. It will also try to clean up NPAs asap. It has recovered Rs672 crore of bad loans in the nine months ended December as against Rs812 crore in the whole of 2016-17.
- The Prestige Group has entered into a binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects for a cash consideration of Rs336 crore.
- Venture Gurukool, a mentoring platform for early and growth stage ventures, is planning to launch its maiden fund called VG Coop Fund towards the end of April with a target corpus of $20 million. The fund will invest in business-to-business and consumer technology start-ups.
- NCLT has approved the proposed merger of Airtel with Norway’s Telenor. Airtel had entered into an agreemtn with Telenor in February last year to buy its Indian operations in some states.
- Bombay High Court has dismissed RCom’s plea challenging an arbitration tribunal’s order restraining sale or transfer of its assets.
- PNB Fraud case :
– Gitanjali Gems Ltd’s promoter Mehul Choksi, an accused in the Rs12,636 crore PNB fraud case, has refused to appear before the Central Bureau of Investigation (CBI), a move that may slow the pace of the investigation.
– Nirav Modi, a co-accused in the PNB fraud, also declined to join the CBI investigation. Both Choksi and Modi are in an undisclosed foreign location