Read the latest India business news 10th October 2018:
– SBI will triple its target of buying standard loans from NBFCs to up to ₹45,000 crore in FY19. The move shall give additional liquidity to NBFCs who will gain by selling these loans on full-cash basis.
– Govt may widen basket of essential drugs and medical products. sub-committees shall be formed to categorize products according to how essential they are for healthcare.
– As required by RBI, WhatsApp has built a system that shall store its payments-related data locally in India. A pilot for this has already started.
– Xander Investment Management, the real estate private equity arm of The Xander Group Inc., shall invest around $350 million for development and acquisition of 4.5 million sq. ft office space in Phoenix Group’s project in Hyderabad.
– Private equity firms Blackstone Group and TPG Capital are reconsidering their plans to purchase Jet Privilege due to Jet Airways’ financial condition. They have offered indicative term sheets valuing Jet Privilege at close to $900 million.
– Nykaa is in early stage talks with SoftBank to raise up to $200 million. If the deal goes through, it will take Nykaa’s valuation to around $700 – $800 million.
– Alpha Capital Advisors, an investment management firm catering to HNIs and family offices, shall invest Rs.1,500 crore in consumer facing businesses over the next three to four years. The average investment is likely to be between Rs.100-150 crore in each project.
– Supreme Court has sent three directors of Amrapali Group to police custody due to their failure to submit accounts related documents of all 46 group companies to its appointed forensic auditors. The Directors will not be released until the documents are provided.
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– Suminter India Organics has raised an undisclosed sum from responsAbility Investments AG’s private equity arm. Average ticket size of responsAbility can be anywhere between $5 million to $25 million.
– ChrysCapital, the largest India-focussed PE firm, has appointed Arundhati Bhattacharya, former SBI chairperson, as advisor. ChrysCapital manages assets of around $4billion.
– Cognizant Technologies has laid-off around 200 senior employees at the Director level and above this year. Last year, it had offered 400 senior employees voluntary separation.
– After G+ data leak, Google has changed its Play Store policy to reduce the number of permissions required before downloading any app.
News credit: Livemint, Economic Times, Business Standard