Read the latest India business news 15th November 2018:
– GVK Power and Infrastructure is seeking approval of its shareholders to raise ₹8,000 crore to repay debt as also to dilute around 50% of equity stake in GVK Airport Holdings.
– IHH Healthcare CEO has said that open offer for 26% stake in Fortis is likely to be completed by end of December and the group has no immediate plans to change the brand name of Fortis Healthcare.
– KKR and Co. is working on to raise its maiden Asia-focused infrastructure fund and has a target of around $1.5-$2 billion.
– Royal Sundaram has sold its 40% stake to Belgium’s Ageas Insurance for ₹1,520 crore.
– Indian Hotels, which runs Taj hotels, is looking to sell 10 properties to reduce debt by 30% in the next 18 months. As of 30 September, its net debt is Rs.2,082 crore.
– Perpule, an omnichannel retail tech company, has raised US$4.7 million from Prime Venture Partners, Venture Highway and Kalaari Capital. It plans to use the funds for expansion into retail outlets across various cities.
– Indian unit of the Industrial and Commercial Bank of China, China’s largest bank, has set up a US$200-million fund for investing in the promising Indian micro, small and medium enterprises and ventures.
– Vishal Jain, the resolution professional for Sterling SEZ and Sterling International, has sought possession of assets of the two companies and told NCLT that it would be impossible to proceed with the resolution process without the assets.
– Gautam Singhania has stepped down from the post of chairman of Raymond Apparel.
– Ashok Chawla, Chairman of Yes Bank has resigned over corruption charges in the Aircel-Maxis case. He might also have to step down as NSE chairman if CBI gets the go-ahead to prosecute him in the case.
– Binani Cement – UltraTech Cement has got the approval of NCLAT for acquiring Binani Cement.
News credit: Livemint, Economic Times, Business Standard