Read the latest India business news 18th October 2018:
– Treebo and FabHotels are in early stage of discussions for a merger. Both of them had been trying to get fresh funding but could not succeed due to fear in investors of competing with Oyo having SoftBank investment.
– KKR and Co., a PE fund, is in talks to acquire a controlling stake in Aadhar Housing Finance. Aadhar Housing is part of Wadhawan Global Capital having control of Dewan Housing.
– Entrepreneur First, the London-based accelerator, has allocated $20 million for building deep technology ventures in India over the next three years. It has launched a six-month programme in Bengaluru to help build 50 deep-tech startups focussed on AI, ML and robotics and other technologies.
– Sebi has directed Singh brothers and eight other entities to pay ₹403 crore with interest to Fortis Healthcare. These entities were used for fraudulently diverting funds from Fortis Healthcare.
– RBI has rejected Yes Bank’s plea to extend the tenure of its current MD & CEO Rana Kapoor. The Bank has to appoint his successor by 1st Feb. 2019.
– Paytm Money has appointed Cyrus Khambata, former ED of Central Depository Services to its board of directors. Khambata with experience of over four decades is considered an industry veteran in capital markets.
– Reliance Industrial Investments has acquired a 12.7 percent stake in SkyTran Inc, the US-based company developing modern transport modes.
– The Government has given Rs.1000 Crore to Air India from National Small Savings Fund. Air India will now avail its unused sovereign guarantee to raise another Rs.500 Crore as loan next week.
– Sequoia Capital has split its India team into Venture and Growth. Venture team will be headed by Mohit Bhatnagar while GV Ravishankar will lead the Growth team. The firm has invested in companies like Oyo, Zomato, MuSigma.
– PNB fraud case – Enforcement Directorate has seized assets of around Rs.218 crore of Mehul Choksi and others.
Essar steel update –
– JSW may opt out of buying Essar Steel if it is able to buy Bhushan Power. Creditors of Bhushan Power are in favour of JSW Steel’s offer.
– ArcelorMittal shall pay Rs.7,469 crore to creditors of Uttam Galva Steels and KSS Petron to become eligible for bidding for bankrupt Essar Steel.
News credit: Livemint, Economic Times, Business Standard