Read the latest India business news 19th November 2018:
– Liberty House is keen to resolve issues in Amtek and Adhunik deals to complete the acquisition process. It has also offered to increase its earnest money deposit from Rs.55 crore to ₹100 crore.
– Six northeastern states have finally agreed to implement RERA. The move will help in protecting buyers’ interest in these states.
– Zee Entertainment may divest 20% in OTT business as it eyes music, gaming segments. It is said to have already put together an aggressive strategy to take on Reliance Jio.
– NestAway, the Home rental startup, is in initial talks to raise $100 million, but may actually end up securing $150 million due to strong investor demand.
– Aavishkaar-Intellecap, an impact investment firm, is raising Rs.225 crore from US-based Teachers Insurance and Annuity Association. The firm is looking to scale up its various businesses which include a range of financial products to entrepreneurs.
– Altico Capital has invested Rs.570 crore in the Bengaluru residential market, backing up projects of Assetz Property Group and Century Real Estate Holdings. The firm has so far invested around Rs.1,000 crore in Bengaluru’s property market.
– BSE has decided to snap ties with S&P Dow Jones, which manages and operates Sensex and plans to develop indices through its in-house development team.
– Losses of State-owned banks have increased almost 3.5 times to around Rs.14,716 Crores during July-September quarter, majorly due to bad loans.
– The finance ministry has proposed to generate around Rs.14,000 crore through an acquisition deal between Power Finance Corporation and Rural Electrification Corporation. The power ministry, however, is concerned that the move will hurt two strong firms in the otherwise ailing sector.
– Essar Steel update – Getco has challenged the resolution plan of ArcelorMittal and has approached NCLT to recover its dues of more than Rs.827 crore from Essar Steel.
– Usha Martin-Tata Steel deal – Basant and Prashant Jhawar, who owns 25.5 percent equity in the company, may sell their majority stake. However, no official confirmation has come on this.
News credit: Livemint, Economic Times, Business Standard