Read the latest India business news 24th October 2018:
– FirstCry is in early-stage talks with SoftBank and Alibaba for raising $100-150 mn in funding. Though an online firm, a bulk of the firm’s revenue comes from its network of around 300 stores.
– Naspers is planning another investment in Swiggy and has indicated that it may support a funding to raise more than $600 million.
– TPG Capital and Manipal Health combined are in talks with Medanta to buy a majority stake in the hospital. As of now Carlyle Group owns 27%, Temasek Holdings 18% and the rest is with Naresh Trehan, his family and Sunil Sachdeva, Medanta’s co-founder. Medanta’s valuation is likely to be Rs.6,000 crore.
– Kraft Heinz has agreed to sell a part of its Indian business including Complan to Zydus Wellness. Zydus Wellness is in talks to raise private equity funding.
– Motilal Oswal’s Private Equity fund has raised Rs.2,300 crore for its third fund. 60-70% of the fund will be invested in financial services, consumer and healthcare sectors while the rest shall be invested in the industrial sector.
– Supreme Court has given RCom time till 15 December to clear pending payment of Ericsson India of Rs.550 crores. Ericsson India had initiated insolvency proceedings against RCom but later accepted RCom’s offer to pay ₹550 crore by 30 September.
– Deptt of Telecom is launching a mobile app enabling single-click onboarding through one-time OTP authentication for accessing any public WiFi hotspot within India.
– Tata Steel will sell a majority stake in an iron ore mine in South Africa to IMR Metallurgical for around Rs 188 crore.
– Tata Sons and Singapore Airlines have infused Rs.20 billion in Vistara, the largest single equity infusion since its launch in 2015. The move is part of strategy of its expansion plan. This is the largest single dose of equity infusion into the joint venture (JV) since its launch in January 2015.
– Kotak Realty Fund has exited $356 million worth of investments from its managed account of Abu Dhabi Investment. The fund also made an exit of around Rs 8.38 billion from Lodha Developers’ township project earlier this year.
– Roshni Nadar, the only daughter of Shiv Nadar has been appointed Vice President on the Board of Directors of HCL Technologies, the flagship company of $8.2 billion group. She is currently CEO and ED of HCL Corporation, the holding company controlling HCL Tech, HCL Infosystems and HCL Healthcare.
– Videocon case update – Law firm Cyril Amarchand Mangaldas has withdrawn its 2016 report giving a clean chit to Chanda Kochhar in the allegations made against her.
– Essar Steel update – ArcelorMittal has offered Rs.8,000 crore as an additional equity infusion over and above the ₹42,000 crore offered so far.
News credit: Livemint, Economic Times, Business Standard