Read the latest India business news 30th October 2018:
– Promoters of Usha Martin have decided to vote in favor of Tata Sponge Iron for sale of company’s steel business. Tata group had agreed to acquire Usha Martin’s steel unit for Rs.4,500 crore.
– Electrosteel Steels update – Supreme Court has sought a response from Vedanta on an appeal filed by Renaissance Steel challenging its eligibility to bid. NCLAT had ruled on August 10 that Vedanta was eligible to bid for Electrosteel.
– Facing severe cash-crunch, Jet Airways has appointed Goldman Sachs to help in fundraising and Boston Consulting for help in improving operational efficiency.
– Sidbi is introducing an internal rating model to score venture capital funds on various criteria before making investments in them. The government had set up Rs.10,000 crore fund of funds within Sidbi in 2016, to be deployed over the 14th and 15th Finance Commission cycles as part of Startup India Action Plan.
– BigBasket is in talks to raise $300-400 million funds at a valuation of $1.5-2 billion. This funding round may make BigBasket India’s eighth unicorn this year.
– NSDL Payments Bank has started its operations. It is the seventh payments bank since RBI approved 11 applicants in principle in August 2015.
– After emerging as the top bidder for Essar Steel, ArcelorMittal is now working on to buy EPC Constructions and is said to have completed due diligence. ArcelorMittal will gain from the in-house engineering and project management division and the fabrication facility of EPC.
– Sistema Asia Fund, VC fund floated by Sistema PJSFC, a Russian conglomerate, is in the process of expanding its first fund to $120 million by adding up to $80 million to invest in Indian start-ups.
– IT department may soon offer online filing of tax exemption applications to make the process faster and reduce interface between the applicant and the department.
– Amazon India has started the process of bringing India payments data within India as directed by the RBI. The deadline for compliance was 15th October.
– The government has rejected the request of Trafigura, the global commodity trader, to operate petrol pumps in India. Trafigura, along with UCP and Rosneft, had purchased Essar’s refinery and petrol pumps.
News credit: Livemint, Economic Times, Business Standard