Read India business news headlines 11th September 2018:
– Essar steel update – ArcelorMittal has sharply raised its bid to acquire Essar Steel to ₹42,000 from ₹30,500 crore offered earlier. They have also committed to pay ₹7,000 crore to settle the dues of Uttam Galva and KSS Petron.
– To capitalize on the boom in online retail industry, SpiceJet is starting a dedicated air cargo service from 18th September on both domestic and international routes. The airlines has inducted its first freighter aircraft—a Boeing 737-700—and has also prepared a blueprint to grow the logistics business.
– Licious, a Gourmet meat start-up, is in talks to raise $25-30 million from new and existing investors. It has so far raised $13 million in funding from various investors. The firm runs on an end-to-end business model – from procuring fresh produce, processing, storage to delivery.
– Digital lender Kissht is in discussions with Russia’s Sistema Asia Fund and Vertex Ventures of Singapore to lead a Series C round of funding to raise up to $50 million.
– Greenko Group has called off its plan to buy Orange Renewable from AT Capital Group of Singapore, which it had agreed to buy at an enterprise value of $1 billion. The firm had not divulged any details as to why the deal was called off but just mentioned technical reasons.
– ARCS Shipbuild Services of Mumbai and Ricky Nathaniel, the Hong Kong-based investor, have approached the Mumbai bench of NCLT separately to join the resolution process for Bharati Defence and Infrastructure. Bharati Defence’s committee of creditors has already approved the resolution plan submitted by Edelweiss ARC.
– Mamaearth, a Mom and baby care consumer start-up, has raised around $4 million in a Series A round of funding led by Stellaris Venture Partners and Fireside Ventures. The firm has so far raised $5.3 million. Mamaearth offers over 50 natural, toxin-free products.
– Alexandre de Juniac, IATA director general and CEO, has said that rise in fuel prices has hit Indian airlines more adversely than their international competitors due to the high tax structure. Fuel makes up 34% of an Indian carrier’s costs, as against 24.2% globally.
– Jet Airways may need to infuse fresh capital to sustain operations. The airlines has already used most of the $300 million raised in June. Salary payments for July and August are also said to be delayed.
– ICICI Bank has filed insolvency petition against Jaiprakash Associates with Allahabad bench of NCLT. NCLT has asked the bank to serve notice to Jaiprakash Associates within 3 days and has also directed Jaypee to file a reply by 17 September. Total debt of Jaypee group has crossed over ₹70,000 crore.
– Google has agreed to comply with the data localization norms set by RBI. It has, however, sought an extension of deadline till December end for the same. RBI had told Google among other companies like Facebook, PayPal, Mastercard etc to store data within India.
– Sovereign wealth fund GIC of Singapore, Public Sector Pension Investment Board of Canada and Abu Dhabi Investment Authority are all trying to pick a 25% stake in Reliance Home Finance for around ₹1,500-2,000 crore. The funds will be used for the expansion of the firm focusing on affordable housing.
– Infosys has signed a three-year contract with the Australian Open as its official digital innovation partner. Infosys will leverage emerging technologies like Big Data and Analytics, AI etc. to provide innovative and engaging experiences for the fans.