Read India business news headlines 18th September 2018:
– The government has decided to merge Bank of Baroda, Dena Bank and Vijaya Bank to reduce the amount of capital the banks need and help clean their balance sheets. The merged entity with a total business of more than ₹14.82 trillion will be the third-largest lender in India after SBI and HDFC.
– Ola has raised $50 million funding from Sailing Capital and China-Eurasian Economic Cooperation Fund at a valuation of around $4.3 billion. The combined stake of both the firms will be around 1%.
– Aditya Birla Telecom will be merged into Vodafone Idea. ABTL holds 11.15% stake in telecom infrastructure firm Indus Towers.
– Motilal Oswal Real Estate has raised ₹575 crore for its latest fund – India Realty Excellence Fund IV. The money will be used to develop affordable residential real estate in India’s top six cities.
– PayU India has received RBI approval to operate its own NBFC. This will help PayU India in launching new product variants at a faster pace.
– RBI has rejected Bank of Maharashtra’s request to set off its ₹2,543 crore losses against share premium amount.
– Cholamandalam Investment has raised ₹1,057 crore from Asian Development Bank by issuing bonds. Part of the money will be used to improve growth prospects and employment opportunities.
– HDFC Bank has started using WhatsApp and email for sending summons to customers in cheque bounce cases and has also requested approval for the same from various courts in India. As per data, over 60 lakh cheque bounce cases are pending with various banks.
– PhonePe is rethinking its plan for a million Point of Sale machines due to manufacturing hurdles as also reluctance from both sellers and customers.
– AION Capital has emerged as the front-runner to acquire InterGlobe Technologies for around Rs.1800 Crore. InterGlobe Tech offers services for various travel related solutions.
– Essar Steel update: Numetal has written to creditors raining questions on ArcelorMittal’s eligibility due to loan defaults by firms owned by L.N.Mittal’s brothers Pramod and Vinod Mittal.