Read latest India business news headlines 20th July 2018:
– Insolvency and Bankruptcy Board of India and Interim Resolution Professional have urged the Supreme court to constitute a fresh Committee of Creditors in Jaypee Infratech case as the homebuyers have also been included as financial creditors.
– India plans to continue to import solar cells from China in the next two years as according to ICBC International Research, imports will remain cheaper than production in the domestic market, even with the tariffs.
– IOCL, BPCL and Adani group were the top bidders to acquire the gas retailing license in the gas distribution bid which includes 174 districts in 22 states and Union Territories and was clubbed into 86 permits.
– Bharat Innovation Fund, which is a deep-tech and Intellectual property focused venture fund, has made the first close of $50 million for its fund which has a target of $100 million.
– Suzuki Motorcycle India is working on to finalize the location for setting up a plant and invest ₹600 crore in its first phase. The plant will have an installed capacity of 3-5 lakh units per annum to start with and may go up to 10 lakh units.
– After the approval of the Board of Directors of Fortis for a Rs4,000-crore offer from IHH Healthcare for a 31.1% stake, the company would now seek shareholder’s approval in its EGM to be held on 13th August.
– Broadband India Forum has asked the government to allocate spectrum in 700 MHz, 850 MHz for 5G. The Forum plans to kickstart trials for 5G soon in partnership with the industry. The first trial will be done with Nokia to test a public safety network.
– JSW Cement will make an investment of $150 million to set up a 1 mtpa clinker unit in Fujairah, UAE. Part of the investment will also be used to set up a captive power plant which will help meet the energy required for the clinker unit.
– TRAI has asked the Telcos to adopt blockchain technology so that only registered telemarketers have access to phone databases and user’s consent to receive such communication can be recorded.
– As per the new amendments in the Insolvency and Bankruptcy Code, lenders will now be required to seek prior approval of CCI before finalization of the resolution plan by the committee of creditors.
– Temasek Holdings has bought shares worth around $30 million from former and early employees of Ola as part of a secondary share sale. Ola is also in talks with Temasek to raise funds in a separate deal with a combination of primary and secondary capital.
– Infosys is finding it difficult to sell Panaya even at Rs 582 crore, about 59% less than the Rs 1,398 crore Infosys paid for it in February 2015 when it found the Israeli firm’s offerings “an awesome piece of technology.”
– Canada’s Brookfield Asset Management has invested $100 million in a clutch of residential projects of real estate firm INCOR. Investment has been made from Brookfield’s $4.5 billion global PE fund.