Read latest India business news headlines 22nd June 2018:
- NDMC has once again postponed the auction of Taj Mahal Hotel to 18th July. Indian hotels is the only bidder for the property majorly due to short-term lease offered by NDMC.
- Cleartrip has done its first cross-border acquisition by acquiring Saudi Arabian travel start-up “Flyin”. The deal amount has not been disclosed but the value is expected to be around $60-70 million. Flyin currently offers bus and flight ticketing and holiday packages on its online portal.
- Videocon case update- SEBI has not yet received a reply from ICICI bank on the allegations leveled against Chanda Kochhar in the Videocon loan case.
- UPI, payments system launched by NPCI, hit a new record of more than 10 million transactions on a single day. UPI is a payments system which facilitates instant fund transfer between two bank accounts on a mobile platform and it does not require bank account details of the beneficiary.
- NCLT has reserved its order on Jyoti Structures’ resolution plan. The firm owes around ₹8,000 crore to a consortium of lenders. Jyoti Structures is among the first list of 12 large accounts referred by RBI for resolution under the IBC.
- Swiggy has raised a fresh funding of $210 million from Naspers thereby making its entry into the unicorn club. The latest funding values Swiggy at around $1.3 billion, surpassing Zomato’s valuation of $1.1 billion.
- Zomato is in talks to raise $400 million, majorly from its existing investors Ant Financial and Temasek at a valuation of $2 billion. The development seems to be the result of Swiggy’s announcement of fresh funding of $210 million.
- To prevent fraudulent transactions, Sebi has eased disclosure norms for IPOs and tightened the definition of ‘promoter group’. IPO issuers will now be allowed to announce price bands two days before the issue opens. The new IPO norms have brought ‘immediate relatives’ within the definition of promoter and promoter groups.
- Bloom Hotel Group has won the bid for Janpath hotel, a three-star property located on the Janpath Lane, Delhi. Bloom Hotel has offered to share 39.5% of the revenue earned from the property to NDMC. The hotel was shut since 2015 because of default in the payment of licence fee by its previous owner.
- Firstcry is in talks to raise around $100-150 million from new and existing investors as it seeks to increase its lead in the market.
- Carlyle Group is planning to invest around $1.2-1.3 billion in India from its fresh $6.55 billion Asia buyout fund, which it closed at $6.55 billion, exceeding its target of $5 billion and 65% more than its previous fund.
- The Indian Banks’ Association has condemned arrests of bankers by investigative agencies and has called an emergency meeting in Mumbai to discuss the alleged high-handedness of the investigative agencies.
- Dabur has dragged Central and Uttarakhand government to court for rejecting tax sops for investment in poorer areas. These sops were promised under the pre-GST tax regime. Dabur availed of benefits such as 10-year tax holiday after investing in Uttarakhand’s backward areas but faced problems after the GST rollout.
*News as published in Business Standard, Live Mint and Economic Times.