Here are the latest India business news headlines 25th April 2018:
- The Government has decided to set up a task force to frame National Policy on E-Commerce, which will come out with a set of recommendations in 5-6 months.
- Essar Group has completed sale of its Equinox Business Park in Mumbai’s Bandra-Kurla Complex to Canada’s Brookfield Asset Management for Rs.2,400 crore. Equinox Business Park is spread across 10 acres, has 4 towers with leasable office space of around 1.25 million sq. ft.
- Three US-based private equity funds, Advent International, The Carlyle Group and General Atlantic, have been shortlisted to acquire a controlling stake in Pepe Jeans’s Indian arm, which is looking at a valuation of Rs2,000 crore.
- Trump administration is planning to propose to end allowing spouses of H1-B visa holders to work legally in the US. The move could have a devastating impact on thousands of Indians. As of June 2017, US has issued employment authorisation documents to more than 71,287 spouses of H-1B visa holders, over 90% of whom are Indians.
- Binani Cement update : Kolkata bench of NCLT has finished hearing in the dispute over insolvency resolution at Binani Cement with Dalmia Bharat insisting that there was no question of allowing the revised bid of Ultratech Cement. NCLT has reserved the order as of now. Dalmia Bharat has offered Rs.6,932.46 crore whereas Ultratech has raised its bid to Rs7,960 crore.
- Fortis case : Bidding war for control of Fortis Healthcare has reached its final stage with IHH Healthcare Bhd making a binding offer of Rs.650 crore for immediate infusion. It has also offered to invest an additional Rs3,350 crore subject to due diligence.
- Monnet Ispat update : Kotak Bank, which has to recover around Rs.73 Crores, has approved debt resolution plan for Monnet Ispat submitted jointly by JSW Steel Ltd and AION Capital Partners.