Read latest India business news headlines 27th August 2018:
– Monish Anand, the founder of Shubh Loans said that it has raised $4.2 million investment which is led by Saama Capital, a venture capital firm. The funds shall be used to enhance the fintech startup’s technology platform. Fintech startup had raised $1.6 million from these investors.
– Berkshire Hathaway Inc., led by Warren Buffett, is in talks to acquire a small stake in One97 Communications Ltd, the parent company of Paytm. It is the first investment of the billionaire in the Indian company. Paytm has been in talks with Berkshire Hathaway to raise $300-350 million, at a valuation of about $10-12 billion.
– Kerala Government is planning to begin talks with the World Bank for a loan of about ₹ 3,000 crores to rebuild the infrastructure of Kerala that has been destroyed in the flood.
– GVK Group is in advanced talks with India’s sovereign wealth fund National Investment and Infrastructure Fund, German airport operator AviAlliance, Abu Dhabi Investment Authority and Singapore’s Changi Airport to sell a minority stake in Mumbai International Airport Pvt. Ltd. They are expected to make a non-binding offer by 10th September.
– As part of a strategy to rationalize international operations, Bank of Baroda is planning to sell its offshore subsidiaries in Ghana and Trinidad and Tobago. It shall be the first attempt by the bank to sell its international units. The subsidiaries constitute to the business of fewer than ₹ 1,000 crores.
– With the deadline of resolution of stressed assets worth Rs 3.8 trillion, set up by RBI, coming to an end, the petitioner is waiting for the judgement of the Allahabad High Court. RBI has tightened the norms for settling the bad debts of non-performing assets.
– Google and Alibaba backed- Paytm mall is planning to form a consortium and invest up to ₹4kcr for 7-10% to Shop for Future Retail Stake, the flagship listed company of Kishore Biyani.
– Tata Steel has started the process of cancelling the Power Purchase Agreement (PPSs) between Bhushan Steel and Bhushan Energy. Cancelling the agreement will save Bhushan Steel about ₹30-40 crore every year.
– WhatsApp has notified its users that the end-to-end encryption it offers for messages and media, will cease to exist if the data is stored as back up on Google’s servers.