Read latest India business news headlines 28th August 2018:
– A team of students from IIM, Calcutta, has chalked out a revival plan for the loss-making Kolkata Metro. The plan is to set up virtual grocery stores at Kolkata Metro stations by Amazon and Flipkart. If the plan goes through, Kolkata Metro might become the first one to have virtual grocery stores.
– SBI, lead banker in a lenders’ consortium to Bombay Rayon Fashions, is planning to sell loans of Bank of India, Allahabad Bank and Karnataka Bank to an asset reconstruction company.
– After the Sequoia Capital’s announcement of having wrapped up a $695 million fund to invest in India and South East Asia, the firm saw another senior exit from the India investment team with Abhay Pandey, a MD, who spent over 11 years with them, decided to quit. Earlier two other managing directors, V.T. Bharadwaj and Gautam Mago left the firm recently.
– Investec is looking to expand its investment banking services in India as also add a lending business to its existing operations. It has so far executed close to 50 transactions across all its business verticals in India.
– Canadian Pension Plan Investment Board is expecting its India investments to grow multiple times and is exploring verticals like new economy internet firms and sovereign debt. It currently has India portfolio of about C$7 billion.
– After the deadline set by RBI for resolution of stressed assets ended on Monday, the lenders have decided to refer 20 out of the 32 NPA accounts to bankruptcy courts. The remaining 12 NPA accounts will either see a restructuring of the debt or initiation of sale proceedings; the list includes Videocon Oil Ventures, GMR Rajahmundry and Jaiprakash Power Ventures.
– Polyester and petrochemicals manufacturer JBF Industries has decided to sell 100% stake of its petrochemicals business to KKR and Co. to stay the insolvency proceedings being initiated against it. The deal amount has not been disclosed yet.
– AION Capital, the Special situations investor, is raising its second India-focussed fund with a targeted corpus of over $1 billion. AION closed its maiden fund in 2014 at $825 million.
– Gautam Adani’s energy unit is close to closing a deal to acquire a 1,370-megawatt thermal power plant backed by GMR Infrastructure. Adani Power will take over around ₹3,800 crore of loans out of a total of ₹5,800 crore that GMR Chhattisgarh Energy owes. It will also assume non-funded liabilities of about ₹1,400 crore.
– Supreme Court has sought response of WhatsApp and the government on a plea alleging that WhatsApp has not complied with the provision of appointing a grievance officer and other Indian laws. The government has been reiterating that WhatsApp has to comply with Indian laws to carry on its India operations.
– Colgate-Palmolive India has announced the appointment of Mukul Deoras as chairman of its India unit. Deoras was CMO of the parent company since 2015.