Read latest India business news headlines 30th August 2018:
– IOC is waiting for approval of raising Rs 20,000 crore via debentures through private placement on its Annual General Meeting on 29th August.
– NCLAT has admitted the plea of Cyrus Mistry against the order of Mumbai bench of NCLT which upheld his removal as a chairman. NCLAT has asked Tata to respond within 10 days.
– As the Government banks seek to strengthen the banking system in India which is laden with debt, it asks RBI to prepare a list of candidates for a merger among 21 government banks.
– Paytm looks like a value buy for Berkshire Hathaway, which invested about $300-400 million, in buying 3-4% stake in the company.
– Toyota is planning to invest about $500 million in Uber Technologies. The investment might not be huge, but it is definitely going to be an important strategic step for both the companies.
– Varde Partners Inc. and Aditya Birla Capital Ltd. Are in talks to join hands in a Joint venture to invest $1 billion in distressed assets in India. The venture will scout for deals of up to $100 million and has the possibility of being announced this year.
– Reliance Infrastructure completed the sale of one of its profitable ventures of Mumbai city power distribution business to Gautam Adani for ₹18,800 crore, which will help Reliance to repay its debt by two-thirds to ₹ 7,500 crores. The current accumulated debt is ₹22,000 crore and Reliance expects to pay ₹13,800 crore after the sale.
– Resurgent Power Ventures Pte Ltd, backed by Tata Power has placed a bid to buy 75.01% controlling stake in the debt-laden company Prayagraj Power Generation Co. Ltd. The lenders to Prayagraj have approved the bid and the deal is said to be the first acquisition by Resurgent.
– ICICI Prudential has sold 2.05% stake, that is, over 52 lakh shares in Tata Chemicals in the open market. After the sale, ICICI Prudential’s stake has come down to 2.97% from 5.02% in Tata Chemicals.
– DoT has asked Bharti Airtel to pay ₹ 1,626.89 crores in cash or bank guarantee in order to clear the merger with Bharti Digital Networks. Airtel has approached the Telecom Disputes Settlement and Appellate Tribunal seeking a stay in the order of DoT.
– Amazon is in talks with Spencer’s Retail for a minority stake in the food and grocery retail chain. Amazon is also in talks with Aditya Birla Group on buying stakes in “More”.
– Soon after PVR acquired south India’s leading multiplex company SPI Cinemas, it is looking to buy north Indian chain Wave Cinemas which is valued at ₹450 cr. The announcement is expected to be made by the end of this year or by the beginning of next year.