Latest India Business News Headlines 6th July 2018

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Read latest India business news headlines 6th July 2018:

india business news headlines 6th july 2018

  • At the 41st AGM of Reliance Industries, Mr. Mukesh Ambani, announced the rollout of Reliance JioGigaFiber, a wired broadband service. The services will be rolled out across 1,100 cities in India. A new Jio Phone, the Jio Phone 2 was also announced. Reliance is also planning to enter into the e-commerce sector.


  • Asia Healthcare has raised $50 million from Sheares Healthcare, a Temasek-owned Singapore state investor, and is planning to use the money to grow and diversify the platform. AHH invests in single-specialty healthcare businesses in India and South Asia.


  • PAG, an alternative investment firm from Hong Kong, is planning to enter India. PAG invests in distressed assets, real estate, asset-backed lending, pre-IPO financing and investment in high-yield bonds.


  • Liberty House says that its resolution plan for Adhunik Metaliks and its sister concern Zion Steel has received lenders support. The deal of approx. Rs.600 Crore is said to be approved with a 99% majority.


  • Supreme court has approved the auction of three Unitech properties, estimated to be worth ₹600 crore. 4,688 homebuyers have lodged claims for the refund of approx. ₹1,865 crore from Unitech.


  • Bid for Assam Co., currently undergoing insolvency resolution under NCLT, is expected to be opened in a week’s time. The acquisition race has narrowed down to just four contenders. Speculations are high that the firm may go to B R Shetty, the Abu Dhabi based billionaire, who has put a bid of around Rs.700 Crore for the firm through his investment arm.


  • Artha India Ventures, a Mumbai-based seed-stage investor, has made the first close for its maiden fund, Artha Venture Fund, at ₹40 crore. AVF is an early stage fund targeting a total corpus of ₹200 crore with a green shoe option of another ₹100 crore in next 6-12 months. The first close saw participation from listed companies, domestic family offices and HNIs.


  • HungerBox, a food tech start-up, has raised $4.5 million in a Series A funding round led by Neoplux, a South Korean investment firm and India’s PE fund, Sabre Partners. HungerBox, which is said to clock six million orders a month in over 160 digital cafeterias caters to clients including Microsoft, McKinsey, Qualcomm, and Accenture.


  • Ginger chain of hotels is planning to sell six properties in various locations like Goa, Bengaluru, Pondicherry, etc. The move is part of the strategy of its parent company, Indian Hotels Company, to become less ownership driven.


  • Nykaa, the online grooming platform, has launched its an exclusive men-only platform called Nykaa Man. The move is to get a sizeable market share in the $1.4 billion men’s grooming market in India.


  • Hinting at the impending retirement of Mr. Aditya Puri, the CEO of HDFC Bank, Mr. Deepak Parekh, the Chairman said that the Board will look at both internal and external candidates to fill up the position.


  • Vijay Mallya case update – The Bangalore police informed that it has identified 159 properties belonging to Vijay Mallya but they were unable to attach it to them as some of them were already attached by ED of Mumbai Zone and remaining were part of the liquidation proceedings.


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