Read India business news headlines 6th September 2018:
– SBI has announced that it will not levy any processing fee on loans for repair and renovation of homes to help the flood-affected people in Kerala. It will also offer a loan up to ₹10 lakh at a reduced interest rate of 8.45% per annum.
– Apple took 15 months to cover the last $200 billion to a trillion-dollar valuation of the company while Amazon got there in three months. Two other companies, Microsoft and Google are within $170 billion of the goal.
– Union Bank of India is hoping to recover ₹2,000 crores from the three stressed thermal power units including GMR Chhattisgarh Energy and Prayagraj Power Generation, a subsidiary of Jaiprakash Power as other operators have also shown interest in these projects.
– Goldman Sachs is not going to open cryptocurrencies trading in near future as the regulatory framework for the same is unclear.
– Fortis Healthcare update- The Delhi High Court has asked Malvinder Singh to deposit 3.5 million Singapore dollars, which he obtained by selling his shares in Religare Healthcare in violation of court’s direction.
– HPCL is looking to raise ₹28,000 crore in debt from a consortium of banks for the Rajasthan unit. They shall finalize 10 to 12 technology providers by the end of next week. It aims to complete the project by 2022.
– Apple has shelved its plans to launch Apple Pay in India because of RBI’s data localisation rule even after holding discussions with a few leading banks and the National Payments Corporation of India. The company also faced technical and design hurdles related to the flow of payments on UPI. It is now waiting to see how the regulatory landscape shapes up in India.
– Coca-Cola and the Zydus Cadila Group have emerged as the two strongest contenders who are expected to submit the binding bids for the consumer portfolio of Kraft Heinz in India. Both shall submit binding bids after Wipro, Tata, Dabur, Danone opted out.
– Lighthouse India Fund III has invested ₹113 crore in Nykaa for a minority stake through a secondary share sale. Nykaa had previously raised ₹160 crore through primary and secondary share sales to existing investors valuing ₹3,000 crore.
– Chaayos has raised ₹81 crore from marquee venture capital firm SAIF Partners. The investment came after almost a year since the firm raised $2 million from existing investor Tiger Global Management.