Read latest India business news headlines 7th May 2018 :
- Flipkart-Walmart deal – SoftBank has decided to consult with tax experts before selling off their stake to Flipkart so that they do not attract a hefty sum as the tax liability.
- To buy Novartis generics unit, Aurobindo Pharma has reportedly submitted a bid for $1.6 billion and is said to be the only Indian company bidding for the assets of Novartis which include production facilities, infrastructure and dermatology brands.
- Temasek, a fund owned by Singapore Government, is planning to acquire a significant minority stake in Pine Labs, a digital payments platform, from firm’s promoters and Sequoia Capital for around $350-400 million. The deal will value Pine Labs at 1 billion dollars.
- Reliance Industries is planning to invest around Rs60,000 crore into its telecom unit this fiscal year to speed up its broadband services roll out as also expand its wireless network.
- Big wilful defaulters to Punjab National Bank owes loans worth around Rs15,171 crores as on 31st March 2018. PNB has been putting out names of wilful defaulters and firms since June 2017.
- The government is planning to allow Hybrid Instruments which will allow companies to raise funds without fear of losing control. The promoters will then be able to retain control of an entity even with a minority stake.
- Paytm is planning to invest around Rs.5000 Crore in 2018.
- JSW group has deferred a planned private equity infusion into its ports arm as the deal to acquire APM Terminals’ stake in the Pipavav Port has been delayed. JSW may now go for a pre-IPO placement in early 2020 from private equity funds.
- HPCL has launched home-delivery of diesel in Mumbai and will deliver diesel to select customers having fixed equipment and heavy machinery in their premises in surrounding areas of Uran, Raigad. It is planning to expand the service to other cities also.
- Government is planning to bring LIC under the ambit of corporate social responsibility, which makes it mandatory for LIC to spend 2% on CSR.
- Fortis update – Manipal Hospital has revised its offer and promised to infuse Rs2,100 crore at Rs160 per share, as against an earlier proposal of Rs1,800 crore using its exclusive agreement with Fortis which gives it the right to revise the proposal within five days after the bidding ends.
- Vodafone tax case update – Delhi High Court may give its verdict today for the ongoing Government & Vodafone arbitration row on the tax liability of $11 billion on Hutchinson Telecom acquisition.
*News as published in Business Standard, Live Mint and Economic Times.