Read latest India business news headlines 9th July 2018:
- Renaissance is launching a ₹1,000-crore India Next Fund and is looking to invest in sectors like engineering, financial and capital goods.
- The audited results of Fortis for fy 2017-2018 revealed that Fortis has used its own funds to repay itself. The main problem was the inter-corporate deposit given by its subsidiary Fortis Hospitals with the outstanding amount of ₹ 445 crores which found its way to companies controlled by the promoters.
- IHH Healthcare is likely to acquire control of Fortis Healthcare. It has given a binding offer to buy 51% stake in Fortis Healthcare outbidding TPG- Manipal. The deal value will be around ₹ 4,700-5,400 crore.
- 3 PE firms, Advent International, Carlyle Group and China’s Fosun International are in talks separately with Glenmark to pick up its active pharmaceutical ingredient business. The deal is expected to be valued around ₹1,500 crore.
- Bank of Baroda will sell its domestic loan exposure in Essar Steel Ltd worth ₹ 1,200 crores to SC Lowy. SC Lowy is in talks with local ARCs to structure the deal as Foreign Funds are not allowed to directly acquire the domestic assets.
- UPL Ltd is close to buying the farm pesticides business firm Arysta LifeScience for over $4 billion, which shall enhance ‘its solutions to fit local farming needs’ and bring in synergies that will be beneficial to its operations in overseas markets.
- Lightspeed India Partners Advisors have raised a fund of $175 million to invest in startups in consumer internet, software and other businesses. It will invest in 25-30 startups in their early stages and may also strike a few deals at the Series B and C stages. The fund had earlier invested in companies like Sharechat, Udaan, etc.
- As per the data released by Paytm, it has achieved an annual run rate of 5 bn transactions of about $50 billion. Smaller towns constitute 50% of its user base now.
- IndiaLends, the Delhi based fin-tech company, has raised $10 million in a series-B round of funding. It has so far raised $16 million. The firm competes with companies like PaisaBazaar.