Here are the India Business News Headlines as on 10th August 2017:
- Shareholders who want to exit from the 331 “shell” companies in which trading has been restricted by Sebi may have to wait for months because surveillance rules related to them are rigorous. Of the 331 companies, 161 companies — have a retail shareholder base of 2.7 million and public ownership of Rs 9,000 crore.
- Present and past employees of Snapdeal are planning to approach PMO to stop sale of FreeCharge to Axis Bank. Employees said that the Snapdeal 2.0 plan was enforced even after employees indicated that they wanted the promoters to sell the firm to Flipkart.
- London-based Dunnhumby is planning to open its second R&D centre in India to provide customer-centric services and data-driven solutions to its global clients. The company, which has one centre in Gurugram, offers services to firms such as Cadbury, Coca-Cola, Colgate-Palmolive, Danone, Diageo, GloxoSmithKline, Johnson & Johnson, Kellogg’s, L’Oréal and Unilever.
- Piramal Finance has invested Rs400 crore in Gurugram based auto parts maker Hema Engineering Industries Ltd. Funds will be used to refinance existing loans and fund the company’s capex plans. This is Piramal Finance’s third investment in the auto-component sector within a span of six months.
- Avendus Capital has signed a binding agreement to acquire Ocean Dial Asset Management Ltd, a UK-based asset management company that currently manages approximately £450 million in Indian equities across three funds, from Raju Shukla, CMD and the current management team.
- New India Assurance has filed for IPO. The IPO will see a total stake sale of 14.56%, where government will sell 96 million shares and the company 24 million shares.
- Sequoia Capital India and US-based Norwest Venture Partners have led a $50 million (Rs333 crore) equity investment in Chennai-based lending firm Five Star Business Finance, the non-banking financial company. Sequoia and Norwest both invested Rs135 crore each for a 10% stake (each).
- Sahara Group has moved SC to put on hold auction of Aamby Valley and asked for more time to review its payment plan.
- Canada’s Brookfield Asset Management Inc. is at an advanced stage to invest around Rs800 crore in Total Environment Building Systems Pvt. Ltd, a Bengaluru based builder of homes, from its global fund. The capital will help Total Environment refinance most of its debt and replace the existing debtors with Brookfield as the main lender.
- Stay Abode, the company which helps to build co-living spaces, has raised an undisclosed amount in funding from Incubate Fund and some other investors. The company works on a full inventory model, leasing habitable spaces for a period of 5-10 years with services like housekeeping, security, etc.
- Daiichi, the Japanese drug maker, has approached Supreme Court to block sale of promoter shares by Singh Brothers in Fortis Hospital.
- American diesel engine specialist Cummins is setting up group’s biggest technology centre in Pune at a cost of Rs.1500 Crore.
*News as published in Business Standard, Live Mint and Economic Times.