Here are the India Business News Headlines as on 17th July 2017:
- Officers and supervisors of PSU firm Hindustan Paper Corp’s Cachar and Nagaon paper mills have requested the government to revive these units immediately by pumping in about Rs 900 crore.The production at Cachar Paper Mill has been stopped since October 2015 and at Nagaon from March 13, 2017. Total liabilities, including vendors’ payments of the two factories currently stand at Rs 1,400 crore.
- 3 of 4 firms, against whom NCLT had started insolvency proceedings, have asked for extension after the 180 day moratorium while one goes for liquidation. NCLT is yet to arrive at a decision.
- Amid fear among TCS employees that the Company may close down its unit in Lucknow, UP government has said that it will not let TCS leave Lucknow. TCS has said that it is trying to consolidate its business in Noida and there will be no job loss.
- Paytm Mall is revamping the on-boarding process for sellers and has delisted about 85,000 sellers to ensure quality control.The company has made it mandatory for sellers to furnish brand authorisation letters.
- Patanjali Ayurved has been approached by some infrastructure firms for support that could be in the form of an acquisition or a joint venture.
- GVK Energy has raised Rs500 crore from Deutsche Bank in priority funding for its 540 MW Goindwal Sahib thermal power plant in Punjab. Priority funding involves extending credit to a company on the promise that the lender will be given higher priority during the payout phase.
- Amazon Sellers Group TG, a bunch of over 6000 Amazon sellers in USA, will help Amazon Indian sellers dealing with globally common compliance issues in the marketplace, such as account suspension, blocked listing and infringement issues.
- Creador, Malaysian private equity fund, has acquired a minority stake (approx. 22%) in Paras Healthcare for approx. Rs.275 Crore. Funds acquired will be used to expand Company’s presence in UP, MP, Jharkhand and Rajasthan.
- Increff, a fashion supply chain solution provider, has raised $2 million funding round led by Sequoia Capital. Funds are expected to be used to enhance product offering, expand customer base and hire tech team.
- Deloitte, KPMG and PwC are trying to acquire BMR Advisors, India’s best known boutique tax firm in full or parts.
*News as published in Business Standard, Live Mint and Economic Times.