Here are the Business News Headlines as on 23rd June 2017:
- Flipkart Snapdeal merger : Flipkart’s planned acquisition of Snapdeal has hit a snag as Premji Invest, objects to special payments to its 2 co-founders, 2 early backers. They have objected to payment of $90 million to Kalaari Capital and Nexus Ventures, early Snapdeal shareholders and founders.
- Tata Power Co. Ltd has offered to sell 51% stake in its Coastal Gujarat Power unit, which runs the 4,000 mega watt (MW) Mundra power plant, for a token sum of The move is a tacit admission by Tata Power of its inability to run the project at the existing tariff of Re1.
- Singapore-based Ascendas-Singbridge Group plans to raise capital of $300 million from third-party investors, to invest in office park projects in India.
- Venture Catalysts, an angel network of Mumbai, will open offices in Lucknow, Kolkata and Nagpur next month to expand its presence in tier-II cities and draw entrepreneurs who belong to family-owned business but have so far stayed away from start-up investing to its fold.
- Due diligence is on for an expected deal size of $150 – 200 million to merge Homeshop18 with ShopCJ.
- 22 Indian languages on Mobile phones are mandated by the Government for all cell-phone sellers in India.
- LoanTap, online lending startup, has raised $4 million from Kae Capital and others. The funds shall be used to give loans to over 5000 millennials in the next six months.
- OneAssist, company providing protection for Cards and Physical wallets as also offering repair and protection services for mobiles, laptops and tablets, has raised Rs.118 Crores in Series C funding from Sequoia and others.