Here are the India Business News Headlines as on 5th July 2017:
- Snapdeal Board has rejected offer of $800 million made by Flipkart, backed by Tiger Global. Snapdeal board had pegged the valuation of the company at a billion dollars. The merger talks are said to be still on.
- Piramal Enterprises and Edelweiss group are in talks to buy both the businesses of Religare Enterprises as a block. Private equity fund AION Capital Partners is interested to buy only the housing finance business.
- Global oil major, Royal Dutch Shell, plans retail expansion in India. Out of total 59,595 retail outlets in India, Shell owns only 85 as of now, however, they have licences for 2,000 outlets.
- Ramachandran Venkataramanan, the managing trustee of Tata Trusts, has filed Rs.500-crore criminal defamation complaint against Cyrus Mistry, his brother Shapoor Mistry and directors of their companies, Cyrus Investments and Sterling Investments. He has accused Mistry and others of making false statements against him.
- NCLT has started bankruptcy proceedings against Jyoti Structures after the company failed to repay dues worth Rs 7,000 crore to Indian banks. The company is among the first batch of 12 companies identified by RBI for action under the Insolvency and Bankruptcy Code.
- After Oil, Defence and Construction sectors, the government is now considering merging state-owned companies in the trading space. Plans are to merge State Trading Corporation and Project & Equipment Corporation of India with MMTC.
- Venture capital investment flow in the country has reported a 25 per cent dip during the second quarter of 2017, making it the worst quarter for VC investments in the past three years.
- AION Capital Partners has signed a deal with Kishore Biyani to acquire a minority stake in Ryka Commercial Ventures, holding company for some Future Group firms. AION will invest $100 million (almost Rs650 crore) to acquire the stake.
- Unicorn India Ventures will achieve the final close of its Rs100 crore fund before the end of this quarter. This is the first fund from Unicorn, founded by Anil Joshi and Bhaskar Majumdar in 2016. The company had announced first close of Rs40 crore in January 2016. Since then, Unicorn has been making early-stage investments in start-ups in India and the UK.
- PointNine, the merged entity of the existing three divisions of Lintas group to be headed by Vikas Mehta in the capacity of CEO. The newly launched agency will have a team of 180 professionals and will become operational by August 2017.
*News as published in Business Standard, Live Mint and Economic Times.