UK-based Red Ribbon receives FATCA approval

Red Ribbon Advisory Services (RRAS), part of UK-based Red Ribbon Asset Management, today said it has received the Foreign Account Tax Compliance Act (FATCA) approval, enabling American investors to invest in its incubated projects in India.
FATCA is a United States legislation that primarily aims to prevent tax evasion by US taxpayers through non-US financial institutions and offshore investment instruments.
"This approval will allow the American investors to not only invest in RRAS' projects but also contribute towards the 'Make in India' initiative.
"I am sure this move will trigger a lot of inquiries from the American as well as Indian investors, thereby giving an extra push to our efforts," Red Ribbon Asset Management Founder-CEO Suchit Punnose said.

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MEP bags Rs 643 cr NHAI project in Gujarat * MEP Infrastructure Developers today said its joint venture (JV) with its Spanish partner has been declared as a successful bidder (L1) by NHAI for four-laning of Talaja-Mahuva section in Gujarat worth Rs 643.05 crore.

"We have been able to maintain our winning run after being declared as successful bidder (L1) for the fifth consecutive project in last eight weeks," its Vice-Chairman and Managing Director Jayant Mhaiskar said in a statement.
The construction period of the project is 18 months from the appointed date and the concession period is 15 years, excluding the construction period, it said.

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Rubique appoints Aditya Narula as Channel Acquisition Head * Online financial technology marketplace Rubique today said it has brought on board corporate banking, finance and insurance veteran Aditya Narula as its Channel Acquisition Head.
"Leveraging his (Narula) skills, Rubique will be exploring possible channels of customer acquisition and creating strategy to expand across locations for better customer reach," Manavjeet Singh, Founder-CEO, Rubique said.
Droom launches app to measure fare price of used vehicles
* Online automobile marketplace, Droom has launched a separate website as well as Android and iOS apps for Orange Book Value (OBV), which allows users to measure the fair price range for used vehicles.

OBV will also be available as a third party web publishers' widget for free.
"For the last two years, we have deployed dozens of development engineers who have made this launch a great success. We have already managed to generate 75 million queries in the last seven months," Droom founder and CEO Sandeep Aggarwal said adding that users can check the price of any used vehicle within 10 seconds and avail a pricing report free of cost.
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ShopClues partner to give Rs 5,000 cr as loan to merchants * Capital Wings, a part of e-commerce firm ShopClues, will disburse about Rs 5,000 crore in loans in partnership with NBFCs to about half million merchants on its platform.

"Capital Wings is looking to disburse Rs 5,000 crore worth of loans to its half a million merchant base to accelerate growth and increase the prominence of their business online," it said in a statement.
ShopClues has partnered with banks (like SBI and ICICI) and several NBFCs (Capital Float, Indifi and FlexiLoans) to facilitate easy working capital loans for its empanelled vendors, it added.
More than 1,200 merchants have benefitted from the Rs 100 crore worth of loans that have been disbursed so far through this initiative.
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Tamohara Investment Managers appoints Asthana as CEO, CIO * Tamohara Investment Managers, a boutique investment management firm, has appointed Sudhanshu Asthana as the chief executive and chief information officer.

Asthana, who was Senior Vice President and Senior Fund Manager of equity vertical, has over 17 years experience in fund management.
His appointment would strengthen the firm's global position and future prospects with respect to the India business, Tamohara Investment Managers said in a statement.
Asthana would oversee the investment management team operations, contribute in business planning, align the team with the future roadmap and build the strengths and capabilities as per the business requirement.
Tamohara Investment Managers, which manages and advises both domestic and offshore equity investments in the Indian Capital Markets, is focused on long-term absolute return strategies.

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LIC MF ties-up with Corporation Bank for MF distribution * LIC Mutual Fund Asset Management Company today said it has tied-up with Corporation Bank for distribution of its mutual fund products.
"The combination of our comprehensive range of products catering to the varying investment needs of investors and the distribution reach of the bank would create a great convenience to the investors," LIC MF Chief Executive Sarojini Dikhale said in a statement.