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Top 10 biz headlines: Lenders perk up Essar deal, Jet crisis, and more

From Essar deal to Bigbasket funding, Business Standard brings you top 10 business stories that made news on Thursday

BS Web Team  |  New Delhi 

ArcelorMittal, JSW Steel and Essar Steel continue slugfest over Essar bid

1. Lenders sweeten Essar deal, offer Rs 1,000 cr more to operational creditors

Lenders to Essar Steel have decided to sweeten their offer to operational creditors of the bankrupt company by offering Rs 1,000 crore more from what ArcelorMittal has submitted as its resolution plan. Read more

2. Suitors for hunt for partners; Naresh Goyal may join race

Leading sovereign and government-backed funds such as the Abu Dhabi Investment Authority (ADIA) and Singapore-based Temasek Holdings as well as private equity funds like Blackstone and TPG have been sounded out by potential strategic investors on whether they are open to a joint bid for debt-ridden Read on

3. 300,000 companies under the tax scanner for money laundering

The CBDT has directed income-tax officials to verify bank transactions of companies struck off from the records of the Registrar of Companies, specifically during demonetisation. Read more

4. Schemes like PM Kisan, should better be left to states, says Y V Reddy

Y V Reddy, former RBI governor and chairman of the 14th finance commission, tells Ishan Bakshi & Indivjal Dhasmana that states have been asked to do more on fiscal consolidation but the problem lies with the Centre. Read more

5. turns unicorn with $150-mn funding; valuation jumps over twofold

In a major boost to the start-up ecosystem, two of India’s promising start-ups joined the elite unicorn club in a matter of one week. Read on

6. Premji-backed iD Fresh Food plans to sell only organic food products

Azim Premji-backed iD Fresh Food, a ready-to-cook meals company that dominates the market for idli and dosa batter in southern India, has announced that it will focus only on organic food products. Read more

7. to buy 75% stake in ABN AMRO Bank subsidiary for $143 million

Technologies, the country’s second-largest information technology services entity, said it would acquire 75 per cent of the equity in Stater NV, a subsidiary of Dutch-based ABN AMRO Bank, for Euro 127.5 million ($143.1 million). Read more

8. Dhanbad scores over Delhi in 4G network availability

Dhanbad, which hosts India’s biggest coal mining companieshas a new feather in its cap: it’s the city with the best 4G network availability in India, reports Livemint.

9. RCom against closing insolvency plea, Ericsson wants it withdrawn

The RCom-Ericsson spat continued in the Supreme Court with the Swedish company insisting it should be allowed to close insolvency proceedings initiated against RCom in NCLT as it has already got its dues, reports the Economic Times.

10. Unsecured lending categories drive consumer credit growth

Consumer credit continues to be the key driver of the Indian economy on the back of strong growth in unsecured lending categories such as credit cards, personal loans and consumer durable loans, according to a Business Line report.

First Published: Fri, March 29 2019. 06:19 IST