Top 10 business headlines: Shapoorji-ADIA tie-up, DHFL, angel tax, and more

From Mukesh Ambani's e-commerce debut to Rs 3,250 crore ICICI-Videocon loan case, BS brings you top 10 business headlines that made news on Wednesday

Shapoorji, ADIA tie up for $1.2-billion fund to invest in logistics centres

In one of the biggest fundraising plans in the logistics space, the Shapoorji Pallonji group has partnered the Abu Dhabi Investment Authority (ADIA) to raise a $1.2-billion private equity fund that will invest in logistics centres in the country, said sources in the know. Read more 

Mukesh Ambani to make e-commerce debut during Diwali's bumper deal frenzy

This festival season, online deals could get much bigger and deeper as Mukesh Ambani-led Reliance Industries (RIL) is set to time its e-commerce debut with Diwali, when up to 30 per cent of the annual sales are clocked. RIL is preparing to launch the e-commerce venture ahead of Diwali, two sources in the know said. Read more

Kochhar and family got at least Rs 500-cr kickback, will seize assets: ED

The Enforcement Directorate (ED), which is probing the violation of anti-money laundering laws in the Rs 3,250 crore ICICI-Videocon loan case, has so far established that Rs 500 crore was received as kickbacks by the bank’s former chief Chanda Kochhar and her family. Read more 

Again, after 20 years: Founders of India's first e-tailer back in the ring

Twenty years ago, K Vaitheeswaran and Sundeep Thakran unveiled India’s first e-commerce company Fabmart.com. They did so with four other co-founders at a prominent Bengaluru hotel in a room named 'Tipu's Chamber'. The venture, later rebranded Indiaplaza.com, shut down in 2013. Read more 

Rs 25,000-cr infusion not enough to stabilise Bharti Airtel's rating: S&P

S&P Global Ratings on Wednesday said Bharti Airtel's proposed rights issue of up to Rs 25,000 crore is not enough to stabilise its credit rating.

The rating agency said that there is negative outlook, an indication of rating downgrade, which looks at renewed competition and higher capital spending by the company that will keep its debt level up. Read more  

Essar Steel's operational creditors appeal to ArcelorMittal for payment

A forum of operational creditors with over Rs 1 crore in admitted dues from Essar Steel has appealed to ArcelorMittal which is in the process of acquiring the debt-ridden company, to pay their dues as well.

Last October, a committee of Essar Steel creditors had picked ArcelorMittal to acquire the 10-million tonne steel mill for over Rs 42,000 crore. Read more 
 

From RIL to Air India: India Inc wades into rupee bond market as costs drop

Rupee bond sales are gathering pace once again as some of India’s bellwether companies consider tapping the market, after a lull in February.

A flurry of fundraising in the beginning of the year cooled last month as issuers waited for cues on rates from the federal budget and monetary policy review. Read more

DHFL did not promote any shell companies, says audit report

An independent report commissioned by the audit committee of troubled Dewan Housing Finance Corporation (DHFL) has given a clean chit to the firm on allegations of routing money through shell companies. However, some money may have been lent to entities to buy shares of a company floated by the promoters of DHFL. Read more

CBDT announces relaxed norms for start-ups on angel tax exemption

The income tax (I-T) department has notified the modified norms for start-ups to enable them to seek 'angel tax' exemption for investments of up to Rs 25 crore. Read more

Likelihood of GDP growth coming at below 7% in 2019-20 is very high: Nomura

The likelihood of Indian GDP growth coming at below 7 percent in 2019-20 is "very high" despite aiding factors like low oil prices and an expansionary budget, a report said Wednesday. Read more