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Cheap oil from Iran or Trump’s good books? PM Modi finds himself in a fix

Date posted: Friday 20 July 2018

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The US embargo on Iran oil shipments has put Prime Minister Narendra Modi in a quandary. If he plays along, India could find itself on the right side of President Donald Trump on trade but lose cheap supplies and precious foreign exchange. While ending purchases from Iran will cost India savings on shipping costs and the longest credit period offered by any of its suppliers, there are gains to be had from paring the trade surplus with the US — at the heart of Trump’s trade war with China. For one, it will soften approach on thorny issues such as it being named in the US Treasury’s watchlist of potential currency manipulators who use exchange rate to boost exports. Narrowing trade surplus may also help India win exemption on tariff imposed by US on some of products, including steel and aluminium.

(Business Standard)



Aion-JSW Steel wins Monnet Ispat bid; banks take 75% haircut

Date posted: Friday 20 July 2018

The Mumbai bench of the National Company Law Tribunal has approved the Aion-JSW Steel resolution plan for Monnet Ispat and Energy “with modifications” a year after it was admitted to the bankruptcy court for defaulting on debt of Rs.10,000 cr. The private equity fund-steel major consortium will hold 75% of the equity in the company out of which Aion Capital will have a 70% share with JSW Steel controlling 30%. The lenders stake will be 18%. The consortium was the sole bidder for Monnet which will see lenders losing 75% of the total loans given out of which the State Bank of India had the maximum exposure.

(Economic Times)



NCLT clears JK Paper’s resolution plan to revive Sirpur Paper Mills

Date posted: Friday 20 July 2018

The Hyderabad bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by JK Paper for reviving Sirpur Paper Mills. Following the order, the company is hopeful of reopening in a week’s time. As per the resolution plan, the revival covers a total outlay of Rs.782 cr., including settlement of dues of about Rs.371 cr. against a claim of Rs.673 cr., and investment of about Rs.400 cr. towards revival and capacity augmentation.

(Financial Express)



FoodTech Startup SmartQ Acquires Nexus-Backed Goodbox Cafeteria Business

Date posted: Friday 20 July 2018

Bengaluru-based food tech startup SmartQ has acquired Nexus Venture Partners-backed Goodbox’s cafeteria business for an undisclosed amount in an all-cash deal. The deal size is expected to be $800K (INR 5.5 Cr). With this acquisition, SmartQ aims to increase its customer base. On the other hand, by offloading its cafeteria business, Goodbox wants to focus on its hyperlocal business.

(Inc42)



Jaipur startup Woodenstreet raises $1 million from Yatra investor RVCF

Date posted: Friday 20 July 2018

Jaipur-based online furniture seller Woodenstreet has raised $1 million in Series A funding from Rajasthan Venture Capital Funds (RVCF), an investor in NASDAQ-listed Yatra.com. Woodenstreet will use this round of investment to expand in new business verticals such as complete interior design services.

(Your Story)





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