E-commerce market sees M&A deals worth $2.1 bn in 2017 : Bulletin: Business Today
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Daily News Podcast: E-commerce market sees M&A deals worth $2.1 bn

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May 7, 2018

Paytm, Flipkart effect! E-commerce market sees M&A deals worth $2.1 bn in 2017

According to data from Grant Thornton, India's e-commerce industry inked as much as 2.1 billion dollars worth of merger and acquisition transactions in 2017. The e-commerce industry saw 21 deals worth 2,112 million dollars in 2017 with participation from players like Paytm and Flipkart. However, number of transactions and value was lower compared to 2016 which witnessed deals worth 2,224 million dollars in 18 transactions.   
The data showed that six transactions worth USD 226 million were seen in the January-April 2018 period.
The industry is expected to witness it's largest-ever deal in 2018. If the Walmart-Flipkart deal goes through, it would be the largest so far in the Indian e-tailing market that is forecast to grow to 200 billion US Dollars by 2026 according to a Morgan Stanley estimate.

IMD issues thunderstorm, heavy rain warning in 13 states today

The Meteorological Department has warned of thunderstorms accompanied with squall, hail and heavy rains that are likely to hit at least 13 states and two union territories on Monday.  The department has issued weather forecast for next five days - May 7 to May 12. According to the forecast, thunderstorm accompanied with squall will hit isolated places over Haryana, Chandigarh and Delhi. Following the forecast, the Haryana government has decided to shut all government and private schools on May.

Manipal-TPG revises its bid for Fortis, offers to invest Rs 2,100 crore

Fortis Healthcare Limited or FHL informed in a filing to BSE that it has received a revised offer from Manipal and TPG. In the new offer, Manipal-TPG has valued Fortis at Rs 8,358 crores and shown interest to invest Rs 2,100 crore into Fortis at a share price of Rs 160. Earlier, Manipal-TPG had valued FHL at Rs 6,322 crore.
Manipal-TPG in its revised offer said that the FHL group has short term liquidity concerns and needs funding for repayment of existing loans and payments.

I-T Dept questions ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar in Videocon loan case

The Income-Tax Department has questioned ICICI Bank CEO and MD Chanda Kochhar's husband Deepak Kochhar as part of its investigation into the Videocon loan case, The Indian Express today reported, citing sources.  
According to the report, the I-T Dept is probing investments by two Mauritius-based entities in Kochhar's NuPower Renewables Private Ltd a few weeks before ICICI Bank gave a loan of Rs 3,250 crore to the Videocon Group in 2012. Kochhar was questioned for a few hours on May 4.

ED refuses to share details of Nirav Modi & Mehul Choksi's seized assets

The Enforcement Directorate has refused to disclose under the RTI Act the assets of Nirav Modi and Mehul Choksi seized during its probe into the over $2 billion scam in the Punjab National Bank.
However, it had earlier made public on Twitter that assets worth Rs 7,664 crore had been attached in connection with the cases involving the uncle-nephew duo of Modi and Choksi.

Big wilful defaulters owe Punjab National Bank Rs 15,172 crore

Big wilful defaulters owed Rs 15,171.91 crore in loans to Punjab National Bank at the end of March this year. The data from the bank relates to those wilful defaulters who have taken loans of Rs 25 lakh and above but did not repay despite the ability to do so.
The liability on such defaulters rose by 1.8 per cent from Rs 14,904.65 crore in February. The public sector lender has been putting out the names of wilful defaulters and firms since June 2017.
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