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Business news 28 november 2017

Softbank is in talks to lead a $500 million funding round in Paytm Mall. Reliance Communications faces insolvency proceedings filed by China Development Bank. IDBI Bank will sell its 1.5% stake in the National Stock Exchange and divest its life insurance business to free up capital. GST collections declined to Rs. 83,346 crore in October as taxes were reduced on many commodities. TRAI will issue recommendations on net neutrality today that may impact apps providing calling and messaging services.

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BUSINESS NEWS 28 NOVEMBER 2017
BUSINESS NEWS HEADLINE • Softbank in talks to lead $500m round in Paytm Mall • Rcom faces China bank’s insolvency proceedings. • IDBI to sell stake in NSE, insurance arm. • GST collection declines to Rs. 83,346 Crore in Oct. • TRAI to issue NET neutrality recommendations today
SOFTBANK IN TALKS TO LEAD $500M ROUND IN PAYTM MALL • Online marketplace Paytm Mall has held initials talks with Japanese investment giant Softbank for leading a $500-600 million financing around. • The Masayoshi Son-led Softbank is expected to invest about $300m in Paytm Mall. • The Japanese conglomerate already owns around fifth of one97 communications, which runs e-payments arm Paytm as well as Paytm mall as independent entities. • Earlier, Son had led a $2.5bn round at Flipkart through the mega Softbank vision fund. • Sources see the possibility of Softbank getting flipkart & Paytm together to take on Amazon in India.
RCOM FACES CHINA BANK’S INSOLVENCY PROCEEDINGS. • China development Bank has filed an insolvency pleas against reliance Communication (RCom) in the national company law tribunal (NCLT). • Swedish telecom infra giant Ericsson had also filed insolvency proceedings against Rcom earlier this year over recovery of dues. • Rcom said the company has not been served any notice of the application filed by China Development Bank with NCLT.
IDBI TO SELL STAKE IN NSE, INSURANCE ARM. • IDBI bank has said that it will sell 1.5% stake in the National Stock Exchange (NSE) as part of its strategy to divest assets to free capital. • The bank has also placed its life insurance arm IDBI federal life insurance, and IDBI Trusteeship Company on the block. • The lender’s board at its meeting held on Monday granted in-principle approval to divest 74 Lakh equity shares (1.5% stake)of the NSE.
GST COLLECTION DECLINES TO RS. 83,346 CRORE IN OCT • GST Collections in October slipped to Rs. 83,346 Crore, from over Rs 92,000 crore last month, as taxes on most of the commodities have come down. • The total collection of GST till November 27 is Rs 83,346 Crore for October and 50.1 lakh returns have been filed for the month. • The centre has released a compensation of Rs. 10,806 Crore to states for July and August. A compensation of Rs. 13,695 crore for September and October is released.
TRAI TO ISSUE NET NEUTRALITY RECOMMENDATIONS TODAY • Telecom regulator TRAI plans to issue the Recommendations on NET neutrality on Tuesday which is likely to impact the future of apps that provide calling and messaging services. • The consultation paper on the subject floated in January this year majorly focussed on network speed so that telecom operators do not use it to give pereferences or prevent access to any website or services like voice calls which requires decent speed.