ReNew Power Ventures Pvt Ltd, which is backed by Goldman Sachs Group Inc, has started the process for an initial public offering (IPO) and is looking for bankers to manager the issue. The renewable energy company had last year deferred its IPO plans, months after saying it would consider listing its share on the stock exchanges.
The company has put out a request for proposal to appoint bankers, the Mint reported citing two people familiar with the proposal.
It has not disclosed the amount it plans to raise but the IPO could be a mix of an offer for sale by existing shareholders and a fresh issue of shares, the report said.
SEBI tightens norms for participatory notes
The capital markets regulator Securities and Exchange Board of India has tightened norms for controversy-ridden participatory notes (P-notes), with a view to curb money laundering through this investment route.
The regulator has asked end users of this overseas instrument, which is popular among rich individuals and hedge funds, to follow anti-money laundering law in India and directed their users to report any suspected breach immediately.
The norms tightened include due diligence requirements for issuance and transfer of P-notes. With this, SEBI aims to bring P-note holders under the ambit of Indian know-your-customer (KYC) and anti-money laundering norms.
The change in rules for P-notes comes after recommendations made by the Supreme Court -appointed Special Investigation Team, which was set up to address the issue of black money, or unaccounted and untaxed wealth.
HSBC to halve India branches
HSBC Holdings Plc has decided to reduce the number of branches in India to 26 from the current 50 and put its focus more on retail banking through digital channels.
The branches that the company is planning to shut down service less than 10% of its Indian customers, the UK-based HSBC said in a statement.
"This change reflects changes in customer behaviour, who are increasingly using digital channels for their banking," the bank added. However, the bank has also said that it will continue to invest in India in its all business veritcals.
Recently, Singapore-based DBS Bank Ltd announced its plans to launch a digital banking campaign in India to acquire and service retail customers through digital channels rather than branches.
ITC to set up eight new food processing divisions by 2019
Diversified business conglomerate ITC Ltd is looking to set up eight new integrated food processing units by 2019, entailing an investment of around Rs 4,000 crore, the Business Standard reported.
The investment is part of its long-term plan to invest Rs 25,000 crore, a majority of which will be allocated towards its food business, said VL Rajesh, food division chief executive, ITC.
The company is also mulling to foray in new categories such as dairy and launch 20 new products in its existing portfolio, the report said.
Indian Hotels' plan to launch Taj hotels in China nearly scrapped
Indian Hotels Company Ltd (IHCL), which was planning to mark its presence in China, is either facing long delays to launch the proposed properties or has scrapped the plans completely, the Business Standard reported.
Around four properties under Taj brand were scheduled to be launched in different parts of China for which the Mumbai-based company had signed two management contracts in 2008.
Under the contracts, the company planned to operate new luxury hotels--one was to come up in close proximity to the Temple of heaven, a heritage property, first constructed in 1420. Another 200-room Taj hotel, and a Vivanta by Taj hotel with 300 rooms, in the Kunming Expo Garden of Yunnan province, were also supposed to be set up.
"Those projects have not fructified into operating hotels. It reflects the challenges that we face in the market; we are on hold for reasons beyond our control... for all practical purposes, those projects are no longer active," the Business Standard quoted Anil Goel, executive director (finance) and chief financial officer, Indian Hotels, as saying.
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