India Business News Headlines 11th January 2018-

Here are the India Business News Headlines 11th January 2018:

  • The government has allowed foreign airlines to buy a stake of up to 49% in Air India with prior government approval ahead of its proposed privatization. Existing rules allowed foreign airlines to invest upto 49% in private Indian airlines except in Air India. However, substantial ownership and effective control of Air India will remain with Indian nationals.
  • InMobi has bought AerServ, an American mobile video ad start-up, for $90 million in a cash-and-stock deal. The acquisition is aimed to boost InMobi’s capabilities in the video ads sector as also expand its presence in the US which is world’s biggest market for advertising.
  • As per World Bank’s Global Economic Prospects report, India is going to be the fastest growing economy again in 2018 with growth expected to accelerate to 7.3%.
  • Naspers is in talks to lead an investment of around $200 million in Swiggy to increase its stake in the company.
  • Bank of Baroda is seeking to sell its unit Nainital Bank in a move to shed non-core assets. Bank of Baroda holds 98.6% stake in the Nainital Bank, which had assets of around Rs.7,700 crore as of March 31, 2017.
  • Cyrus Mistry has demanded that Shapoorji Pallonji Group, the single largest shareholder in Tata Sons with over 18% ownership, should be given board representation proportionate to its holdings. He has also sought to stop conversion of Tata Sons into a private company.
  • Sahajanand Medical Technologies (SMT), a manufacturer of cardiac stents, has raised Rs.230 crore in a funding round led by Morgan Stanley Private Equity Asia. SMT, the Gujarat based firm established in 1998 is part of the Sahajanand Group.
  • Tata Chemicals has received approval from its majority shareholders for sale of its Haldia fertiliser unit in West Bengal to Netherlands-based Indorama Holdings BV for Rs.375 crore.
  • IFFCO has announced launch of free door-to-door delivery of agri-inputs purchased through its digital platform. It recently launched the Indian Cooperative Digital Platform (ICDP) called with an objective to provide digital platform for communication and commerce between farmers/consumers and IFFCO and its group companies. The portal is available in 13 major Indian languages with a membership of 2.5 crore.
  • Nine years after the Satyam scam, Sebi has banned Price Waterhouse from providing audit services to listed companies and market intermediaries for two years. Two PW partners have been banned for three years. It has also imposed a disgorgement of Rs 130.9 million on PW and two of its chartered accountants — S Gopalakrishnan and Srinivas Talluri.
  • UIDAI has launched ‘Virtual ID’ to plug privacy issues. The 16 digit temporary number will be used in lieu of Aadhaar for authentication. Only the Aadhaar holder will be able to generate this number and it will not be possible to access actual Aadhaar data from this number.
  • IFC is close to investing Rs.2,800 Crore in Rewa Ultra Mega Solar park in MP. The investment being made in the form of debt is part of the IFC’s kitty put aside for India’s renewable energy space.

*News as published in Business Standard, Live Mint and Economic Times.
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