India Business News Headlines 12th January 2018 – Tentaran.com

India business news headlines 12th January 2018

Here are the India Business News Headlines 12th January 2018:

  • Reliance Jio Infocomm is planning to create its own cyptocurrency, JioCoin. Akash Ambani, the elder son of Mukesh Ambani would be leading the JioCoin project, which is working to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics. Blockchain is a digital ledger for storing data including financial transactions.

  • Securities Appellate Tribunal (SAT) has set aside an order by IRDA asking Sahara Life Insurance to transfer its life insurance business to ICICI Prudential Life Insurance Co. Ltd. SAT has asked IRDA to hear the matter afresh and pass orders within three months. It has however upheld appointment of an external administrator for Sahara Life.

  • Videocon-Dish TV merger may get affected by the insolvency case filed against Videocon Industries as Dish TV has asked its advisers to evaluate the merger deal with Videocon within 60 days.

  • Binani Cement’s lenders, IDBI Bank and SBI, have approached NCLAT over corporate guarantees as the insolvency resolution professional (IRP) had rejected their claims.

  • The Government has made changes in the FDI policy aimed at strengthening corporate governance in firms with FDI as also indirectly promoting local audit firms. As per the new FDI policy changes, a foreign investor cannot have an Indian firm, in which it has invested, audited by a company of their choice, unless it is a joint audit with an independent auditor.

  • Danone , French dairy company, has decided to close down its dairy business in India after it failed to make a mark in the Indian market. The company has decided to rationalize its product portfolio in India to allow for accelerated investments and have a sharper focus on growing its nutrition portfolio.

  • Shree Cement has agreed to acquire a 92.83% stake in Union Cement Co. PSC, a UAE-based firm, for an enterprise value of $305.24 million, where it has the option to take full control of the company’s shares. Union Cement, founded in 1972, has an annual production capacity of four million tonnes and exports to countries in the Gulf region and East Africa.

  • Vatika Hotels, the hospitality arm of Gurgaon-based realty firm Vatika Group, has bought back shares worth Rs.300 Crores from Goldman Sachs and now owns 100% of the entity.

  • Although Niti Aayog had recommended 100% stake sale in Air India, the Government may hold on to around 26 percent shares as it thinks that privatisation would make the airlines profitable thereby enriching the value of Government’s stake.

 

  • Delhi High Court has allowed CPRL to use McDonald’s brand name but has also allowed McDonald’s representative to do quality checks.

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