Here are the India Business News Headlines 13th April 2018:
- Air India disinvestment:
– If the Government finds only lukewarm interest after 14 May deadline for submission of initial bids for Air India, it is open to changing some of the restrictive conditions. As of now the Government believes that the offer will eventually generate sufficient interest.
– Etihad is reportedly planning to bid for 76% stake in Air India and is looking for partners in major Indian corporate groups and has also sent feelers to Anil Ambani-owned Reliance group.
- Amazon India is planning to drop smartphone prices and increase spending over the next few quarters to increase its market share.
- Hindustan Unilever has dragged three of its former employees to Bombay high court for allegedly stealing data related to product manufacturing as also some other confidential information and has asked the court to restrain them from using the data. The empoloyees are Hemal Jain, former head of customer development, Suyash Chauhan, former MD of Unilever Nepal and Kishor Patil, former sales and customer manager.
- ZiffyHomes, a home rental start-up, has acquired Nivaasa, which offers furnished premium apartments, for an undisclosed amount. The acquisition will help ZiffyHomes expand the inventory on its platform.
- Flipkart-Walmart deal is likely to be completed by June end. Walmart has completed due diligence of Flipkart and has also made a proposal to buy 51% for around $10-12 billion.
- The government has today appointed Bhanu Pratap Sharma, former Secretary, Department of personnel and training, as Chairman of Banks Board Bureau (BBB) for a period of two years. He will be replacing Vinod Rai. BBB was set up by the government in 2016 as a body of eminent professionals and officials for appointment of whole-time Directors and non-executive chairman of PSBs.
- Reliance Industries has bid jointly with JM Financial Asset Reconstruction to acquire debt ridden Alok Industries, which is undergoing insolvency proceedings for dues of over Rs23,000 crore.
- HCL Technologies and Sumeru Equity Partners are set to acquire Actian for Rs.2155 Crores. HCL will own 80% while the rest will go to Sumeru. Actian solves data challenges for its clients like Citi Bank, Deutsche Bank, GE Transportation, etc.
- Vedanta is revamping Cairn India’s operations to create special business units to sharpen focus on oil and gas. Currently, Cairn produces 27% of India’s domestic crude oil output, which Vedanta is now planning to take up to around 50%.
- Future Group will be the sole Indian retailer for Lee Cooper apparel and footwear starting 2019-20, thereby making Lee Cooper the largest fashion brand for Future Group in fy 2018-19.
- Nykaa is reported to be in talks to raise fresh funding of around Rs75 crore at a valuation of around Rs3,000 crore. Nykaa claims to offer over 80,000 products across 700 brands on its portal.
- Sanjiv Mehta, CEO, HUL will take over as interim chairman from Harish Manwani who is retiring post company’s forthcoming annual general meeting. Sanjiv Mehta is currently CEO & MD of the company.
- Fortis case : Two of Fortis’s investors, Sunil Munjal (Hero Group), Anand Burman and Mohit Burman (Dabur Group), have offered to infuse Rs1,250 crore into Fortis. IHH Healthcare and Manipal Group are already battling for its control.
- Videocon loan case:
– ICICI Bank is preparing a plan that includes more public disclosures related to conflict-of-interest allegations against Chanda Kochhar in the case. The move appears to be an attempt to respond to shareholders who are demanding explanation as to why did it gave a clean chit to Kochhar without first ordering an independent probe.
– I-T dept has sent second notice to Deepak Kochhar, husband of Chanda Kochhar as it feels that the replies submitted were not “complete” and lacked full information.
– Sebi has also initiated a probe into alleged corporate governance breaches at ICICI and has sought information on recent board meetings, independent directors’ stance and disclosure compliance in the case.
*News as published in Business Standard, Live Mint and Economic Times.
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