India Business News Headlines 10th April 2018

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India business news headlines 10th April 2018

Here are the India Business News Headlines 10th April 2018:


  • HSBC Daisy Investments of Mauritius has moved Supreme Court challenging an order of NCLAT clearing execution of Rs.25,000 crore sale of RCom assets to Reliance Jio.

  • Board of Jayshree Chemicals has approved merger of Fort Gloster Electric Ltd., its wholly-owned subsidiary, with Jayshree Chemicals. The amalgamation will help Jayshree Chemicals streamline its business and reportedly there will be no issue of shares or cash consideration in the merger.

  • Clearing the way for sale of Unitech’s assets to raise money to refund home buyers, Supreme Court has asked Pawan Shree Agrawal, the amicus curiae (friend of the court), to issue a public notice in all the leading newspapers inviting objections to sale of Unitech’s land parcels across India. SC has also ordered setting up a website for investors in Unitech’s project.

  • Kaleidofin, a Financial services start-up, has raised $2.8 million in a seed round led by Omidyar Network, impact investment firm of Pierre Omidyar, founder of eBay Inc. Focused on low-income customers, Kaleidofin offers tailored financial services like credit, saving schemes and insurance.

  • Loadshare , a Logistics start-up, has raised funding from Stellaris Venture and Matrix Partners. Funds will be used to strengthen firm’s core leadership team, scale the technology base and expand into new geographies.

  • Sunil Lulla, CMD of Grey Group India has resigned, reportedly to pursue other opportunities. Yashaswini Samat, current MD and Executive VP, has been promoted to take on Lulla’s role.

  • Shikha Sharma , CEO & MD, Axis Bank has cut short her tenure to exit on 31st December 2018. Her fourth term as MD and CEO was originally set to end in June 2021.

  • Bhushan Steel update : L&T has submitted its objections before NCLT to Tata Steel’s resolution plan for Bhushan Steel. Tata Steel’s plan was approved by the committee of creditors of the Bhushan Steel. Bhushan Steel owes over Rs.900 crore for supply of certain capital goods to L&T being its operational creditor.

  • PNB fraud case : China has said that Hong Kong can accede to India’s request to arrest Nirav Modi based on local laws and mutual judicial assistance agreements. This has cleared the decks for Nirav Modi’s possible arrest as he is reported to be in Hong Kong.

  • ED has conducted multiple searches and raided several places in connection with a money laundering case against Vadodara-based company, Diamond Power Infrastructure Ltd, for allegedly cheating various banks, both private and public, for around Rs2,654 crore.

  • Binani Cement case : Binani Cement has moved Supreme Court to seek permission for an out-of-court settlement and end insolvency proceedings.

  • Videocon loan case : ICICI Bank board is now reported to be divided over CEO Chanda Kochhar’s future and may meet within this week to consider its next course of action.

  • Indian Oil, Bharat Petroleum and Hindustan Petroleum are planning to spend around Rs10,000 crore to set up Bio-CNG plants across India to promote clean fuel. Produced from agricultural and food waste, Bio-CNG is a purified form of biogas and has around 95% pure methane.


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