India business news headlines 10th April 2019
DGCA has asked all airlines to increase the number of flights to stabilize rising airfares.
GlowRoad, a Social commerce platform, has raised $10 million in a Series B round of funding led by CDH Investment of China. GlowRoad connects resellers directly with raw material suppliers using social media platforms like WhatsApp and Facebook.
Just three months after the complete acquisition of assets of Religare Health Trust for ₹4,650 crore, Fortis Healthcare is in talks with potential buyers to sell its stake.
Tata Sponge Iron has completed the acquisition of Usha Martin’s steel business. Transfer of some assets however is pending. Tata had entered into an agreement for acquisition in Sept.2018 for Rs.4300-4700 crores.
Avaada Energy has raised Rs.1,000 crores from ADB, Germany’s DEG and Netherlands’ FMO for financing its 2.4 GW renewable energy portfolio.
Zoho, the business applications software provider, is entering into e-comm segment by launching Zoho Commerce. It’s a simple tool for sellers to build an e-comm website with no coding skills.
After its alliance with Mahindra & Mahindra, Ford may end running its India operations as solo.
Dvara KGFS has acquired Varam Capital, a micro lender, in an all cash deal.
Citroen, the French automaker, has tied up with CarDekho to enter Indian pre-owned car market.
For YouTube, India has overtaken the US as the largest and fastest-growing market. It has now around 26.5 crore subscribers, out of which 95% consumption is in local languages in Tier2 and Tier3 cities. Consumption from mobile has increased to 85% and 60% of watch time is outside the six largest metros.
Essel Infra has put its EV plans on hold to give priority to reduce its debt of Rs.11,466 crores.
Essar Steel update – NCLAT is likely to ask ArcelorMittal to deposit the bid amount of ₹42,000 crore for acquiring Essar Steel in separate accounts during the next hearing on 23 April.