India business news headlines 11th March 2019

India business news headlines 11th March 2019

  • Jet Airways has secured fresh credit facilities of Rs.2,050 crores from PNB. The airlines has raised foreign currency term loans worth Rs.1,100 crores and a non-fund based credit facility of Rs.950 crores.
  • Hyderabad based pharmaceutical firm Suven Life Sciences shall be setting up a wholly owned subsidiary in the US to focus on contract research and manufacturing services and shall initially invest Rs.525 Crores.

India business news headlines 11th March 2019

  • A panel set up by IRDAI has suggested many steps for speedy settlement of insurance claims as also to attract youngsters. IRDAI will work on the report submitted by the panel.
  • Due to the new FDI norms, Amazon has dropped a lot of products from its Global store in India. The site earlier had around 6 million products while last month the number dropped to about 6000 products.

Also read: India startup world news monthly roundup for February 2019

  • Rajiv Bansal, former Infosys CFO, is joining DXC Technology as senior VP. Bansal had won an arbitration award against Infosys for severance fee.
  • Rakesh Sharma, MD & CEO of IDBI has been proposed to be re-appointed for the next three years.
  • Tencent and General Atlantic have infused a fresh funding of around Rs.80 Crores in Byju’s.

More India business news headlines 11th March 2019

  • Geodesic Ltd., which acquired ‘Chandamama’ Magazine in 2007, is being probed for allegedly stashing funds in the Swiss bank. Geodesic was once known as a fast-growing company with cutting-edge technology solutions.
  • As per Preqin, the alternative assets data tracker, India-based PE and VC fund managers were holding around $28 billion in assets under management as of June 2018.
  • Reliance Capital has initiated discussions with global investors for selling a stake of 42.88 per cent in Reliance Nippon.
  • As per a report of consultancy firm Bain and Co., PE and VC backed exits have surged in the past two years, doubling to $31.8 billion in 2018.

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