India business news headlines 12th March 2019
As per a report from EY, PE and VC exits jumped more than threefold to US$472 million in Feb. 2019 as compared to Feb.2018
Jet Airways denied reports of securing Rs.2,050 Crores loan from PNB.
US software firm Ebix has offered to buy Yatra Online for $336 million in a cash-and-stock deal. Ebix bought Mercury Travels and Leisure Corp last year.
Twitter has gone live with its Ads Transparency Centre for India. This would allow people to view the details of political advertisements like impressions and spends.
Coca-Cola wants to set up an R&D center in India as part of a plan to make India one of the company’s top three markets.
Quikr has entered into a definitive agreement for acquisition with Zefo, a refurbished goods marketplaces, for Rs.200 Crores.
PayU is in final stages of discussion with Wimbo for an estimated value of $50-60 million. Zefo specializes in processing online payments.
Godfrey Philips has rejected allegations of violations of FDI norms regarding manufacturing Marlboro cigarettes.
Etihad Airways has set several conditions before its next round of proposed investment in Jet Airways. Reportedly as per the MoU for Jet-Etihad deal, 15% of the total share capital of Jet Privilege, which was pledged to HSBC for US$150 million loans, will have to be made available to Jet Airways. Etihad has also sought completion of interim financing of Rs.4,000 crores.
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Essar steel case – Prashant Ruia and two other Directors of Essar Steel have approached NCLAT to thwart ArcelorMittal’s takeover and have offered a one-time settlement of Rs.54,389 crores. ArcelorMittal’s bid was for Rs.50,000 crores.
PNB Fraud case – ED has filed a supplementary charge sheet against Nirav Modi under the anti-money laundering law. He allegedly transferred Rs.934 crores in his personal accounts.ED has also attached his assets worth around Rs.1,873.08 crores and seized assets linked to him and his family worth Rs.489.75 crores.
PNB Fraud case – Income Tax department has appointed Saffronart to auction seized paintings of Nirav Modi collection, which includes work of Raja Ravi Varma to V.S. Gaitonde.
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