India business news headlines 13th February 2019

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India business news headlines 13th February 2019

  • Manipal Group and TPG Capital combined have reportedly entered into a three-month exclusivity period with Medanta for negotiations on its acquisition.
  • Air India has asked govt to refinance its Rs.20,000 crores debt by 31st March. This would include refinancing from banks and utilization of debt instruments like NCDs.

India business news headlines 13th February 2019

  • The government will launch an additional offering of Bharat-22 Exchange Traded Fund on February 14 to raise more than Rs.3,500 crores. It has so far raised Rs.22,900 crores through the Bharat-22 ETF.
  • Swiggy has expanded into delivering items such as groceries, vegetables and medicines through Swiggy Stores. The new service will be part of the same app and will cater to on-demand deliveries across categories. It’s running a pilot in Gurugram and shall soon start services to other cities.

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  • Boeing has appointed Salil Gupte as its India head effective March 18. He is currently serving as VP in Boeing Capital Corp.
  • To prevent mounting losses at BSNL, the govt has asked BSNL to look at all the options including a revival plan, disinvestment and even closure. BSNL’s share in total PSU’s losses is around 25%.
  • Skechers US has bought over 49% stake of Future Group in their joint venture for Rs.580 Crores. Skechers will now run the Indian operations independently.
  • Trying to boost its sales, Amazon has slashed commission charges from sellers by around 35% on fashion products and by 50% on certain FMCG categories.

More India business news headlines 13th February 2019

  • Lohia Group has acquired Israel’s Light & Strong, a maker of carbon and glass fibre composite components for the defence and aerospace sectors for an undisclosed amount.
  • L&T Hydrocarbon has won an over Rs.7,000 crores order from Algeria’s Sonatrach for setting up three central processing facilities in their country.

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  • IndiGo continues to cancel flights primarily due to the shortage of pilots. The airlines cancelled more than 30 flights yesterday and around 70 flights during the last weekend.
  • Some of the world’s largest strategic investors, such as Swiss Re, Liberty General, Advent, Blackstone Group have been approached to buy a 26% stake in SBI General Insurance for Rs.3400 Crores.
  • Directorate of Revenue Intelligence has issued a notice to IBM for Rs.620 Crores for unpaid duties on the equipment imported into India.
  • Essar steel update – NCLAT has extended the deadline for NCLT Ahmedabad by one week to decide on the Essar Steel insolvency case.

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