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.
- 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.
- 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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