India Business News Headlines 13th March 2018

India business news headlines 13th March 2018
Here are the India Business News Headlines 13th March 2018:

 

  • Tata Sons is planning to sell $1.25 billion of its stake in TCS to pay debt of its wireless division.

  • Supreme Court may consider auctioning Unitech Ltd’s unencumbered properties to raise money for providing refund to home-buyers. It has asked Unitech to submit a list of its unencumbered assets, including personal assets of company’s promoters, in India and abroad.

  • Insolvency law committee has recommended that IBC be amended to make eligibility requirements for bidders stricter and giving more flexibility to lenders in decision-making. As of now, the rules bars willful defaulters, those with NPA for over a year and people connected to these parties from bidding for stressed assets.

  • Peter Betzel’s has been appointed as Ikea India’s CEO, just ahead of launch of Ikea’s first India store in mid-2018. He will focus on people, business growth, diversity, inclusion and sustainability to grow India operations.

  • Bharti Airtel’s board has approved plan to raise around Rs.16,500 crore by selling non-convertible debentures and foreign currency bonds to refinance borrowings and pay spectrum-related dues to the government.

  • The government has introduced a bill in Lok Sabha seeking punitive powers to target fugitives who have committed white-collar crimes, applicable for all offences exceeding Rs.100 crore. The provisions will not only extend to loan defaulters and fraudsters but also to those individuals who violate laws governing taxes, black money, benami properties, financial sector and corruption.

  • Sebi has ordered Bata India to carry out an internal probe into the suspected leak of unpublished financial data on WhatsApp as also to strengthen its handling of such data.

  • Cognizant will acquire US-based Bolder Healthcare Solutions for an undisclosed amount to further strengthen its play in the healthcare space. Bolder is a privately-held company which providing revenue cycle management solutions to hospitals, physician practices and other specialist healthcare organisations in the US.

  • e-Shang Redwood, a global logistics developer, is set to kick start its India operations this year. It aims to invest around $100 million annually and is looking to either buy or form JVs for land parcels of 50-150 acres.

  • Gaurav Gandhi, CEO of Viacom18 Digital Ventures (which operates Voot) has quit the company after eight years of service. Prior to Viacom18, Gandhi has worked with NDTV Imagine Ltd, Star TV as also Turner India and Madison Communications.

  • Uber has appointed Virat Kohli as its first brand ambassador in India. Virat will be a part of the multi-media campaign as also be actively involved in a series of marketing and customer experience initiatives to be rolled out by Uber India in 2018.

  • Pine Labs, a digital payments platform, has raised $82 million in an investment round led by Actis Capital. Pine Labs offers a cloud-based point-of-sale payments solutions, as also e-wallets, QR code payment solutions and UPI based solutions.

  • Government may soon ask e-commerce firms to provide full refunds to customers who have been duped with counterfeit products. Number of complaints lodged on govt portal regarding counterfeit products being sold online have risen over the past few months.Currently most of the major players commit to refund or replace a product within a maximum period of 30 days subject to various conditions. Also, refunds are released after the customer is able to prove that the product is a fake.

  • Flipkart is in the process of re-branding to get more customers from tier II and III cities. The new brand called ‘Naye India ke Saath’ will focus on rolling out various new initiatives to make Flipkart a more relatable Indian brand.

  • KKR is in advanced talks to buy Ramky Enviro, the waste management arm of Ramky Group for around Rs.3200 Crore. It has entered into an exclusivity agreement and the final contours of the deal are being worked on.

*News as published in Business Standard, Live Mint and Economic Times.
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