India business news headlines 13th March 2019 –
L&T is set to sign a binding deal to buy the stake of V.G. Siddhartha in Mindtree. The deal could trigger a hostile takeover bid, leading to an open offer by L&T to increase its stake in Mindtree to 51%.
IndiGo is reportedly offering jobs to Jet Airways pilots along with compensation for overdue salaries. IndiGo is reported to be facing a shortage of pilots.
The government has reportedly warned Twitter that its executives could face up to 7 years in jail if it fails to remove content and accounts with objectionable and inflammatory content.
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Mahindra CIE Automotive has acquired Aurangabad Electricals for Rs.830 crores, marking its entry into the aluminium die-casting industry. Aurangabad Electricals’ revenue was Rs.651 crore during fy 2017-18.
Walt Disney’s acquisition of 21st Century Fox including Star India could result in loss of around 350 jobs.
Bharti Airtel will lower their direct stake in the Bharti Infratel by more than half of its current stake of 50.33 per cent. Airtel’s unit Nettle Infrastructure Investments will buy around 32 per cent stake in Bharti Infratel by March 18.
Benddit, a sales and marketing solutions platform, has raised US$250,000 in seed funding. Funds will be used to accelerate product development, expand team and marketing initiatives.
Oyo has announced to invest around $200 million in its India and South Asia business during 2019.
RBI shall infuse Rs.12,500 Crores in the system through open market operations.
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SBI has launched a doorstep banking for senior citizens over 70 years, differently abled and infirm customers at a nominal fee of Rs.60-100.
Puig has invested Rs.100 Crores in Kama Ayurveda for its domestic and international expansion. Puig is a family owned, Barcelona based fashion and fragrance business house.
The ban on Boeing 737 Max planes may result in flight cancellations and surge in flight ticket prices over the next few days. As airlines shall try to accommodate passengers of canceled flights, the fresh ticket prices may shoot up
Ruchi soya – Patanjali Ayurved has increased its offer for Ruchi Soya to Rs 4,350 crore from Rs.4100 crores. Adani Wilmar had reportedly offered Rs 4,300 crore in August 2018 but withdrew later citing delayed resolution process.
PNB fraud case – The second charge sheet filed by ED has names of 10 individuals and 17 entities, including members of Nirav Modi’s family. As per the charge sheet, Rs.6,400 crores obtained via letters of the undertaking were diverted to buy real estate and personal property and used for purposes other than stated through layers of overseas dummy companies.
NCLT has warned lenders of RCom that if they do not allow tax refunds to be used to pay Ericsson, RCom could go back into insolvency proceedings.
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Vijay Mallya case – Diageo has claimed that it has bonafide, legal and substantial rights in the shared pledged by Vijay Mallya and his son. ED may oppose the claim.