India business news headlines 14th February 2019

India business news headlines 14th February 2019

  • PNB will e-auction 4,000 properties to recover loans. The bank wants to recover around Rs.26,000 crores during FY 2018-19 and has recovered Rs.16,600 crores till 31st Dec.
  • Bombay HC has refused interim relief to Reliance Power against share sale by Edelweiss.
  • Fortis Healthcare wants to oust Singh Brothers and has already filed for de-parameterization of Singh brothers with Sebi.

India business news headlines 14th February 2019

  • IndiGo shall not operate its scheduled 30 flights daily for the rest of February due to the shortage of pilots. Operations are expected to be normalized by 31st March.
  • Oyo Hotels has received $100 Million in funding from Didi Chuxing of China.

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  • 7-Eleven, the world’s largest convenience store chain, is in advance talks with Future Group to enter India.
  • R .Venkataramanan, a long-time Tata Group associate, has resigned as the managing trustee of Tata Trusts. Noel Tata and Jehangir H.C.  have been appointed as a trustee on the Tata Trust. Venkataramanan’s annual compensation of Rs.2.66 crore has been under the scanner of the IT dept.
  • Twitter is working to resolve the problem causing continuous fluctuation of ‘Like’ and ‘Retweet’ counts on its platform.
  • Frustrated that the WhatsApp has been used to incite violence and spread pornography, the government is pressing WhatsApp to allow more official oversight even if that means giving officials access to protected or encrypted messages.
  • Haldiram’s is exploring a potential partnership or stake sale to Kellogg Company.
  • Cornelis Vrieswijk, GoAir CEO has resigned just after joining the airlines around eight months back.
  • Dr Agarwal’s Health Care has raised Rs.270 crores funding from Temasek. The firm runs 76 hospitals in 63 cities across 13 Indian states as also run around 12 hospitals in 10 African nations.
  • The board of ABB India has given ‘in principle’ approval to segregate power grids business from its other businesses.
  • BSNL employees have announced a three-day nationwide strike for 4G spectrum allotment and wage revision. Central trade unions have also extended support.
  • Brookfield is close to acquiring most of the assets of Hotel Leelaventure. Mumbai hotel is not part of the deal.
  • MC Aviation shall decide after 21st Feb on taking back five planes leased out to Jet Airways. The airlines have dues pending since Oct.18.

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  • Apollo Hospitals founders Prathap C. Reddy and his family wants to sell their entire 41% stake in Apollo Munich for Rs.1,200 crore in six months. Proceeds will be used to repay part of the debt raised by pledging Apollo Hospital’s equity as collateral.
  • Bhushan Power update – JSW Steel has been declared winning bidder of Bhushan Power and Steel. It will now pay Rs.19,700 crores in cash to Bhushan Power’s lenders as also infuse Rs.350 crores for revival.
  • Amtek Auto case – NCLT has allowed Amtek Auto’s debt resolution process to start from scratch and be completed within 150 days. Lenders had approached NCLT after Liberty House failed to honour its payment commitments.

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*news source: Livemint, TOI, ET

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