India business news headlines 14th March 2019
Sony Corp. is in advanced talks to buy a stake in Zee Entertainment and form a strategic partnership. Zee promoter, Subhash Chandra wants to sell his stake at a premium of 30% and also want to retain a stake of 20%.
Azim Premji has given away 34% of his shares in Wipro Ltd (valued at around $7.5 billion) to charitable causes. With the latest contribution, the total value of funds committed by Azim Premji Foundation’s philanthropic activities is US$21 billion.
M R Kumar has been appointed the Chairman of LIC for five years. He was was Zonal Manager of North Zone.
Vistara has been granted permission to fly on international routes. The JV between Tata Sons and Singapore Airlines group had sought clearance from the Government in June 2018.
Acko General Insurance, an online insurance platform, has raised fresh funding of $65 million in a round led by Binny Bansal and a fund led by Kabir Misra, former managing partner of SoftBank.
CCI has cleared the proposed merger of KKR-backed Radiant Life Care and Max Healthcare. The combined entity will be valued at around Rs.7,242 crores.
As part of succession planning, Rahul Bajaj will step down as the Chairman and Non-Executive Director of Bajaj Finserv from 16th May. He will continue to serve the company as Chairman Emeritus.
E-com players including ShopClues, UrbanClap, Snapdeal, Flyrobe and Shop101 have launched a new trade association TECI (The E-Commerce Council of India).
Baring PE Partners Asia is set to acquire AGS Health for around Rs.2230 Crores. AGS Health is a medical revenue cycle management firm.
Rebel Foods, earlier known as Faasos, has raised Rs.110 Crores in funding from Sequoia Capital, its existing partner.
Mswipe, a mobile PoS company, has raised around Rs.220 Crores from its existing partners including Falcon Hedge and Eduardo Saverin.
Bounce, a two-wheeler rental startup, is in talks with B Capital Group, Facebook co-founder Eduardo Saverin’s venture fund, to raise around $50 million. The firm is also in talks with other investors from the US, Taiwan and Japan.
Google has introduced its YouTube music app in India, offering local and global songs. The YouTube Music streaming and download free service will run commercials, while a premium version with no advertisements costs Rs.99 per month.
Must Read: How to boost the morale of your employees?