Latest India Business News Headlines 14th May 2018

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Here are the latest India Business News Headlines 14th May 2018:

• The government is working on a new direct tax code, draft expected to be ready by July, which will take forward its agenda of lowering corporate tax rate to 25% for all businesses and give further relief to individual income taxpayers.

• Lightspeed India Partners has appointed Hemant Mohapatra, former Andreessen Horowitz executive, as a partner to make investments in consumer internet and enterprise software start-ups. Lightspeed’s current portfolio of startups includes OYO Rooms, Byju’s, ShareChat, Udaan and LimeRoad.

• Avendus Capital is in talks with potential investors to raise a $300-million consumer sector-focused fund, which will be housed under the Zodius platform. Zodius Capital has invested in Pepperfry and BigBasket.

• Hinduja National Power has acquired solar power firm Kiran Energy for Rs.1000 Crore by buying out the private equity funds who own majority.

• Income Tax department will seek share purchase agreement from Flipkart on their deal with Walmart to ascertain tax liability as also whether GAAR provisions can be invoked.

• SoftBank is in early-stage talks with Paytm to invest around $3 billion. Although SoftBank has an agreement with Flipkart that forbids them to invest more than $500 million in Paytm till 2020, it could be freed from the clause in view of the latest Flipkart-Walmart deal.

• Voltas has filed a legal suit against Haier accusing them of ambush marketing by running an ad that allegedly spoofs a campaign of Tata Group.

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