Latest India Business News Headlines 15th May 2018

Here are the latest India Business News Headlines 15th May 2018:

 

Latest India business news headlines 15th May 2018

  • RBI has asked Allahabad Bank to freeze lending after its CRAR (capital-to-risk weighted assets ratio) fell below mandatory 9% at the end of March. It has also has imposed restrictions on Allahabad Bank’s lending to risky assets and raising high-cost deposits.

 

  • Blackstone Group has sold 8% stake in Mphasis Ltd, its portfolio company, for about Rs1,440 crore in a bulk deal.

 

  • Flipkart-Walmart deal – As part of the Flipkart-Walmart deal, current Flipkart employees will be allowed to fully encash their ESOPs over the next two years. However, the former employees will be able to cash out their 30% shares only and shall have to hold on to the rest for an undefined period. Only 300 ex-employees of Flipkart have received formal communication to this effect till now.

 

  • Fortis case – Manipal Hospitals have submitted a revised bid @ Rs180 per share against their earlier proposal of Rs160 per share. The new offer values Fortis at Rs9,403 crore and Manipal Health at Rs6,070 crore.

 

  • Vodafone-Idea merger – The merged entity of Vodafone and Idea is likely to face a conflict of interest when it plans to buy tenancies as both the companies have telecom tower operator American Tower Corp. as a preferred vendor and at the same time also have stakes in its rival Indus Towers-Bharti Infratel combine.

 

  • PNB fraud – The government has initiated the process of removing top bankers, including Usha Ananthasubramanian, MD of Allahabad Bank and two executive directors of PNB, Sanjiv Sharan and K.V. Brahmaji Rao, charged by CBI in the case. Anathasubramanian was MD & CEO of PNB from August 2015 to May 2017.

 

  • Daiichi case – Delhi high court has ordered the sale of unencumbered listed shares owned by Malvinder Singh and others for recovery of Rs3,500 crore arbitration award in favor of Daiichi.

 

  • The Industrial and Commercial Bank of China, a top state-run Bank, has launched China’s first India dedicated publicly offered investment fund. The move is being considered as significant to boost investments in India.

 

  • IndiGo is planning to expand its operations to 24 international locations including Middle East, Southeast Asia and China.

 

  • Jet Airways will start its Udan flights from June with the first flight on Lucknow-Allahabad sector.

 

  • FIH Mobile, the investment subsidiary of Foxconn Technology Group, has written off an additional $40 million of its $200 million investment in Snapdeal.

 

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