India Business News Headlines 16th Feb 2018

India business news headlines 16th Feb 2018

Here are the India Business News Headlines 16th Feb 2018:

  • As per a statement by Nitin Gadkari, Minister for road transport, the government has decided against formulating an electric vehicle policy, whereas till last month, he had said the policy was awaiting approval from union cabinet (report published on livemint.com).

  • Aditya Birla Group is expecting savings from the merger between Idea Cellular Ltd and Vodafone India to be significantly more than  $10 billion because of synergies in capital and operating expenditure.

  • Essel Group’s Zee Learn has picked up a controlling stake of 44.53% for Rs.200 crore in MT Educare through a preferential allotment and has already made an open offer to buy 26% more from shareholders. Established in 1988, MT Educare provides coaching services, Mahesh Tutorials, in schools across Maharashtra as also operates in some other states like Odisha, Telangana, Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Haryana, Punjab, Assam, UP and Gujarat.

  • Fortis case: Supreme Court has allowed Banks to sell pledged shares of Singh brothers. Banks were earlier restrained by the apex court from selling pledged shares and were directed to maintain status quo for both encumbered and unencumbered shares.

  • Amazon India has added new categories for sellers under its local finds programme, a pilot for which was launched in Bengaluru in 2017. Local sellers can now sell products across various categories.

  • PNB fraud: PNB may be liable to pay foreign branches of banks and has said that it will honour commitments, but whether it will bear the entire liability has not been clarified. Meanwhile, ED and CBI raided 17 premises of Nirav Modi and Gitanjali Gems and seized gold, diamonds and precious stones worth around Rs.5,100 crore.

  • Vistara has launched daily direct flights on the Chennai-New Delhi route. It would also launch services on Chennai-Port Blair sector from 1st March 2018.

  • Sanjiv Bajaj of Bajaj Finserv has been named EY entrepreneur of the year. EY also conferred E. Sreedharan, who spearheaded metro projects in Delhi, Kochi, Kolkata and Lucknow with the lifetime achievement award.

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

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