India business news headlines 18th April 2019
– The airline temporarily shut down operations after lenders refused to give any interim funding.
– The lenders say that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors.
– Vinay Dube, CEO of Jet has said that the airline does not have an answer at present on the fate of its 20,000-odd employees during the stake sale process.
ArcelorMittal has announced that the firm has received approval of European Commission for sale of its several steel-making assets to Liberty House Group. The transaction is expected to be completed within the first half of 2019.
Essar Steel – The operational creditors have questioned CoC over discrimination saying that CoC can not arbitrarily discriminate between operational creditors with claims under and over Rs.1 crore.
Kotak Mahindra Bank has taken BILT Graphic Paper Products, a Ballarpur Industries arm, to NCLT for default of Rs.218 crores.
Rakesh Suryakant Shah has resigned from the post of CFO of Adani Enterprises.
DGCA has served show-cause notices to the COO and engineering head of IndiGo over the issue of faulty P&W engines. The regulator is also carrying out a special safety audit after it found issues in operations and engineering.
Reliance Retail is reportedly in talks to acquire a controlling stake in toymaker Hamleys. A 295-year-old toymaker, Hamleys, has recently been finding it difficult to generate profits and reported losses of £12 million in 2017.
Increff, a startup offering supply chain and warehousing solutions to physical stores, has raised $3 million in a Series A round of funding led by 021 Capital and Binny Bansal.
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Quess Corp is acquiring a majority stake in Allsec Technologies for around Rs.270 crores. Allsec offers voice and non-voice processes for HR services and Customer Lifecycle Management.
Mukesh Ambani, Arundhati Katju and Menaka Guruswamy are among the Indians named by TIME magazine in its list of 100 most influential people in the world.
ShareChat has reportedly removed over 4.87 Lakh posts including around 13000 related to politics and news for violating community guidelines.
Birla Estates has ventured into residential property development and launched its first project in Kalyan, Mumbai. The firm will focus on premium housing projects.