Here are the India Business News Headlines 19th April 2018:
- Flipkart-Walmart case : As per reports, Walmart is likely to retain management team of Flipkart including its CEO Kalyan Krishnamurthy if the proposed deal goes through. List of other senior executives which are likely to continue in their roles include Ananth Narayanan, CEO – Myntra and Sameer Nigam and Rahul Chari, co-founders, PhonePe.
- RBI has indicated that there would be no relaxation in new bad loan rules, which stipulate that banks must implement a debt resolution plan within 180 days for NPA accounts of around Rs.2,000 crore.
- Dalmia-Binani deal: If the Kolkata bench of NCLT approves Dalmia Bharat’s debt resolution plan, Government agencies, including IT deptt. might take the biggest haircut. As part of the debt resolution plan Dalmia Bharat has proposed to pay Rs33.10 crore to settle statutory dues which are estimated to be around Rs177.50 crore.
- Flyers will soon be able to use data services while flying. Telecom Commission is ready to approve the much-awaited proposal for in-flight Wi-Fi at its next meeting to be held on 1st May. Once the plan is approved, airlines would be free to offer wi-fi to passengers at their own pricing.
- Warburg is set to exit Avtec by selling its 30% stake in the firm to CK Birla Group, which will value Avtec at around $125-150 million. Warburg held 30% stake in Avtec as an investor for a period of over 4 years. Avtec is a major manufacturer of powertrain and precision-engineered products.
- As reported by TechCrunch, Amazon has silently launched a web browser in India for Android devices called ‘Internet’ which is claimed to be fast, not occupying much storage space on a user’s device as also does not collect private data like other browsers. Although Amazon has not officially announced the launch, browser has been available on the Google Play Store since March and has just over a hundred installs so far.
- Law Commission has recommended to the Government that BCCI be listed as a national sports federation as this would bring it under the purview of the RTI Act. As of now, BCCI works as a private body, registered under Tamil Nadu Societies Registration Act, 1975.
- Lemon Tree Hotels is now planning to lease and operate hotels under its brand rather than building new ones. As of now, over 60% of Lemon Tree’s rooms are company-owned.
- ICICI Bank-Videocon loan case:
– CBI questioned Sunil Bhuta, CFO, NuPower. The move comes two weeks after CBI questioned Rajiv Kochhar, brother-in-law of Chanda Kochhar.
– ICICI Bank chairman met heads of Mutual Fund houses over succession plan, if Chanda Kochhar quits.
- SSG Capital has bought 47% stake in Shapoorji Pallonji Finance. A recent Crisil credit rating report said that SSG invested Rs.132 crore and became Shapoorji Pallonji Finance shareholder on 16th March.
- Amazon.com has launched an international shopping feature that will enable customers across the world to shop more than 45 million items that can be shipped to their country from US. Customers get the option to purchase in 25 different currencies.
- Sebi has banned Mark Builders & Land Developers and its five directors from securities market for four years and have also asked them to refund money collected illegally from investors.
- Government’s National Investment and Infrastructure Fund of India (NIIF) has partnered with UK govt for Green Growth Equity Fund. Both NIIF and the UK govt have committed £120 million each for Green Growth Equity Fund. The fund will be managed by EverSource Capital, a JV of Everstone and Lightsource.
- Coverfox has raised $22 million in a funding round led by Transamerica and IFC, the investment arm of the World Bank Group. The fresh funds will be used to expand in Tier-2 and 3 cities.