India business news headlines 19th February 2019
- If Sebi denies an exemption to Etihad Airways from making an open offer in lieu of raising its stake, Jet Airways may consider raising Rs.4,000 crores through a rights issue.
- Reliance Power has moved a division bench of Bombay high court to stop Edelweiss Group from selling its pledged shares. A single-judge bench had dismissed its petition last week.
- Grasim Industries has entered into an agreement with KPR Industries to acquire chlor-alkali business for a cash consideration of Rs.253 crores.
- Monte Carlo Fashions has entered into an agreement with Skoda Auto India allowing them to use its trademark ‘Monte Carlo’. Monte Carlo had submitted a trademark violation plea around a year back.
- The board of Varun Beverages has approved plans to acquire franchise rights of the Pepsico in the South and West regions.
- RBI has decided to transfer an interim dividend of Rs.28,000 crores to the government in the current fy. 2018-19.
- To reduce debt, Emami Group promoters have divested 10% stake in Emami Ltd. for Rs.1600 Crores. PremjiInvest has picked up 3% while SBI MF bought 5%.
- The government has reappointed A K Sharma as Director Finance of IOC. This is the first time that a PSU director has been reemployed in the same position after retirement during the NDA government.
- Noida police have lodged an FIR against Uber for negligence for not getting proper verification of its drivers as also not having a real-time monitoring system.
Also read: Upcoming events in India in March 2019
More India business news headlines 19th February 2019
- Tata Sons have bought 1.2 Crore shares of Tata Motors from the open market for around Rs.183 crores. The move is to show support to Tata Motors after they declared a loss of around $4 billion in the last quarter.
- KKR India Asset Finance has extended $102 million to Embassy group for a commercial office project in Bengaluru.
- Jindal Stainless has set up a dedicated facility for Railways in Chennai. The facility will supply components to the Integral Coach Factory.
- Fortis case – Going by the trail of funds uncovered by the Serious Fraud Investigation Office, the alleged funds diversion at Fortis Healthcare could be more than Rs.2,000 crores.
- Air India Express has launched international operations from Surat with Sharjah-Surat flight to be operated four times per week.
Recommended reading: Uttarakhand News
Do read: Biker Themed café in Delhi NCR