India business news headlines 19th March 2019

India business news headlines 19th March 2019

L&T has agreed to buy V.G. Siddhartha’s 20.32% stake in Mindtree for Rs.3,269 crore. It will buy an additional 15% in Mindtree from the open market and also launch an open offer for another 31%.

RCom has terminated the deal to sell its telecom assets to Reliance Jio as it did not receive approval from Trai.

Naresh Goyal has told the pilots of Jet Airways that he would need “a further short time” to finalize a rescue deal and would make it a top priority to settle delayed salary payments.

India business news headlines 19th March 2019

Canada’s Brookfield Asset Management has agreed to acquire four hotels and a land parcel from Hotel Leelaventure for Rs.3,950 crore. The properties of Delhi, Bengaluru, Chennai, and Udaipur are part of the deal, however, Mumbai hotel has been excluded.

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RCom has paid Rs.462 Crores to Ericsson. Mukesh and Nita Ambani have reportedly helped him clear the dues. RCom owes a total Rs.571 crore to Ericsson, including a one-time settlement of ₹550 crores.

ED has informed the Delhi High Court that it has initiated investigations against Amazon and Flipkart for alleged violation of foreign exchange law.

Essar Steel update – NCLAT has given conditional approval to ArcelorMittal’s Rs.42,000 crore bid to take over Essar Steel.

Mastercard Inc. is concerned that India’s strict data localization rules could compromise its ability to detect frauds and money laundering in the domestic payments system.

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Hyundai and its subsidiary Kia have invested US$300 million in Ola to develop EV ecosystem.

Fortis case – Malvinder Singh has told the Supreme Court that he is confident of recovering Rs.6277 Crore loans and advances given to Gurinder Dhillion, the spiritual head of Radha Soami Satsang Beas.

Azim Premji’s two charities that hold his 56% stake in Wipro have been made partners in Wipro Ltd. This will allow the trusts to receive monetary gains from the shares. However, the two trusts have stayed away from voting on any resolutions pertaining to Wipro and also can not nominate any members on the company board.

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