India business news headlines 1st March 2019
NCLT shall decide on Arcelor’s bid for Essar Steel on 8th March.
Naresh Goyal has agreed to step down as the Chairman of Jet Airways as part of a plan to secure a rescue deal from Etihad Airways. There are, however, still some proposals put up by lenders that Etihad has to agree on.
The board of Bharti Airtel has approved raising Rs.32,000 crores through a rights issue and by selling foreign currency denominated bonds to reduce its debt.
Abu Dhabi Investment Authority has set up a distressed assets fund in India with Kotak anchoring it with a commitment of US$500 million. Kotak bank will put $100 million from its balance sheet. The fund will target both pre-stress and distressed opportunities.
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The Supreme Court has allowed Delhi Police to arrest Amrapali group CMD Anil Sharma and two directors Shiv Priya and Ajay Kumar. It has also directed attachment of their personal properties.
Future Retail has signed a master franchise agreement with 7-Eleven to develop and operate 7-Eleven Brand stores in India.
As per Hurun Global Rich List 2019, Mukesh Ambani is now the 8th richest person in the world with a net worth of $54 billion.
Infosys has imposed a penalty of Rs.9.5 lakh on Kiran Mazumdar-Shaw for inadvertently selling 1,600 company shares during an open trading window period without prior permission.
Grofers has raised $60 million from SoftBank in a fresh round of funding.
Johnson & Johnson has resumed production of baby powder after a govt approved testing agency reaffirmed that the product does not contain asbestos. The production was stopped in Dec.2018.
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Union Cabinet has approved promulgation of an ordinance to amend SEZ Act whereby Trusts can now approach the govt to set up units in SEZ areas.
Union Cabinet has approved a national policy on software products aiming to position India as a hub for s/w development and creating around 65 Lakh jobs by 2025.
Air India divestment – The Union Cabinet has approved proposal to create an SPV to which AI’s debt of Rs.29464 Crores will be transferred along with some of airlines assets.