India Business News Headlines 20th April 2018

Here are the India Business News Headlines 20th April 2018:

India business news headlines 20th April 2018

 

  • Amazon has reportedly bid for Flipkart while Flipkart is close to finalsing the deal with Walmart.
  • P&G will acquire Merck India business for Rs.1,300 crore as part of its global transaction to acquire Merck’s international consumer health business for $4.2 billion. This acquisition will help P&G to expand its consumer healthcare business by adding a portfolio of physician-supported brands.
  • Qatar-based QInvest will sell its 26% stake in Ambit Group to Ashok Wadhwa, group CEO, Ambit Holdings as they are looking for an exit. Around 60% stake is held by Ambit employees.
  • Competition Commission of India has imposed a penalty of Rs 171.55 crore and Rs42.26 crore on Eveready and Nippo respectively due to their indulgence in anti-competitive practices in the dry cell battery market in India during 2009-10 to 2016-17.
  • The list of World’s 50 Greatest Leaders of 2018 by Fortune magazine has named Mukesh Ambani at No.24 for bringing mobile data to masses in less than two years. The list also includes Indira Jaising, human rights lawyer and architect Balkrishna Doshi.
  • Chai Point has raised $20 million in a Series C funding round led by a new investor, Paragon Partners. Funding will be used to broaden firm’s operations.
  • True Balance, the digital payments firm, has raised $23 million in bridge funding from a clutch of institutional investors. The firm had raised $19 million from SoftBank last year.
  • Parag Milk Foods has acquired dairy factory of Danone Foods in Sonipat, Haryana. Parag Milk will initially spend around Rs30 crore for the factory.
  • Tata Steel-Thyssenkrupp merger has been delayed by six months as Thyssenkrupp’s labour union has asked for guarantees on jobs, plants and investment before they support firm’s merger with Tata Steel UK. Although support of union is not required for the deal to go through, however, getting the workers on board is important to prevent possible labour strikes at a later date.
  • Aditya Birla group is looking to sell between 15 to 20 percent stake in its Idea Payments Bank to raise around Rs.200 Crore for funding expansion of its payment operations.
  • Essar Steel update : NCLT has put ArcelorMittal and Numetal back in the race for the firm by setting aside Essar Steel IRP’s decision to disqualify the first round of bidding. It has also extended deadline for filing a debt resolution plan by one month.
  • Binani Cement update : UltraTech is ready to pay additional Rs500 crore for Binani Cement if NCLT orders liquidation and if any firm matches its bid.
  • Fortis case : Fortis Healthcare would consider only binding bids for its hospital business. The board of Fortis Healthcare has appointed an advisory committee headed by Deepak Kapoor, former PwC India chairman, to evaluate the binding bids received so far. IHH Healthcare and Fosun International have submitted non-binding offers.
  • Sahara update : Supreme Court has permitted Sahara Group to sell part of Aamby Valley and deposit the proceeds into the Sebi-Sahara account by 15th May. If Sahara is unable to raise money to pay, Supreme Court will give a go-ahead for Aamby Valley auction on 2 June.
  • Videocon case : Board of ICICI Bank has rejected demand for external audit and said that unless there is evidence linking Chanda Kochhar to the case, the board will not set up any external inquiry.

*News as published in Business Standard, Live Mint and Economic Times.
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