India business news headlines 20th March 2019
Here’s a roundup of all the India business news headlines that are creating a buzz today :
- SpiceJet has become a member of IATA, the global airlines’ group, which has over 290 airlines as members. It is the first Indian budget carrier to join IATA.
- HCL has entered into a shared services arrangement with Xerox to offer certain global administrative and support functions. The transaction revenue of Rs.9000 crores is expected over the next seven years.
- L&T has ruled out merging Mindtree with its IT arm for the time being.
- Fortis Healthcare has appointed Ashutosh Raghuvanshi as MD & CEO. Raghuvanshi was earlier with Narayana Health as Vice Chairman, MD & Group CEO.
- Ebix has started the due diligence process to acquire Yatra Online.
- GST Council has approved a transition plan for implementation of new tax structure for housing projects. This will give the developers the option to either choose the old structure with an input tax credit or shift to the new 5% and 1% rates.
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- Sebi has directed Fortis Healthcare and Fortis Hospitals to continue efforts to recover more than Rs.403 crores from Singh brothers and seven other entities.
- Asian Development Bank has entered into an agreement with Avaada Energy, a solar energy project developer, to invest USD 50 million.
- Cred, a fintech funded by Kunal Shah, is looking to raise another $70-100 million. The funding round is likely to be led by Sequoia Capital and Ribbit Capital, its existing investors.
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More India business news headlines 20th March 2019
- Jet Airways updates:
– Etihad has offered to sell its entire stake of 24% in Jet Airways to SBI @ Rs.150 per share.
– As per DGCA, Jet Airways is currently operating only 41 aircraft and the number could reduce further.
– Pilots have threatened to go on strike from 1st April.
– Lessors of Jet Airways grounded aircraft are offering their planes to SpiceJet on lease. SpiceJet had to ground 12 of its 737 Max 8 aircraft due to government’s safety restrictions.
- DLF has formed a second JV with Hines, a global investment and development firm, to develop a commercial project in Udyog Vihar Gurugram, at an investment of Rs.1900 crores.
- DivyaSree, a south Indian property developer and Kotak Investment Advisors have launched a new fund of $400 million to develop and acquire commercial office assets across India.
- Flipkart has deployed around 100 robots to help sort packages at one of its delivery hubs in Bengaluru. These robots pick up products from the conveyor belt, scan them and drop them down a chute based on the Pin codes.