Here’s a roundup of all the India business news that created the buzz in India today:
India business news headlines 21st February 2019
- As per the data released by DGCA, domestic air passenger traffic in Jan rose by 9.1%. The airlines carried 125.08 lakh passengers in January 2019.
- Supreme Court held Anil Ambani guilty and directed him to pay to pay Rs.453 crores to Ericsson within four weeks or face three months jail. The amount is in addition to Rs.118 crores already deposited by RCom in the Supreme Court’s registry. SC, however, rejected Ericsson’s contempt plea against SBI chairman who led the consortium of financial credits for the sale of RCom assets.
- The government has extended compliance deadline on tougher import rules for some grades of Steel till 17th April 2019.
- The GST Council has deferred its decision on real estate taxes till 24th Feb.
- The last date for submission of GSTR-3B has been extended till 22nd Feb. 2019.
- Digital Communications Commission is likely to discuss the Rs.3,050 crore cumulative penalty recommended by Trai on Airtel, Vodafone and Idea Cellular in today’s meeting. Trai had recommended imposing the penalty in Oct. 2016 for allegedly denying interconnectivity to the then newcomer Reliance Jio.
- Zebi has acquired Bengaluru-based start-up Element42 to strengthen its in-house Blockchain engineering talent and also add new products and customers.
- CCI has approved the $13.2-billion deal for the acquisition of global power solutions business of Johnson Controls International by Brookfield and CDPQ.
More India business news headlines 21st February 2019
- IL&FS case – After registering a case under the Prevention of Money Laundering Act, ED conducted searches at multiple locations in connection with the IL&FS payment default crisis. IL&FS has a combined debt of Rs.91,000 Crores.
- InnoVen Capital has invested Rs.35 crores in Xpressbees, an e-comm logistics provider. This is InnoVen’s fifth deal in 2019 with a total investment of Rs.75 Crores till date.
- Saudi Aramco is in talks with Reliance Industries and some other companies to invest in refineries and petrochemical projects. Saudi Aramco is said to be the world’s most profitable company.
- Pantomath Group and Pi Square Investments have come together to raise Rs.400-crore fund to invest in 8-10 yr old companies in the manufacturing sector.
- The finance ministry has announced to pump in Rs.48,239 crores in 12 PSBs in the fy 18-19 to help in their growth plans as also maintain regulatory capital requirements.
- SoftBank Vision Fund has estimated a return of approx. 25% from its investments of around $70 billion in 72 companies. The fund may exit from some of these companies in the second half of 2020 when IPOs of these companies may come up.
Also read: Uttarakhand News
- N Chandrasekaran has started planning to shrink 1000+ Tata Group subsidiaries to a manageable number.
- Promoters of Dewan Housing have mandated Barclays Group and NM Rothschild to find a buyer. The firm is facing a severe liquidity crunch.
- Boeing will not deliver five ordered planes to Jet Airways till the airlines overcome its financial crisis.
Recommended reading: Steps taken by the Indian govt following Pulwama attack