India Business News Headlines 22nd Feb 2018

India business news headlines 22nd Feb 2018

Here are the India Business News Headlines 22nd Feb 2018:

  • Bharat Petroleum will raise $200 million to fund acquisition of  3% share in the Lower Zakum Concession, Offshore Abu Dhabi. A consortium comprising ONGC Videsh, Indian Oil and Bharat PetroResources Ltd (BPRL) acquired a 10% stake in Abu Dhabi National Oil Company owned concession on 11 February. OVL will hold 4% stake, BPRL and IOCL will hold 3% each.

  • PNB fraud : Supreme Court has refused to intervene in a plea concerning the PNB fraud saying it would allow the government to investigate the issue for now.

  • Employees’ Provident Fund Organisation has cut the interest rate it pays to more than 50 million subscribers to 8.55% for the year to 31 March from 8.65% paid last this. This is the lowest in five years.

  • To make filing of GST returns taxpayer friendly and error-free, GSTN has simplified the monthly return of sales summary that businesses and traders have to file to the extent that the tax amount due is visible to the assessee even before submitting the return.

  • Capillary Technologies, an enterprise software company, has raised $20 million in a new round of funding from Warburg Pincus, Sequoia Capital and its existing investors. The firm offers SaaS to retail and consumer goods companies in India and abroad. The fresh round of funding will be used to strengthen product development capabilities, especially AI and machine learning.

  • Uttar Pradesh Investors Summit 2018:
    – Aditya Birla Group has agreed to invest Rs25,000 crore in UP in the fields of finance, cement and chemical, among others.
    – Mr.Mukesh Ambani has said that RIL will invest Rs10,000 crore in UP over next 3 years. RIL has already invested Rs.200 billion in UP.
    – Tata Sons chairman N. Chandrasekaran has confirmed that TCS is not exiting Lucknow and will build a new campus for 30,000 people in UP.

  • Auction of Taj Mansingh hotel has been put off for the third time. According to NDMC official, now the Taj Mansingh and two other Delhi hotels – Hotel Connaught and Asian Hotel – will be auctioned on March 7.

  • Bessemer Ventures, the silicon valley firm, has plans to invest $40-50 million in India this year in emerging healthcare and financial technologies.

  • Debjani Ghosh of Intel will take over as NASSCOM chief in April 2018. NASSCOM represents global leaders in software outsourcing like TCS, Infosys among others.

  • Madhusudan Gopalan will take over as the new CEO & MD of P&G India from 1st April 2018. Gopalan has been with P&G for over 18 years, working across geographies like India, US and other countries in Asean region. He is currently heading company’s Indonesia business.

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

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