Here’s a roundup of all the India business news that created the buzz in India today:
India business news headlines 22nd February 2019:
- Reliance Capital has invited Nippon Life Insurance to acquire its entire stake of 42.88%. The Group is trying to monetise assets to bring down the debt.
- After the SC order, RCom has urged its lenders to allow release of Rs.260 crores to Ericsson. The firm said that it had received the sum as IT refunds and is lying in its bank account.
- Oyo Rooms is said to be in advanced talks to buy a significant stake in FreshMenu. Lightspeed Venture Partners is a common investor in FreshMenu and Oyo.
- Grofers has narrowed its standalone losses to Rs.258.3 crore in the fy 2017-18, while its income was higher by over 57 per cent to Rs.53.4 crores from the previous fy.
- Videocon loan case – CBI has issued lookout circulars against Chanda Kochhar, her husband Deepak Kochhar, and Videocon MD Venugopal Dhoot. ED registered a criminal case against them for alleged money laundering a few weeks back.
More India business news headlines 22nd February 2019:
- A parliamentary panel has asked top bosses of Facebook, WhatsApp and Instagram to appear before it on 6th March. Agenda of the Parliamentary Standing Committee is to hear view of these companies on safeguarding citizens’ rights on social/online news media platforms.
- Ruias have turned down a proposal by ArcelorMittal to buy out its port and power assets in Hazira in Gujarat.
- The government is planning to offer VRS scheme to MTNL and BSNL employees to reduce a large pool of ageing manpower and infuse fresh life into the PSUs.
- UberEats is said to be in talks with Swiggy and Zomato to sell-out its business.
- International lessors have grounded more planes of Jet Airways. Nine of airlines’ planes have been grounded over the last four weeks.
- TPG Growth is in talks to invest around $30-40 million in Nykaa for a minority stake.
- Adani group has made a formal offer to buy out a 23.5% share in Mumbai airport held by two South African firms.
- The board of Tech Mahindra has approved a buyback of up to 20.6 million shares worth Rs.1956 Crores.
- Titan aims to double its market share, 5% currently, in the jewellery space over the next three to four years. Its Revenue from the jewellery business grew 37%, while profits (before finance costs and taxes) surged 76.5%.
- Starbucks will move to compostable and recyclable packaging solutions across its 138 stores in India by June 2019.
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