Read latest India business news headlines 23rd May 2018 :
– Reliance Industrial Investments and Holdings will give a loan to Reliance Jio Estonia unit amounting to Rs12.20 crore to begin operations.
– Sony buys 60% holding of an Abu Dhabi based investment firm, Mubadala, giving the Japanese firm an indirect stake of approximately 90%.
– After the NCLT accepted insolvency plea made by Ericsson against Rcom for settlement of dues, Rcom has challanged the NCLAT order along with its two other subsidiaries—Reliance Telecom and Reliance Infratel.
– Delhi HC has rejected the plea of Indian Hotels Company Ltd, against tender process to auction Taj Mahal Hotel by NDMC. IHC argued that tender document fails to take into account its ‘blemish-free’ record.
– Tata Steel is said to raise Rs16,500 crore through debt instruments to fund the acquisition of Bhushan Steel for Rs 32,500 crore.
– Cedar Support Services has sold its 13.64% stake in Future Enterprises for Rs.242.78 Crores.
– The CCI has approved buyout of Monsanto, by Bayer AG subject to compliance of ‘certain modifications’. Monsanto will then become a subsidiary of Bayer. It was earlier reported that Bayer would acquire Monsanto for $66 billion.
– The director of Barclays India, Mr. Bhavin Shukla, resigned from his post and is all set to join JP Morgan.
– Binani Cement update – NCLAT has refused to put stay orders on the insolvency proceedings against Binani Cement.
– The draft of a new charter has been released by civil aviation ministry, which, if passed, shall relieve the air-travelers from paying penal charges to Government, in case they cancel or schedule their air tickets within 24 hours.
– JNPT is planning to buy out the smaller cash-strapped port, to utilize its sizeable cash reserves and ramp up the capacity.
– Flipkart-Walmart deal – SoftBank ends the long-held suspense and confirms selling off its entire stake of 20% holding in Flipkart to Walmart for an estimated amount of $4 million.
– Due to the changing market dynamics and evolution of its design language, Tata Motors has decided to phase out the models Indica and Indigo CS.
– Fortis case – Fortis Board is likely to meet today to decide on the future course of action with regards to the offer made by Sunil Munjal- Anand Burman to acquire Fortis.
– Facebook has said that it wants to draw a line between “news” and “misinformation” and hence wants to label the election advertising as “Political”.
*News as published in Business Standard, Live Mint and Economic Times.