India Business News Headlines 27th Feb 2018

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India business news headlines 27th Feb 2018

Here are the India Business News Headlines 27th Feb 2018:

  • A government oversight panel headed by directorate general of hydrocarbons has approved Rs40,000 crore investment plan of Reliance Industries and BP plc for developing three sets of natural gas discoveries in the KG-D6 block in the Bay of Bengal. The finds will add around 20 million standard cubic metres per day of peak production.

  • MakeMyTrip has re-listed OYO hotels after two years. Yatra also added back OYO’s hotel inventory on its online platform almost six months ago. A group of online travel portals including Goibibo, MakeMyTrip and Yatra had jointly blocked OYO from their platforms in October 2015.

  • Nestle India is adopting a hyperlocal model for marketing and distribution to help increase penetration and expand reach for faster growth. It has divided India into 15 different clusters considering each a different market based on food preferences of local consumers.

  • ACC and Ambuja Cements, both controlled by LafargeHolcim, have put their proposed merger on hold citing constraints in transfer of mines under current laws.

  • Creditors of Amtek Auto, auto parts maker undergoing insolvency proceedings, are considering to sell the company along with its units as potential suitors have written to the creditors that they are interested in buying the company along with its group companies as a complete unit.

  • Hinduja Group is  interested in acquiring stake in MauBank of Mauritius and has completed the due diligence. Selling control of MauBank would enable Mauritian government to recoup some of the money it gave to bail out the bank.

  • Apollo Global Management has sold its investment in Logix Group’s projects in Noida back to the promoters. The disinvestment has marked its first exit from a real estate project since it started investing in the sector in 2016.

  • Amazon India has established a specialized network of 15 warehouses for AmazonNow, an app-only online groceries service in Mumbai, Bengaluru, Hyderabad and Delhi to ensure speedy delivery. The stores are equipped with temperature-controlled zones.

  • As per a survey by HSBC, World’s highest paid expats are in Mumbai. As per the report, foreign professionals moving to Mumbai have reported average annual earnings of $217,165 which is more than double the global expat average of $99,903.

  • RBI has said that the e-wallet customers who have not completed KYC, would continue to use money lying in their account but would not be able to reload their wallets or send money  after February 28.

  • KKR, a private equity major, has sold nearly 6% stake in Cafe Coffee Day for Rs.405 Crore through open market transactions. Promoters of CCD are also among the buyers.

  • Top smartphone distributors including Ingram Micro and HCL are entering into the business of selling refurbished smartphones. iPhones and many models of Samsung are reported to be among the ones customers would be able to buy.

  • After Idea, now the Vodafone has stopped most interconnect services to Aircel due to non-payment of outstandings.

  • PNB Fraud :
    – PNB has said that the amount of fraudulent transactions could be Rs1,300 crore more than the current estimated Rs.11,400 crore.
    – IT deptt. has seized a collection of 173 paintings and art works of eminent artists during raids conducted at premises linked with Nirav Modi.
    – CBI has written to five banks seeking details of Nostro transactions. Overseas branches of SBI, Allahabad Bank, Canara Bank, Bank of India and Axis Bank had credited over Rs.11,400 crore into PNB’s Nostro account based on the LoUs given to Nirav Modi and Mehul Choksi.

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

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