India business news headlines 27th February 2019
Here’s a roundup of all the India business news that created the buzz in India today:
- True North has agreed to buy 51% stake of Max Bupa Health Insurance for Rs.511 Crores in an all-cash deal. Max India has now exited the health insurance business with this deal which has put Bupa’s enterprise valuation at Rs.1,001 crores.
- As per a report by McKinsey, PE investments touched a new high of $1.4 trillion globally in 2018. The investments were driven by 19 deals of more than $5 billion each in financial services, healthcare, real estate, IT and F&B industries.
- Twitter has said it is working collaboratively with the Election Commission to ensure transparency during general elections in India. The company is also said to have agreed to appoint a nodal officer to work with EC.
- As per a report by Deloitte and Retailers Association of India, the e-comm market is expected to touch $1.2 Trillion by 2021.
- The board of Kotak Mahindra Bank has approved a proposal to increase its foreign shareholding limit to 45% from the existing 43%.
- Adani Enterprises has also won the right to operate and manage the Guwahati airport. The group has already won rights to redevelop five regional airports in India.
- Operations of Jet Airways may get hit from 1st March as its pilots’ union NAG has decided not to fly over and above roster hours due to non- payment of salaries.
More India business news headlines 27th February 2019
- The board of Tata Steel has approved a plan to raise up to Rs.5000 Crores through the issuance of NCDs.
- Airtel and Vodafone may team up in the optical fibre space to stay in competition with Reliance Jio.
- India has once again extended the deadline to impose high import duties on 29 USA products till 1st April 2019 from the existing 2nd March.
- DoT has issued instructions to liberalise import norms for sample products, test and measurement equipment and prototype.
- e-wallet companies have welcomed the extension of deadline for KYC norms by six months from existing 28th Feb. as this will ensure that the customers are not impacted adversely.
- RBI has proposed strict compensation norms for senior officials of foreign and private banks. The proposal includes min 50% variable component and money clawback provisions.
- NCLAT has dismissed the plea of Monnet Power to re-examine claims of BHEL.
- Sebi has slapped a fine of Rs.30 lakh on Radford Global for failing to provide information sought by it as also violating listing norms.
- NCLAT has asked IL&FS to extend its bank guarantee of Rs.60.29 crores issued to NHAI. IL&FS and its subsidiaries have a cumulative debt of over Rs.90,000 crores.
- RBI has lifted the lending ban from Allahabad Bank and Corporation Bank. Dhanalaxmi Bank has also been taken out of RBI’s Prompt Corrective Action list.
- Nirav Modi case – ED has attached assets of Nirav Modi for around Rs.148 Crores including an office premise at Kurla and other assets. ED had earlier attached his assets worth Rs.2215 Crores.
- Music streaming service Spotify is now officially live in India. The app will be available on mobile, desktop and tablets, alongside support for smart speakers and home devices.