India business news headlines 28th January 2019
Rebel Foods (Faasos) is looking to raise up to $150 million in fresh funding at a valuation of $350-400 million. It has appointed Bank of America Merrill Lynch for advice on fundraising. and seek new investors.
IT department has attached a portion of shares of Mindtree held by Siddhartha and Coffee Day Enterprises over a potential tax demand. The firm said it would take the required action for getting the shares released soon.
PhonePe is set to enter the financial services market and will soon start selling mutual funds through its app.
Marriott International is planning to acquire around 10% in Chalet Hotels, which owns properties like JW Marriott and Bengaluru Marriott.
The government has empowered PSU banks to request lookout circulars against wilful defaults and fraudsters. It has also authorised Serious Fraud Investigation Office to request LOCs to stop suspects from flying out of India.
Xiaomi has launched an app, ShareSave, which will allow Indians to purchase China-exclusive Xiaomi products.
Emirates may cut check-in limit for economy class by 50% from Feb.4.
As part of equity infusion, the government will release Rs.1500 Crores to Air India within this week.
Under the proposed trade deal RCEP, India is pushing for a revenue-sharing agreement with China to ensure rightful dues to domestic film producers from revenues generated from their movies in China.
Zee Entertainment and Dish TV have denied links with Nityank lnfrapower and Multiventures being probed by SFIO for suspicious demonetisation deposits.
Domestic e-comm firms like Snapdeal, SlopClues, Shop101 have come together to oppose any extension to the deadline of Feb.1 given by the Government to e-comm firms to comply with FDI rules.
Spender’s Retail has appointed Devendra Chawla as its MD & CEO. The post had been lying vacant for the last two years. Chawla was COO of Walmart India.
News credit: Livemint, Economic Times, Business Standard