India business news headlines 28th May
- Reliance Capital and Reliance Land have agreed to divest its entire equity stake in Reliance Broadcast Network, which operates BIG FM radio network, to Music Broadcast for Rs.1,050 crores.
- Jet Airways lenders are expected to take a final decision on the fate of the airline in the next two weeks.
- Hindustan Aeronautics has posted an all-time high turnover of Rs.19,705 crores, registering a growth of 7.8% in 2018-19.
- Samunnati Financial Intermediation and Services, an NBFC offering loans to farmers and entities engaged in agriculture, has raised Rs.387 crores in a Series D round of funding led by Nuveen.
- Avendus Future Leaders Fund-I has bought a minority stake in Bikaji Foods for an undisclosed amount.
- Greaves Cotton, a manufacturer of diesel engines, generators and pump sets, is planning to invest in electric vehicles battery manufacturing and supply chain.
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- Facebook removed around 2.2 billion fake accounts from its platform in the first quarter of 2019.
- Punit Goenka has said that the Zee stake sale would be completed by July. The firm has plans to sell up to 50 percent equity stake to reduce its debt.
- Paytm is reportedly leading a $15 million round of funding for HungerBox, a B2B food-tech startup. HungerBox had earlier raised $7 million.
- NCLT has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring Road Projects citing “duplicity of claims”. Hyderabad Ring Road Projects is an SPV to Era Infra which raised Rs.913.60 Crores between Jan 2014 and Sept 2015.
- A civil court in Mumbai is said to have passed an order against Flipkart and Walmart barring them from selling GOQii products on their platform. GOQii has accused them of deep discounting its products.
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