Here are the India Business News Headlines 29th March 2018:
- GSK’s Horlicks sale: According to analysts tracking the sector, Unilever, ITC, Kraft Heinz and Nestle are being seen as likely buyers for Horlicks. Horlicks accounts for 85-90% of GSK Consumer Healthcare may get a valuation of around 4-4.5 times of sales.
- IT ministry has issued notice to Facebook over data breach, asking them to clear if personal data of Indian users has also been compromised by Cambridge Analytica. It has sought a response by 7th April.
- Sebi board has approved changes to Alternative Investment Fund rules to increase investment limit in start-ups by angel funds to Rs.10 crore.
- As per the latest KLEMS India database, a research project supported by RBI, employment in Indian economy shrank by 0.1% in fy 2015-16 and by 0.2% in 2014-15.
- Astarc Ventures has launched a referral program to source early-stage start-up deals, under which the fund will reward the person referring the start-up if Astarc Ventures ends up investing in it.
- SoftBank is said to have revived Ola-Uber merger talks, indicating that Ola may take over Uber India. However, the talks are still in the early stages and it may take a few months before anything is finalised. SoftBank is the largest investor in both the companies.
- The government has notified certain changes in the timelines of the compliance requirements under GST. Now the traders will be able to file tax return to claim transitional credit known as Tran-2 till 30th June, the previous deadline being 31st March.
- The government has invited bids for disinvestment in Hindustan Newsprint. Hindustan Paper wants to sell its 100% stake in Hindustan Newsprint through disinvestment.
- In between the talks of Walmart buying a majority stake in Flipkart, the firm is expanding its online groceries business. It is also reported to be venturing into selling movie tickets as also restarting selling books at its platform.
- Bhushan Steel update : As per the resolution submitted to NCLT by Tata Steel, the firm has offered upfront cash of around Rs.35,200 crore to financial creditors and Rs.1,200 crore to the operational creditors.
- Essar Steel update : Some shareholders of Uttam Galva Steels have approached SAT against stock exchanges reclassifying ArcelorMittal as a public shareholder of Uttam Galva. This change enabled ArcelorMittal to bid for Essar Steel.
- Binani Cement Update : UltraTech Cement has received clearance from the Competition Commission of India for its proposed acquisition of Binani Cement assets.
- Videocon update :
– Videocon had approached NCLT against SBI to stop them from changing the bankruptcy plea. NCLT rejected its plea and ruled that SBI’s bankruptcy petition will be heard on 23rd April.
– The board of ICICI Bank have backed their CEO Chanda Kochhar and said that it has full confidence and faith in her.