Read latest India business news headlines 29th May 2018 :
– Ola is planning to set up a similar structure like Flipkart and make a holding company that will own Ola cabs, Foodpanda and its businesses of electric cabs and international operations. The move is aimed to increase company valuation as also improve management.
– The Tamil Nadu government has ordered the permanent closure of Vedanta’s Sterlite copper plant in Thoothukudi and the plant has been sealed.
– Fortis update – Fortis sale process may start again as Sunil Munjal and Anand Burman led consortium has given its consent to reopen the bidding process for sale of Fortis Healthcare.
– Reliance Entertainment has teamed up with filmmaker Imtiaz Ali for production of movies under a 50:50 joint venture.
– Uber promotes Amit Jain as the regional GM for APAC region, which includes Australia, New Zealand, and North Asia, South Asia and India.
– NIC’s Bhubaneswar unit launches new data centre and is set to hire 800 people in the next 1 year.
– CAIT and AIOVA, two trader bodies, have complained that the merger of Walmart and Flipkart will lead to unfair trade practices like predatory pricing, deep discounts, etc.
– Mahanadi Coalfields which is a subsidiary of CIL will own a stake of 51% in the Joint venture with NTPC.
– Binani Cement update – Rajputana Properties challenged NCLAT order that allowed the lenders to consider UltraTech’s revised bid for Binani Cement. However, Committee of Creditors of Binani Cement have voted in favour of UltraTech’s Rs 79.60 billion offer.
– Patanjali is now venturing into the telecom sector and with a tie up with BSNL has launched Swadeshi Samriddhi SIM cards. With the recharge of Rs 144, one would be able to make unlimited calls across the country, get 2 GB data pack and send 100 SMSs.
– Sunil Mittal is all set to invest $1 Billion into a hotel chain founded by his son-in-law in London, which owns Gleneagles resort and Hoxton hotel chain.
*News as published in Business Standard, Live Mint and Economic Times.