Read latest India business news headlines 31st May 2018 :
– Videocon case – ICICI Bank will institute a fresh inquiry into an alleged nexus between Chanda Kochhar’s husband and Videocon Group over the loan extended by the bank.
– The CEO of Tesla, Elon Musk says that he would love to bring Tesla to India but an environmental policy is becoming a hurdle in the production of Tesla cars in India as of now.
– Wipro Infrastructure Engineering, a division of Wipro Enterprises, has set up a new business division, called automation solutions, to boost the productivity of manufacturing companies in India, Africa and the Middle East by making up industrial robots in their facilities.
– IIFL Asset Management has launched a new fund, IIFL India Private Equity Fund, with a focus on backing professional entrepreneurs. The fund has a target to raise approx. Rs1,500-2,000 crore. It currently manages capital commitments of Rs20,000 crore across segments.
– Infosys has completed the acquisition of US-based WongDoody, a US-based digital creative and consumer insights agency which it acquired for $75 million.
– Treebo Hotels has acquired travel start-up Events High, which operates an online discovery platform for local events and activities for an undisclosed amount. The acquisition will help will leverage Treebo’s reach across 75 cities for further expansion.
– Stellapps Technologies has raised funding of $14 million led by Bill and Melinda Gates Foundation and others. Stellapps is considered to be one of the largest dairy IoT platforms in India.
– Ramachandran Venkataramanan said that he had little role to play in the operational matters of Air Asia and he has been wrongly accused by CBI. CBI recently raided offices of AirAsia and filed a complaint against Tony Fernandes, and others including Venkataramanan, for allegedly lobbying the government for overseas flight permits and violating rules.
– Vedanta case- Vedanta shall not proceed with the legal action until the tension of death of 13 people during Sterlite protests has eased.
– Air India disinvestment – The Government has not received any bid so far for a stake in Air India and the deadline expires today.
– Fortis case – To deliberate on the conclusions of an internal investigation of financial irregularities, Fortis has deferred its Board Meeting to 11th June.
– NCLAT has put a halt in the bankruptcy proceedings against Reliance Communications and its subsidiaries after Ericsson India accepted RCom’s offer to pay Rs550 crore by 30 September.
– Bhushan steel update – NCLAT has asked Tata Steel to file an affidavit on the fate of Bhusan Steel regarding outstanding income tax, goods and services tax, and other local taxes.
– PNB fraud- Enforcement Directorate has issued an order to freeze Nirav Modi’s power plant in Jaisalmer under the prevention of Money Laundering Act.
– Vedanta case-The NCLAT has permitted Vedanta to make a payment of Rs 5320 crore to the Committee of Creditors of Electrosteel Steels as per the approved debt plan.
*News as published in Business Standard, Live Mint and Economic Times.