India business news headlines 31st January 2019
- ICICI Bank has sacked Chanda Kochhar after Srikrishna panel found that she breached bank’s code of conduct.
- MCA has taken a very serious note of allegations of financial mismanagement against Dewan Housing Finance by Cobrapost and is likely to start a probe into this.
- Reportedly, the government will continue to give financial support to Air India until the divestment process is complete.
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- NCLT has approved the resolution plan of US-based Tri-County Premier for the acquisition of debt-ridden Bhilai Scan and Research Diagnostics for Rs.67 Crores.
- SBI is finding it easier to negotiate the return of loans taken by the firms as the companies do not want to be referred to NCLT for insolvency proceedings.
- Air India SATS has appointed Ramanathan Rajamani as CEO. He will succeed Mike Chew, who’s been the CEO since October 2015.
- Yes Bank is likely to nominate Shagun Kapur Gogia, daughter of Madhu Kapur on its Board. Madhu had been fighting for a seat for Shagun on the Board since the death of her husband Ashok Kapur.
- Zomato is in advanced discussions to sell its UAE Business to Delivery Hero, a Berlin-based food delivery major, for around $200-250 million.
- OnePlus has said that it does not have any exclusive agreement with Amazon and the current arrangement of selling exclusively on Amazon is only a strategic choice of the firm.
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- Zydus Wellness has completed acquisition of Heinz India’s consumer wellness business, acquired for Rs.4,595 Crores. The acquisition includes some popular brands like Glucon D and Complan.
- Investcorp has started India operations with the acquisition of IDFC Alternatives. Investcorp has combined assets under management of USD 430 million.
- National Restaurant Association of India, representing around 100,000 restaurants, has asked the government for clarification on the compliance of new FDI rules by online delivery firms like Swiggy and Zomato. The rules prohibit these platforms to influence prices and inventory based operating models.
- As per top media buyers, advertisers are expected to spend over Rs.2000 Crores during IPL.
- To attract more investors in REITs (real estate investment trusts) and InvITs (infrastructure investment trusts), Sebi has proposed to reduce the lot size for trade drastically. The proposal is to reduce the lot size to between Rs.15-20,000 from earlier lot size of Rs.10 Lakh for InvITs and Rs.2 Lakhs for REITs.
- Hindon airport in Ghaziabad is likely to be operational by March 2019 for UDAN flights.
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News credit: Livemint, Economic Times, Business Standard