India Business News Headlines 4th April 2018

India business news headlines 4th April 2018

Here are the India Business News Headlines 4th April 2018:

 

  • Amazon may submit its offer to buy Flipkart, which is in advanced talks with Walmart Inc. for selling around 55% stake. But as per reports, deal with Walmart is more likely to go through.

  • Brookfield Asset Management is in the final stages of discussions with ICICI Bank to acquire ICICI Tower in Hyderabad for around Rs.1000-1200 Crores. Due diligence has already been completed by Brookfield.

  • Chanda Kochhar has pulled out of annual session of a FICCI event as Videocon loan probe intensifies. She was to be felicitated by President Ram Nath Kovind. Income tax department has served a notice to her husband Deepak Kochhar in connection with Videocon loan case.

  • Essar Steel update : ArcelorMittal will go to court over legitimacy of bid by Numetal. Numetal group includes Aurora Enterprises, backed by a member of Ruia family, the founders of Essar Steel. Aurora has now been bought out by JSW Steel.

  • PayU is planning to expand its credit business to tap increasing credit demand for purchase of various items like bus tickets, food, mobile phones,electronic goods, etc. PayU offers consumer credit through LazyPay and Monedo.

  • Ola has bought Ridlr to expand into the public transport business. With the acquisition of Ridlr, Ola will be able to offer bus, metro and train ticket bookings on its platform.

  • Namaste Credit, a business loans marketplace, has raised funding of $3.8 million from Nexus Venture Partners. Namaste Credit serves as a marketplace for borrowers and lenders, focusing exclusively on SME customers.

 

  • Hershey India has appointed Herjit S. Bhalla as its new managing director. Bhalla has spent over 16 years in various Management and sales and marketing roles at Unilever in India, Ukraine, Belarus and Russia.

  • Amazon has expanded its global selling program in India by enabling its local sellers to tap business clients in US, Europe and Japan. Although Amazon had opened its global platform to Indian sellers in 2015, but they were allowed to ship products only to end-consumers. Now the platform is open for B2B also.

  • Star India, Sony Pictures, Reliance Jio are in the race for BCCI media rights for the period 2018-23 being sold through e-auction. The e-auction process meant that the bidders could see the active bids, but not the names of the competitors.

  • Grofers revenues jumped by 136% to Rs 339 million in 2016-17 even though its losses have widen. The firm continued to burn cash as expenses in 2016-17 touched Rs 3.02 billion.

 

*News as published in Business Standard, Live Mint and Economic Times.For more updates, do Subscribe to our newsletter and follow us on FacebookTwitter and Google+

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