India business news headlines 4th April 2019
Reliance Jio has acquired 87% stake in Haptik Infotech, an AI chatbot company, for Rs.700 crores.
As per Venture Intelligence, there were PE and VC investments of $6.5 billion in India during March 2019. The figure is triple the amount invested in February.
ICICI Bank has filed an application with the Supreme Court for being made a party in the case filed by Daiichi Sankyo against Malvinder Singh to recover their dues of Rs.250 crores.
Accor Group is looking to introduce a few of its global brands including Raffles Hotels, Fairmont to India. As of now, the group has only 51 hotels in India and the firm is looking to have around 200-300 hotels in the country.
ArcelorMittal has started getting its India team ready to run Essar Steel. They have taken up office space in Mumbai for its India office and have also hired Korn Ferry to identify CXOs for its India team.
Tata Projects have got an order worth USD 321 million from Nuclear Power Corporation of India. It’s their third contract in the nuclear power sector.
Madurai Bench of Madras High Court has directed the Central Government to prohibit download of TikTok app on the grounds that the platform serves explicit and inappropriate content which may be harmful to children. In its interim order, it has also asked media organizations not to telecast the videos made using TikTok mobile app. Next hearing on the petition will be on 16th April.
Advertising Standards Council of India has upheld complaints against 230 advertisements among a total of 290 advertisements evaluated for misleading product ads. Out of these, 106 belong to education, 61 to healthcare, 32 to F&B, 9 to the personal care sector and 22 to ‘others’ category.
Advocacy groups have said that blocking of websites like Reddit and Telegram in India by ISPs is throwing into question the enforcement of net neutrality rules. Restrictions on “torrent sites” that offer free movie and music downloads are routine in India to prevent copyright infringement. But recently websites like Reddit, Telegram and College Humor have been blocked for intermittent periods, often for days and sometimes only in some regions.
Wipro has reportedly lost an SAP maintenance project from Nike due to delay in implementation of the software. The deal size is being pegged anywhere between $10 to 40 million.
Ikea is looking for downtown sites in top cities in India after realizing that many customers do not want to drive to their out-of-town stores.
Jet Airways updates:
– Naresh Goyal has said that he has agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline.
– Suresh Prabhu, the Civil Aviation Minister, has ruled out any intervention in the commercial matters of Jet Airways.
– Civil aviation secretary P.S. Kharola has told that less than 30 aircraft of Jet Airways are operational as of now.
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