India Business News Headlines 5th April 2018

India business news headlines 5th April 2018
Here are the India Business News Headlines 5th April 2018:

  • Paytm is set to enter mutual fund industry with a new app being launched by the end of this month. It will offer investors products from 12 of the 15 largest AMCs in the first phase to its claimed user base of more than 300 million through the new app.

  • AMD Ventures, venture capital arm of Advanced Micro Devices (AMD), is raising an India-focused technology fund with a targeted corpus of close to $200 million. AMD Ventures generally invests in strategic software and application ecosystem companies which provide services on data visualization/analytics, machine learning, augmented and virtual reality artificial intelligence.

  • Cabinet approves downsizing of Competition Commission of India and has cut numbers of CCI members appointed by the central government. The move is aimed to check government interference in the working of CCI as also to stimulate corporate business process and generate job opportunities through speedy hearings and approvals.

  • Reliance Jio has now forayed into the banking business with a payments bank service. In the JV between Reliance Industries and SBI, called Jio Payments Bank, Jio has a 70 per cent share while SBI has the remaining 30 per cent in the. A payments bank is like any traditional bank but operates at a smaller scale and does not provide any credit service.

  • Flipkart and MakeMyTrip have entered into a partnership wherein Flipkart will sell travel services on its platform. Domestic flights will be the first offering to go online through Flipkart.

  • Tencent Holdings, world’s fifth largest internet company, is looking to invest in India. It has held preliminary discussions with two startups ShareChat and Kissht, a consumer lending venture. Till now Tencent had been making only late-stage investments in India.

  • Nokia is piloting its own online sales platform to sell all its models and accessories. The aim is to broaden its reach among consumers and have a higher market share. Nokia will keep selling its products parallelly on Amazon and Flipkart.

  • Ruling out any action against Chanda Kochhar, ICICI Bank’s non-executive chairman M.K. Sharma has said that the board is unlikely to discuss the allegations of impropriety against Kochhar at its board meeting on 27th April and it will not act unless the findings of the preliminary probe by CBI suggest any wrongdoing.

  • PNB Fraud update : In a ruling on 29th March, a US bankruptcy court has allowed Nirav Modi’s Firestar Diamonds and other related companies to sell their assets and has invited bids till 27 April. The auction of the assets will begin on 5 May. PNB had opposed the sale in a hearing on 28th March.

  • Essar Steel update : ArcelorMittal and Numetal have challenged each other’s legitimacy in participating in the 2nd round of Essar Steel bidding under the Insolvency and Bankruptcy Code in Ahmedabad bench of NCLT.

 

*News as published in Business Standard, Live Mint and Economic Times.
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