Read latest India business news headlines 5th June 2018 :
– Idea Cellular has got approval from DoT for 100% FDI limit for its merger with Vodafone India.
– Vedanta has paid Rs 5,320 crore and completed the acquisition of Electrosteel Steels. Vedanta, which now owns 90% in the firm, has also appointed a new board of directors.
– As per a report by Aviation consultant CAPA India, Air India has experienced a loss of direction, with no major strategic decisions being taken since the divestment process was announced. The report also states that if the Government doesn’t pursue the disinvestment with greater determination, it might eventually lead to its closure.
– As per the data released by data from Prime Database, a primary market tracker, 32 auditors at listed firms have resigned in last 5 months due to lack of adequate information on the company’s businesses, revenues, and tax observations.
– Mercer, the Global consulting firm, has acquired India Life Capital, the investment advisory firm. Mercer offers advice and technology-driven solutions helping firms to meet health, wealth and career needs of their employees. It operates in over 130 countries and employs more than 23,000 people.
– Mirae Asset Global Investments of South Korea is set to launch a $100 million alternate investment fund in India with a focus to primarily invest in residential projects and has already secured the AIF license.
– Locus, a Logistics platform, has raised $4 million in a fresh round of funding from Rocketship.vc, Recruit Strategic Partners, and others. Locus optimizes logistics operations for firms in various sectors and has clients like Lenskart, Urban Ladder, Licious, Tata Group.
– Mukund Kulashekaran, Chief Business Officer of Zomato, has quit the job and may reportedly join UrbanClap. Around 10 middle and senior level executives have left Zomato over the past three months.
– Tata Motors has created an electric mobility business vertical and appointed Shailesh Chandra, currently head of the business strategy, as its President.
– Binani Cement update – Supreme Court has directed lenders of Binani Cement to proceed with debt resolution process but has said that no final order to be passed till 2nd July, the next date of hearing. Meanwhile, lenders of Binani Cement have approved Ultratech’s plan to take over the firm.
– UltraTech Cement won the copyright infringement case against Everest Industries for using the marks ‘Ultratruf’ and ‘A One Ultratruf’ which were similar to its own registered mark ‘UltraTech’.
*News as published in Business Standard, Live Mint and Economic Times.