India business news headlines 7th February 2019

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Here are India business news headlines 7th February 2019:

  • Zomato has raised $40 million in funding from US investor Glade Brooke. The funding is part of the Series I round of $210 million from Ant Financial Zomato raised in October.
  • Essar Oil UK, part of the Ruias’ Essar Group, has acquired stakes in two terminals and one pipeline from BP Plc to expand its UK business. Though the deal amount has not been disclosed, it is expected to be around $120-130 million.

India business news headlines 7th February 2019

  • Jet Airways has altered its cancellation policy from Feb 7 onwards for all categories.
  • PNB has set a target to recover Rs.10,000 crores from NPAs in the quarter ending March 2019. It includes Rs.6,000 crores from Essar Steel and Bhushan Power & Steel.
  • Mutual fund houses having an exposure of around Rs.8,000 crores in  Essel Group have asked Sebi to allow some time to the promoters to rope in strategic investors.
  • Essar steel update – Kamaljeet Singh Ahluwalia, an operational creditor has moved SC challenging NCLAT’s powers to pass an order on the insolvency case.
  • Sebi has asked exchanges to step up their surveillance of intra-day trading.

More India business news headlines 7th February 2019

  • The govt is exploring pre-packaged bankruptcy plan to fast track the insolvency process. Under the pre-packaged scheme, a company in financial distress will be able to chalk out a resolution plan before moving NCLT. The move is aimed at cutting the cost and time of the resolution process.
  • Pradeep Singh Kharola, Air India chief has been appointed civil aviation secretary.
  • The government has allowed Amazon’s food retail license holding entity, Amazon Retail, to sell on its India marketplace.
  • Oyo is set to expand into the USA and is said to be testing rooms in Texas.
  • Facebook has announced a digital skilling mentorship program aimed at inspiring and guiding tribal girls in Maharashtra, Odisha, MP, Jharkhand and West Bengal.
  • Vodafone-Idea has posted a loss of Rs.5000 Crores in the quarter ending December 2018.
  • Flipkart is in talks with offline retailers and distributors of Samsung, Xiaomi and FMCG products to bring them on board as online retailers.

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*news source: Livemint, TOI, ET

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