India business news headlines 7th March 2019
- The government has doubled the income tax exemption limit on gratuity to Rs.20 Lakh.
- Directorate General of Anti Profiteering has found that Abbott Healthcare did not pass on the GST benefits to customers to the tune of Rs.96.59 Lakhs.
- Zinier, a field service automation solutions provider, has raised around Rs.154 Crores in a series B round of funding from Accel, Founders Fund, NGP Capital and others.
- Jet Airways officers and employees association has accused it of removing workers clandestinely citing operations reasons. Around 250 officers and employees held a protest at the airlines HO.
- Grasim Industries has entered into a definitive agreement to acquire 100% stake of Soktas India for Rs.165 crores. The acquisition is part of Grasim’s business strategy to strengthen its presence in the premium fabric market.
- True North is seeking more investment opportunities in the life and general insurance sectors. The PE firm bought a controlling stake in Max Bupa last week.
- Qiming Venture Partners, a Chinese venture capital firm, is reportedly set to lead a $15-20 million Series B round of funding in Pratilipi.
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- CBDT has said that the relief for startups facing tax demands for selling shares at a premium to their fair market value will be effective from the 19 February 2019.
- Mukesh Ambani led Reliance Industries may reportedly make its e-commerce debut with Diwali.
- ICICI-Videocon loan case – The Enforcement Directorate has reportedly so far established that Chanda Kochhar and her family received Rs.500 crores as kickbacks.
- Dentsu Aegis Network has elevated its current chairman and CEO – South Asia, Ashish Bhasin, to CEO -Dentsu Aegis Network Greater South. Bhasin will oversee business across India, Bangladesh, Sri Lanka, Thailand, Indonesia, Myanmar, Vietnam, Philippines, and Malaysia.
- Van Heusen has appointed Jacqueline Fernandez as the face of its Women Handbags segment.
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