India business news headlines 9th April 2019
SigTuple, a diagnostics startup, has secured $16-million in a Series C round of funding led by Trusted Insight. Its existing investors also participated including Binny Bansal who will join the board of the firm.
General Atlantic will invest $100 million in Rubicon Research. GA had acquired a controlling stake in Rubicon last week.
India Resurgence Fund has announced an investment of up to Rs.992 crore in Panacea Biotec. Funds will be used for a one-time settlement of existing lenders, working capital and further growth.
Coffee Day Enterprises has announced that Japanese company Impact HD will acquire a 49% stake in Coffee Day Consultancy Services for $15 million.
Singapore government has sold 6.8 crore shares of DLF for Rs.1,298 crore through open market transaction probably to rejig its portfolio.
RCom has asked NCLAT to go ahead with bankruptcy proceedings as it is unable to pay dues to its lenders. Ericsson is opposed to the move as it would have to return the ₹550 crore payout it received from RCom.
Social media firms have agreed to take down content violating the mandatory 48 hour blackout period before elections within two hours of reporting as against three hours agreed earlier.
TikTok has filed a petition in the Supreme Court against a recent Madras High Court order to ban its application on the grounds that it serves as a platform for extreme content.
Dream11’s valuation is expected to be around $1-1.5 billion after the recent investment by Steadview Capital. The investment amount has not been disclosed yet but it is expected to be around $60 million.
Auto Industry has requested the Government to cut GST on passenger vehicles and two-wheelers to 18% from 28% currently.
GST revenue collection in March 2019 stood at Rs.1,06,577 Crores.
Usha Martin has appointed Anirban Sanyal as its CFO. Sanyal joined the firm in 2016 and is presently the finance controller.
L’Oréal is looking for acquisitions in the skin and make-up market to fill up gaps in its existing portfolio. As per Euromonitor, India’s beauty and personal care market as of 2018 stood at ₹97,100 crores.
Thales, a defense major and Kalyani Group have finalised a JV to manufacture next-gen weapon systems in India.
Airtel has received approval from Sebi to raise up to Rs.25,000 crores through IPO.
Canadian pension funds CPPIB and CDPQ, and the Piramal Group have entered the final round of bidding to acquire Highway Concessions One, the roads portfolio of Global Infrastructure Partners.
Vijay Mallya case – A UK high court judge has denied Vijay Mallya the permission to appeal his extradition order to India by the UK secretary of state and a district judge. Mallya now has time till 12 April to move a second application.