Read the latest India business news 11th October 2018:
– Godrej Consumers has decided to go slow on acquisitions and take stock of investments made till now. It has acquired 20 firms since 2010.
– Working on to strengthen relationship with vendors, Paytm Mall will not charge commissions from mobile, laptop and large appliance retailers during the festive season sale.
– CCI has made amendments in regulations to make it easier for corporations to secure approvals for M&As. The amended regulations allow parties to voluntarily suggest changes in deal structure to address competition issues.
– AirAsia India has appointed Tata Steel’s Sunil Bhaskaran as CEO effective 15th Nov.18. Bhaskaran is currently VP corporate affairs at Tata Steel.
– Supreme Court has directed sealing of 9 properties of Amrapali group, which has liabilities of around Rs.3,000 crore to government agencies and also owes around Rs.1,000 crore to various banks.
– IDG Ventures India has rebranded itself to Chiratae Ventures. The move is part of a broader strategy to appeal more to entrepreneurs in India. It is also planning to raise around $300 million under new brand name. IDG Ventures has so far invested in 76 start-ups, including FirstCry, Lenskart and Myntra.
– Future Enterprises has acquired a 55% stake in LivQuik Technology, a Mumbai-based fintech startup operating QuikWallet mobile app. It will pay Rs.20 crore for the stake and Rs.5 crore additionally if required.
– The government has cut excise duty on jet fuel from 14% to 11%. The move is aimed to help airlines troubled by high fuel prices.
Read Yesterday’s Business News : India Business News 10th October 2018
– Amazon India is tripled offerings under private label products to 43,000 in 2018 as compared to 15,000 in 2017. The move is part of strategy to reduce its reliance on large appliances and smartphones.
– Zydus Wellness is said to be close to buying Glucon-D and Complan brands for around Rs.4500 Crores. Zydus Wellness is also reported to be in advance stages of discussions with TrueNorth, ChrysCapital and Multiples who are willing to buyout Zydus at a valuation of Rs.8500 Crores.
– Sachin Bansal is reportedly close to investing $100 Million in Ola. If the deal goes through, it will be the largest personal investment in the Indian internet space.
– As per RBI directive, Bandhan Bank shall submit its plan to bring down its promoter holding very soon. The plan shall include Offer for Sale and M&A deals.
– P&G India is said to have established a multimillion-dollar fund to invest in Indian start-ups. However, the fund size has not been disclosed yet.
News credit: Livemint, Economic Times, Business Standard