Read the latest India business news 12th November 2018:
– Amazon and Flipkart have promised Drug Controller General of India to prevent sales of unregulated and fake cosmetics. Representatives of these companies met DCGI officials after they were served show-cause notices.
– Everstone Capital has hired UK-based Kiddy and Partners for assisting them in restructuring its private equity business and their review system. Instead of focussing on geographies, the firm will be taking a more sector-based approach now.
– Usha Martin Shareholders have approved the sale of the company’s steel business to Tata Steel with 99.99% voting in its favour. The sale would help Usha Martin to significantly reduce its debt.
– The government is weighing sale of around 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the firm to focus on big fields only.
– Health-tech startup funding has hit all-time in 2018 with $510 million getting invested across 80 health-tech startups.
– Federation of Pharmaceutical Entrepreneurs is seeking higher retail prices of medicines covered by the Drug Price Control Order. It has warned that failure to do so may lead to a shortage of medicines.
– The Board of Jet Airways is meeting today to consider multiple fundraising options.
– CX Partners are in advanced stage of discussions to acquire 30% stake in Soch, an ethnic wear brand for around Rs.300 Crores.
– Sebi is planning to introduce a lock-in period for liquid mutual funds. The move could reduce its popularity among institutional investors.
– Aircel-Maxis case: Yes Bank wants RBI to decide as to whether Ashok Chawla should continue as chairman. Chawla has been named in a charge sheet related to the Aircel-Maxis case.
– IL&FS case – The Serious Fraud Investigation Office is now probing if there was any criminality involved in allowing the firm to make massive investments in group companies.
News credit: Livemint, Economic Times, Business Standard