Latest India Business News 12th October 2018

Read the latest India business news 12th October 2018:

india business news 12th october 2018

– The government has extended tenure of P.S. Jayakumar, MD & CEO of Bank of Baroda by one year. It has already announced merger of Bank of Baroda, Dena Bank and Vijaya Bank into one entity.

– Advent International has bought Kedaara Capital’s entire 40% stake in Manjushree Technopack. The deal is said to have valued Manjushree at Rs.2,440 crore.

– IT department searched home and office of Raghav Bahl in connection with a case of alleged tax evasion. Bahl is the founder of Quint news portal and Network18 group and is a known media entrepreneur.

– As per a report from KPMG, VC funding in the third quarter of 2018 has doubled to around $2.5 billion compared to the previous quarter.

– Ikea is planning to invest around Rs1,000 crore in its first store in Bengaluru, set to open in 2020. It is also working on to start online retail operations in India by March 2019.

Read Yesterday’s Business News : India Business News 11th October 2018

– RBI is unlikely to extend deadline on data localization regulations for foreign payment companies like Visa, PayPal and Mastercard. Firms have to submit a compliance report by 15th October 2018.

– Paytm is in discussions with UCWeb for acquiring its India business, which emerged as the largest mobile browser in India last year.

– The government has started compiling a list of projects awarded to Anil Ambani’s companies in UPA Government regime, the value of which is coming to around Rs.1 Lakh Crore as per initial enquiries. Data is being collected for all sectors.

– LIC has sought IRDAI permission to allow it to continue holding Tata Sons debt of around Rs.5000 Crore. Tata Sons became a private company in Sept. 2017 and IRDAI rules do not allow insurers to subscribe to financial instruments of private companies.

– Uber is exploring entering into grocery delivery space and may start its pilot in early 2019.

– Supreme Court has extended police custody of the 3 arrested Amrapali directors -Anil Kumar Sharma, Shiv Priya and Ajay Kumar by 15 days. They shall be kept in a hotel and allowed restricted mobile use.

– Fortis case update – Shivinder Singh has offered Delhi HC to allow him to mediate with Daiichi Sankyo in the ongoing arbitration case. HC has asked him to come up with a proposal to pay his share out of the arbitral award of Rs.3,500 crores by 30th October.

– Vijay Mallya case – Delhi court has ordered attachment of Vijay Mallya’s properties in Bengaluru. Bengaluru Police had earlier informed the court that it could not attach any of the 159 identified properties.

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News credit: Livemint, Economic Times, Business Standard

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