Latest India Business News 13th August 2019 – Tentaran

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Read Latest India Business News 13th August 2019:

  • As part of its expansion plan in India, Allianz Real Estate has committed $150 million to an office development platform managed by Godrej Group.
  • Oberoi Realty, currently into luxury homes, is set to enter into affordable housing segment with the launch of a new project during Diwali to build 2,000-3,000 apartments on a 60-acre plot in Thane.

latest india business news 13th august

  • CCI has imposed a penalty of around Rs.14 crores on Jaiprakash Associates for abusing its dominant market position by imposing unfair and discriminatory conditions on home buyers.
  • Tech Mahindra has agreed to buy a 65 percent stake in Mad*Pow, a US-based strategic design consultancy firm, for $70 million. Mad*Pow’s current year revenue is $17.5 million.
  • Jet Airways update – Anil Agarwal’s Volcan Investment, which had submitted an EoI, has decided not to pursue the matter and pulled back.
  • Air India has announced its inaugural passenger flight over the North Pole region from August 15 between New Delhi and San Francisco.

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Latest India Business News 13th August 2019

  • Reliance Industries is in the process of selling a 20% stake in chemicals and refining business to Saudi Aramco for around $15 billion. The move is to cut debt and get an assured supply of crude oil to its refineries.
  • Announcements made at AGM of Reliance Industries:
    -Jio GigaFiber will be available to the general public starting 5 Sept. with base subscription plan starting from Rs.700/month with 100Mbps speed and free lifetime voice calls.
    -‘Jio First Day First Show’- A ‘disruptive concept’ of watching movies to be launched in mid-2020. Premium Jio Fiber users will be able to watch movies through the service the next day after they are released in theatres.
    -Jio has developed Narrowband Internet-of-Things or NBIoT, an innovative service on its pan-India 4G network.
    -Jio has also come up with Jio Forever plans for customers opting in for annual plans. Such long-term subscribers will get an HD or 4K LED TV and a 4K set-top box absolutely free
    -Mukesh Ambani said that the group has a clear roadmap to become a zero net-debt company in 18 months.

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Latest India Business News 13th August 2019

  • Rapido, a Bike taxi startup, is in advanced discussions to close a $50 million round led by Westbridge Capital and Shunwei Capital at a valuation of $200 Million.
  • Rupeek, operating an online marketplace for gold loans, has raised $30 million in a funding round led by Bertelsmann India.
  • Fireside Ventures, an early-stage venture investment fund focused on consumer brands, is said to be in the process of raising its second fund of $100-million.
  • Meesho has raised $125 million in a round led by Naspers with participation from Facebook and its existing investors.
  • Saudi Aramco remains the world’s most profitable company. It paid out almost all its net income in dividends.

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