Read the latest India business news 13th November 2018:
– Tata Sons has started due diligence process of Jet Airways with its CFO Saurabh Agarwal leading the discussions for a controlling stake. If the acquisition materializes, Naresh Goyal will lose control of the airlines.
– Avenue Capital Group, the US-based investment firm, shall become a single-largest shareholder in Asset Reconstruction Co. India as it is ready to acquire a 27% stake from existing shareholders, including banks. Six investors have agreed to sell their shares.
– Reliance is planning to invest another Rs.3,000 crore in Odisha. It has already invested ₹6,000 crore there.
– Vedanta Resources is planning to infuse Rs.15,000 crore in its Lanjigarh alumina refinery to raise the capacity by three-fold.
– Reliance Industries has started work on its ₹10,000 crore Jio Institute. It is also adding more land to the existing land bank of 800 acres.
– Trai has sought views on a consultation paper for regulating OTT service providers like Skype, Google Duo and WhatsApp. These have so far been unregulated in India.
– As per a study by the National Foundation for American Policy, more than half of billion-dollar US startups are founded by immigrants, with India being at the third place with 8 entrepreneurs.
– Amazon wholesale’s revenue has jumped by 73% to Rs.12,224 Crore during the fiscal year 2017-18.
– Dunzo, an on-demand task management app, is in discussions with Google and others to raise around $25 million. Google led a $12 million investment in Dunzo last year.
– Twitter CEO, Jack Dorsey has said that the issue of fake news cannot be handled with one fix as its a multi-variable problem. He met Union Home Secretary, India yesterday.
– As per reports, Ashish Choudhary, EVP, and chief business officer of Nokia, may soon join Apple as its India Head. A formal announcement may come soon.
News credit: Livemint, Economic Times, Business Standard