Read the latest India business news 15th October 2018:
– KKR & Co. is evaluating buyouts in the infrastructure sector in India as also investing in IL&FS projects. The fund, which completed raising for $7.4 billion fund last month, is building an infrastructure team in India.
– The Board of Yes Bank has recommended not to raise the salary of Rana Kapoor for 2017-18. It has also decided to get back bonuses paid to him for two years.
– Cloudtail, the largest seller on Amazon India, has reported revenue of around Rs.7,149 crores in 2017-18, up by 27% compared to around Rs.5,631 crore in 2016-17. However, the growth in 2016-17 was 300%. Cloudtail is a JV between Amazon and Narayana Murthy’s family office.
– As per a report by RedSeer Consulting, online sales of large appliances in India has doubled between 2015 and 2017 from $430 million to $900 million.
– Srinivasa Farms, a poultry company, is planning to set up a family office under Srinivasa Hatcheries and start investing in startups in sectors like processed foods, retail and agri-business.
– Tata Steel is planning to scale up recently acquired Bhushan Steel plant’s capacity to 8.3mtpa from 5.6mtpa.
– Xiaomi is planning to enter into consumer finance and B-2-B lending through NBFC. It aims to offer loans to consumers for buying electronic products as also give credit to firms for asset acquisition.
– PSU banks have requested the Government for setting up an Oversight Panel to examine allegations made against management before any formal action is taken.
– Manu Wadhwa, the first women HR head of Coca-Cola India, has stepped down just after two years of taking over the charge. She had moved from American Express where she spent nine years.
– PNB case update – Chanda Kochhar has sought one month’s time to appear before Sebi for a personal hearing. She was issued a showcause notice by Sebi for alleged violation of the code of conduct and had to appear before it on 16th Oct.
– Vijay Mallya case – Grant Thornton, the global tax and advisory firm, is under CBI scanner for allegedly submitting highly inflated and exaggerated valuation report of Kingfisher Airlines.
News credit: Livemint, Economic Times, Business Standard