Read the latest India business news 16th November 2018:
– Rabo Equity Advisors, the Food and agriculture-focused investment firm,is looking to raise $350-$400 million for its third fund.
– Infosys has appointed Jayesh Sanghrajka as interim CFO, who will replace M.D. Ranganath, who had announced his decision in August to step down.
– Oyo Hotels has appointed Aditya Ghosh, ex-IndiGo president, as its new CEO with effect from 1st December.
– In the process of aligning with Flipkart, Jabong shall start lay-offs from its 400 strong workforce.
– After Myntra CEO Ananth Narayanan and CFO Dipanjan Basu’s decision to resign, a lot of reduction in workforce is expected.
– In response to a PIL, Enforcement Directorate has told Delhi High Court that it was investigating if Amazon and Flipkart violated provisions of foreign exchange law.
– M&S Reliance operation in the fashion category has finally turned profitable after a decade of launch. They posted a profit of Rs.66.3 Crores in fy 17-18.
– O P Bhatt, former SBI Chariman, has resigned from the panel set up by Yes Bank to find a successor to Rana Kapoor, MD & CEO.
– BigBasket is expecting to cross Rs.3500 Crores in sales in fy 18-19. Its revenue crossed Rs.2000 Crores in fy 17-18.
– Exports from India rose by 17.5% to $26.9 billion in October 2018.
– ITC is looking at portfolio expansion in its food division to achieve the stated vision, set by its chairman and managing director of achieving Rs.1 trillion turnover from FMCG.
– The Government is looking to raise around Rs.140-billion through a basket share sale in 11 central public sector enterprises.
– Mahindra Group is looking to invest Rs.5 billion for setting up a global R&D centre for EVs in Bengaluru as also a high-voltage electric drivetrain plant in Chakan.
News credit: Livemint, Economic Times, Business Standard