Read the latest India business news 16th October 2018:
– UIDAI has asked mutual funds industry to discontinue using Aadhaar-based authentication to complete KYC norms and submit an exit plan by 20th October.
– Banks have requested RBI to allow them to use Aadhar for KYC.
– Motilal Oswal’s PE arm shall invest Rs.200 crore in Happy Forgings, the auto parts maker, for a significant minority stake. The funds will be used to accelerate growth and expand into new products.
– Reliance Industries is in advance talks to buy Hathway Cable, DEN Network and may own around 25% in each of the companies.
– Dr Reddy’s Laboratories has entered into a definitive agreement for sale of its API manufacturing business unit in Hyderabad to Therapiva. The financials, however, have not been disclosed.
– DailyNinja has acquired WakeupBasket which provides early morning delivery of household essentials to around 2500 customers daily. The deal amount has not been disclosed.
– Jet Airways, struggling with a severe cash crunch, has failed to give any firm date for payment of September salary to its senior management, pilots and engineers. The airlines has been repeatedly delaying payment of salaries of its employees.
– As per a report of Preqin, the alternative asset data tracker, PE funds across the globe collectively raised capital of $121 billion in the third quarter of 2018, higher than the previous quarter.
– IT department is working on a new policy to reward taxpayers who are not only honest but also consistent in filing ITRs. The rewards could include priority access at airports and railway stations.
– MyGate, providing security solutions to gated societies thru an app, has raised Rs.65 crore in Series A round of funding led by Prime Venture Partners. MyGate currently provides services to around 1,000 gated communities in Pune, Bengaluru and Hyderabad.
– Kymco, Taiwan’s electric two-wheelers maker, will invest $65 million in Twenty Two Motors, Indian electric scooter startup over the next three years.
– IL&FS update – IL&FS has secured moratorium against all creditor actions which prohibits initiation or continuation of any legal proceedings and enforcement of security over assets of IL&FS and group companies.
– Paul Allen, Microsoft co-founder died after his latest battle with cancer at the age of 65.
News credit: Livemint, Economic Times, Business Standard