Read the latest India business news 17th October 2018:
– Tata Motors is considering tie-ups with Ola and Uber with new shared mobility platform. It has also created a separate division for exploring tapping its passenger and commercial vehicles for offering shared mobility solutions.
– Lenders of Bhushan Power are said to be backing JSW’s offer of $2.7 billion. JSW Steel has bid higher than Tata Steel and Liberty House Group.
– ICICI Bank has moved a US court against 11 executives of diamond company Shrenuj and Co. for allegedly defrauding the bank to recover around ₹88.50 crore. Shrenuj is currently undergoing insolvency resolution and diverted funds through its US subsidiary and shell companies in UAE.
– National Investment and Infrastructure Fund of India has invested Rs.660 crore in HDFC Capital’s affordable housing projects fund. The fund offers mezzanine finance to developers of mid-income and affordable urban housing projects.
– Piramal Enterprises is said to be exploring the sale of its contract pharmaceutical business for about $1 billion.
– Flipkart has claimed to have over 70% market share in Indian e-commerce market during the festive season sale and is said to have sold 3 million smartphones on October 11 itself.
– Foodpanda has acquired Holachef Hospitality, a food-tech startup, for an undisclosed sum. The acquisition marks its entry into cloud kitchens.
– Saudi Arabia is looking to parter with India for developing complementary supply chains and deploy funds. Lightsource BP is also interested in setting up solar power projects through partnership with National Investment and Infrastructure Fund of India.
– RBI has approved Sandeep Bakhshi’s appointment as MD & CEO of ICICI bank for three years.
– Infosys has agreed to pay Rs 121.7 million pending severance package to Rajiv Bansal, its former CFO, as directed by the arbitration tribunal. He had quit the firm in October 2015 due to differences with the management.
– Amazon is said to be in talks with Future Group for acquiring a stake. The deal size may be around Rs.2000 Crores for a 10% stake.
– TravelTriangle has raised $3 million in venture debt from InnoVen Capital. Funds will be used for for expansion and strengthening outbound-based operations. It has so far raised $32 million in four funding rounds.
– Gunjan Soni, Head of Jabong and Ananya Tripath, CSO Myntra have resigned. Gunjan may reportedly join Zalora, a Singapore based online fashion firm while Ananya may join KKR as operating partner.
News credit: Livemint, Economic Times, Business Standard