Read the latest India business news 18th December 2018:
– Quikr has acquired India Property Online, a real estate platform, for an undisclosed amount. The acquisition is part of Quikr’s strategy to build transaction business on top of the classifieds. Quikr has so far acquired 14 companies across categories.
– ICG Strategic Equity, the PE arm of the US-based Intermediate Capital Group, has agreed to buy Standard Chartered’s PE assets for $1 billion.
– Bombay high court has declined to stay RBI directive to the promoters of Kotak Mahindra Bank to lower their stake in the bank by 31st December.
– Dubai’s DP World has approached Indian court to quash India antitrust probe over Mumbai port. Last month CCI had alleged suspicion on antitrust violations by DP World and A.P Moller-Maersk.
– Uday Shankar has been elected VP of FICCI. He is currently Chairman & CEO of Star India and President of 21st Century Fox Asia. He is the first Indian media and entertainment industry head to be elected for a leadership position in FICCI.
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– As per a report by AgFunder, a US-based farm investor, and Omnivore Ventures, an agri-tech-focused investor, Indian farm and food startups raised $1.6 billion during 2013-2017.
– Brookfield Asset Management of Canada is in advanced stage of discussions to buy four luxury hotels and a large land parcel owned by Hotel Leelaventure for around Rs.4,500 crores.
– Facebook, for the first time globally, has started the process of manual verification of documents of political advertisers. Advertisers and agencies will have to provide scanned documents, which will then be verified by the India team.
– Sequoia Capital is selling around 7% of its stake in Byju’s for around $185-190 million to Naspers and General Atlantic. Sequoia currently holds around 20-22% stake and invested $50 million across various rounds.
– MagicLabs has raised $23 million funding led by Accel Partners and IFC.
– Entrust Family Office has closed two deals with Connect India E-commerce and Sreyas Holistic Remedies. Entrust claims to represent a number of entrepreneurs and families with cumulative assets of Rs.8000 Crore.
– IL&FS update – Govt appointed board of director of IL&FS is planning to offer firm’s road assets for sale. The proposed sale may be carried out as a basket/individually or as an undertaking comprising all offered assets and businesses.
– Fortis case – IHH Healthcare has told Malaysian stock exchange that it will not proceed with the open offer for Fortis Healthcare as of now. The move is the result of Supreme Court’s order to maintain the status quo.
News credit: Livemint, Economic Times, Business Standard