Read the latest India business news 19th December 2018:
– Binny Bansal is reportedly negotiating fresh terms of cash payouts with Walmart of around $100 million. Binny had to receive around $850 million for approx. 50% of his stake in Flipkart after August 2020.
– Ola has agreed to invest an additional $100 million in Vogo, a scooter-sharing start-up. With this investment, Ola will become Vogo’s largest shareholder with a stake of around 30%.
– Dewan Housing Finance will exit the mutual fund business by selling its entire stake in DHFL Pramerica Asset Managers to its JV partner Prudential Financial Inc.
– Saudi oil minister has said that Reliance and Saudi Arabia are in discussions for investments in an oil refinery and petrochemical project.
– Central Board of Direct Taxes has ordered IT Deptt to create a 12-member committee of senior officials to restructure the IT dept.
– RBI would be injecting Rs.500 billion of liquidity in December through its open market operations.
– DoT has told RCom and RJio that it cannot approve their deal to trade airwaves as it does not conform to the guidelines. Jio had written to DoT seeking assurance that Jio will not be held responsible for RCom’s past dues related to airwaves.
– Toppr, an education tech startup, has raised $35 million from Kaizen and its existing investors. The firm is looking to raise another $80-100 million to take on Byju’s.
– IBM has set up an advisory board to drive growth. The board will be led by Neelam Dhawan, ex-HP India head.
– Vivriti Capital, a lending platform for corporate entities, has raised Rs.200 Crore in a series A round of funding. Funds will be used to strengthen technology platform and onward lending.
– A group of e-pharmacies has filed an appeal against Madras High Court order to shut down operations by Dec. 20.
– Samana Global Business Solutions is raising its first fund, Samana Global Fund, of Rs 4,000 crore to invest in hospitality, healthcare, IT, retail and real estate sectors. Samana currently has investments of around Rs.900 Crores in restaurants, hospitals and retail outlets in Kerala.
– Central Drugs Standard Control Organization has decided to investigate J&J’s baby powder. Recently there were reports of J&J knowing for decades about the presence of cancer-causing asbestos in the product.
News credit: Livemint, Economic Times, Business Standard