Latest India Business News 19th June 2019 –
- Lenders to Jet Airways have named Ashish Chhawchharia of Grant Thornton India as the resolution professional for bankruptcy proceedings. The last two Independent Directors of the airline have also resigned.
- Swiggy is reportedly in talks to raise more funds from Carlyle Group.
- Reliance Industries is planning to invest Rs.20,000 crores in Reliance Jio to fuel its broadband and e-comm business and enter 5G services in the future.
- Vistara has entered into a codeshare agreement with United Airlines.
- MobiKwik has tied up with DT One, a global mobile top-ups provider, to offer mobile recharges in 150 countries across 550 telcos.
- Razorpay has raised $75 million in a series C round of funding led by Ribbit Capital and Sequoia Capital.
- Indiabulls Housing has appointed a chief risk officer, Naveen Uppal, to comply with the norms of the National Housing Bank.
- GIC, Singapore’s sovereign wealth fund, is planning to deploy up to $1 billion in India to acquire operating toll and annuity roads.
Latest India Business News 19th June 2019
- Essel Infraprojects has agreed to sell around 310 MW of solar energy assets to Adani Group at a valuation of around Rs.1,800-2,000 crores. As of December 2018, Essel Infra had a debt of Rs.11,466 crore and its promoter company is also under debt of around Rs.13,000 crore.
- US has informed MEA that companies found supplying equipment or other products of American origin to Huawei or its units could face punitive action.
- RBI has fined HDFC Bank Rs. One Crore for not reporting fraud and non-compliance of KYC/AML norms.
- NCLT has ordered the liquidation of Moser Baer Solar as no one bid for the firm during the mandated 270 day period. Moser Baer was also recently declared wilful defaulter by UCO Bank over an outstanding of Rs.122 Crores.
- Competition Commission of India has started a study of e-comm market due to concerns about alleged unfair business practices.
- Blackstone Group has acquired a marquee office building in the Bandra Kurla Complex of Mumbai for Rs.2,500 crores.
- As per a report by the Indian Staffing Federation, India is the fifth largest country in flexi-staffing (temporary jobs). US, China, Brazil, and Japan hold the first four positions on the list.
- Indian insurance companies may lose up to Rs.150-180 crores on account of match cancellations due to rain during World Cup 2019.
- Bernard Arnault, Europe’s richest person, has also joined Jeff Bezos and Bill Gates in the world’s most exclusive wealth club with a fortune of at least $100 billion.
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