Read the latest India business news 19th October 2018:
– Trump administration is planning to do some more changes in US H-1B visa guidelines by January 2019, which may hit Indian IT and related companies.
– Amazon India has disputed the report of RedSeer Consulting claiming that Flipkart received majority of orders during last week’s festive season sales.
– Reliance Industries is planning to replicate Reliance Jio model for its Jio broadband services offering aggressive tariffs and a gamut of product offerings. This may disrupt India’s broadband and cable market.
– Universal Sportsbiz, a fashion startup backed by Sachin Tendulkar, has raised $13.5 million in a Series E round of funding led by Accel Partners, its existing investor at a valuation of $160 million.
– Tata Sons is said to be in talks to buy a controlling stake in Jet Airways with management control. The firm is asking for 26% initially and another 26% via an open offer later.
– Leap Green Energy, the renewable energy company, has appointed Barclays Plc to help the firm in raising $300-400 million. The firm is looking for funds for growing its portfolio.
– Koninklijke DSM NV, the Dutch specialty chemicals maker, is looking to pick up assets in India. The group has earmarked $3.5 billion to spend on acquisitions across the globe.
– Rana Kapoor, the Yes Bank CEO, met the other major shareholders Madhu Kapur, her daughter Shagun Gogia and Gaurav Kapur and proposed to combine their stakes and form a joint promoter group. This will help both sides to name directors on the Board of the Bank jointly. The move seems to be the result of RBI’s refusal to extend the tenure of Rana Kapoor.
– Huawei will start manufacturing mobile phones in India from next year. The firm has plans to open 1000 exclusive stores across various states.
– Amway has taken Flipkart to court for illegally selling their products on its platform. It is mandatory for e-commerce companies to seek prior approval from direct-selling companies before listing their products.
– To consolidate CSR initiatives of Indian firms, the government is launching a portal so firms can pool their resources and align social work with key government initiatives.
– Essar Steel update – Numetal Mauritius may not bid for Essar Steel due to non-settlement of outstanding dues of associated companies.
News credit: Livemint, Economic Times, Business Standard