Read the latest India business news 20th December 2018:
– Shell Eastern Petroleum has entered into an agreement with Cleantech Solar to acquire 49% stake in the company. The deal amount has not been disclosed.
– Parliament’s Public Accounts Committee has sought an inquiry into DGH-led panel approving Reliance Industries’ $1.529 billion plan for developing four satellite gas discoveries in KG-D6 block without independent validation.
– As per the data published by Trai, Reliance Jio tops 4G download speed chart with an average speed of 20.3 Mbps and Idea in the upload speed of 5.6 Mbps.
– DGCA is assessing the health of Jet Airways on a fortnightly basis since its financial audit in August.
– Senior officials of RCom and Reliance Jio met Telecom Secretary to resolve issues flagged by DoT. DoT, however, is said to have refused to clear the deal unless it gets clarity on payment of dues and associated charges.
– Karandeep Anand will head Facebook’s Workplace product team. An IIIT Hyderabad graduate, Karandeep is with Facebook for 4 years. He was earlier with Microsoft for around 15 years.
– Infosys has hired Mark Livingston as head of consulting business. Mark was earlier with Cognizant reporting to its CEO.
– All India Bank Officers Confederation has appealed for a strike on 21st. United Forum of Bank Unions’, an umbrella body of 9 bank unions, has also called for a strike on 26th December.
– IDBI Bank has received a final letter from LIC for an open offer for acquisition of an additional 26 per cent.
– Oman Air is in discussions with the Indian government to increase weekly seat entitlement for expanding its services.
– LetsTransport, a trucking logistics platform, has raised Rs.100 Crore in a series B round of funding with Bertelsmann India and an undisclosed Japanese investor.
– Shop101 has raised Rs.80 Crore in a series B round of funding led by Kalaari Capital and Unilever Ventures.
– Indian drug inspectors are said to have seized samples of J&J’s baby powder from its Baddi plant.
– Vijay Mallya case – Vijay Mallya is said to be preparing to appeal against UK court extradition order. He can go to the Court of Appeal, the process where could take months and Indian agencies may not be able to expedite it. If he loses there as well, he would still be able to apply to UK’s Supreme Court.
News credit: Livemint, Economic Times, Business Standard