Read the latest india business news 20th september 2018:
– Samara Capital and Amazon.com Inc. have agreed to buy More, the food and grocery retail chain of Aditya Birla group. Though the deal amount has not been disclosed, but its expected to be around ₹4,200 crore.
– RBI has eased norms for raising overseas funds by companies in the manufacturing sector. It has also allowed Indian banks to market masala bonds as per government’s measures to prop up the rupee.
– Flipkart has launched a new cashless credit program for consumers to give them access to an instant credit line of up to Rs 60,000 for shopping on Flipkart. Flipkart may also reportedly apply for a new NBFC licence.
– RBI has not accepted the plea of Yes Bank to extend the tenure of its MD & CEO Rana Kapoor and has asked the bank to draw a succession plan in the upcoming Board meeting.
– The government has appointed heads of 10 state-run banks. Most of the posts in these banks were lying vacant for months. The list includes Central Bank of India, Syndicate Bank, Indian Bank, Dena Bank etc.
– Income tax officials searched the four offices of Jet Airways for a suspected case of tax evasion. The airlines, reeling under various financial problems, is also stopping free meals on its Economy class for bookings done from 25th September.
– Livspace, online home design startup, has raised $70 million in a series C round of funding led by TPG Capital and Goldman Sachs. The fresh capital will primarily be used to grow sales faster. So far it has raised $105 million in funding.
– Life Healthcare, the South African private hospital group will sell its entire stake (49.7%) in Max Healthcare of India to investment firm KKR for $293 million.
– To help improve early-stage education in India, Central Square Foundation promoted by Ashish Dhawan, Bill and Melinda Gates Foundation, Steadview Capital of UK and Google India have pooled in $40 million.
– To leverage MS Dhoni’s mass following, Mastercard has appointed him as its new brand ambassador to drive debit card usage in Tier II and Tier III cities.
– RIL is planning to set up Reliance Jio Hubs in smaller towns, which will be one-stop shops for all consumer items sold by Reliance Industries and its units. After Jio GigaFiber broadband services, these hubs will be the biggest focus area for RIL.
– Global tech companies are planning to oppose the new proposed legislation in India that would require all companies including Facebook, PayPal to store user data within India.
– The Government is considering a share buyback proposal for Coal India whereby it is planning to raise around Rs 10 billion as part of its disinvestment target from various public sector enterprises.
– Oil marketing companies have threatened to stop selling jet fuel to Air India unless it clears its fuel bill on a daily basis. Air India, which buys fuel of around Rs 20 crore daily, has mounted dues over Rs.5000 Crore to be paid to oil companies.
– The government has said that all e-commerce companies need to collect tax at source from October 1, hence, all foreign companies including Amazon, Google, Apple will have to register themselves for GST in all the states in the next 10-12 days.
News credit: Livemint, Economic Times, Business Standard