Latest India Business News 21st August 2019 – Tentaran

Read Latest India Business News 21st August 2019:

  • NCLT has admitted insolvency plea filed by Bank of India against Housing Development and Infrastructure which owes around Rs.520 crores to the bank.
  • USFDA has issued eight observations to Dr Reddy’s Laboratories after the inspection of its Duvvada facility in AP. The firm says it will address them within the stipulated timeline.

latest india business news 21st august

  • Wipro has tied-up with IISc for advanced research and innovation in 5G, autonomous systems, and robotics.
  • The Government has extended temporary allocation of Jet Airways’ slots and flying rights to other airlines till December 2019.
  • Max Life Insurance has launched Max Life Innovation Labs, its startup accelerator program. Under the Innovation Labs, it will invite disruptive startups and out of the box thinkers to partner with them to create futuristic tech-based solutions for Max Life.
  • Ashutosh Raghuvanshi, the new CEO of Fortis Healthcare is planning to reduce expenses by around $31 Million over the next two years. The former owners had reportedly defrauded the firm by tens of millions of dollars.

Latest India Business News 21st August 2019

  • In order to push sales of diesel cars, Maruti has launched a scheme offering free warranty for 5 years or 1 lakh kms.
  • H2O.ai, an open-source platform offering AI and other solutions, has raised $72.5 million in a Series D round of funding led by Goldman Sachs and Ping An Global Voyager Fund with participation from some other investors. It has so far raised total funding of around $147 Million including the current round.
  • To boost its retail lending portfolio, SBI is offering various festival discounts including processing fee waiver on car loans, long repayment tenure for car, personal and education loans.
  • Walmart is in talks with RIL for a tie-up to boost its retail in India.

Must Read: India monthly roundup of Start-up world in July, funds, funding and investments

Latest India Business News 21st August 2019

  • DoT has written to RoC to withhold any further action on the Airtel-Tata Tele merger as DoT is yet to give its written approval.
  • The board of Gautam Thapar-promoted CG Power and Industrial Solutions has said that the company will restate accounts as it has discovered “significant accounting irregularities” and governance lapses.
  • To expand retail loan business, PSU Banks are getting ready to introduce various retail loans on the portal ‘psbloansin59minutes’. Currently the portal issues in-principle approval of loans up to Rs.1 Crore to MSMEs in 59 minutes subject to meeting certain conditions.
  • IL&S update – NCLAT has refused to stay NCLT hearing in the IL&FS fraud case. As per a report by Grant Thornton, after the RBI advised IL&S Financial Services not to lend to the group firms, circumventing the advisory, IFIN started buying shares from those companies to provide them funds.

Must Read: India monthly roundup of M&As and tie-ups in July

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