Read the latest India business news 21st December 2018:
– Swiggy has raised a fresh capital of $1 billion, its largest funding round so far. After this round, Swiggy has become the fifth most valuable startup in India at a valuation of $3.3 billion.
– The Government has sought approval from Parliament to infuse another Rs.2,345 crore into Air India. The funds will be used to meet airlines’ operational costs.
– Infosys has appointed Nilanjan Roy as its new CFO. Nilanjan will replace interim CFO Jayesh Sanghrajka, who will resume his responsibilities as Dy CFO. Roy was Airtel’s global CFO.
– Airtel has set up a special committee to explore and evaluate various fundraising options. Airtel has been trying to strengthen its capital structure to take on rivals Reliance Jio and Vodafone Idea.
– CBDT has said that no coercive action on tax demands on startups would be made until an expert panel resolves the issue of taxing startups.
Also read: Uttarakhand News
– Amazon is set to introduce various new measures to clamp down on fake sellers and take out potential counterfeit products from its platform. It is witnessing a high number of instances of unverified sellers listing fake products.
– Sterlite Industries has approached Tamil Nadu pollution control board for permission to operate its copper plant. NGT had set aside Tamil Nadu government’s order last week clearing the way for reopening of the plant.
– DCGI has ordered J&J not to use talc raw material from its Mulund and Baddi plants till further orders. Drug inspectors collected samples of baby powder from both of these plants. It has been alleged that the baby powder contains cancer-causing asbestos.
– State-owned Power Grid Corporation has got shareholders’ approval to raise FPI shareholding to 35% from existing 30%.
– As per a DIPP survey, Gujarat is the best place for startups.
– As per Twitter’s ‘top 10 most engaging brands’ tally, handset makers – Honor India, Samsung India, OnePlus India, Xiaomi India and Motorola India took the top 5 spots.
– Sapphire Foods, Yum! Brand’s largest franchisee of in India, has raised Rs.225 crore in a fresh round of funding led by Edelweiss.
– CBI arrested eight PNB employees and two directors of a Mumbai-based private firm in a $1.4 million fraud case. Though not related to Nirav Modi case, it is from the same branch.
– IL&FS is looking sell education and fund management business.
– Bhushan Power and Steel update – NCLAT has reserved its order and asked all parties concerned to submit their written submissions by December 26.
News credit: Livemint, Economic Times, Business Standard