Read the latest India business news 21st November 2018:
– For companies planning to delist from the stock exchanges, Sebi has allowed promoters to make a counteroffer to shareholders.
– Shapoorji Pallonji Group is planning to raise around $1 billion by selling around 30% stake in its solar engineering arm to reduce debt.
– Acting on a complaint by Singapore’s PSA International, Competition Commission of India has ordered a probe into alleged anti-competitive practices by Denmark’s A.P. Moller-Maersk and Dubai’s DP World at the terminals they operate at the Mumba container port.
– SoftBank may hire Sumer Juneja, currently a partner with Norwest Ventures, as its India head. SoftBank Group has invested in companies like Ola, Flipkart and Paytm.
– Crystal Crop Protection, a specialty chemicals company, shall be acquiring Tilt, Proclaim and Blue Copper brands of Syngenta India, all of which are leaders in their respective industries. The acquisition will enhance Crystal Crop’s penetration in wheat, pulses, rice, cotton, vegetable and grapes markets in India.
– The board of RBI has decided to extend the timeline for full implementation of Basel III norms for bank capital by a year, a move which will free up around Rs.3.7 trillion for potential lending.
– DeTect, Chennai-based robotics startup, has raised $3.3 million from SAIF Partners and others in a series A round of funding. The funds will be used to hire more people and expand in UK and Europe. DeTect has two major products; Gumps, a sensor that detects leakages and corrosion in oil or gas pipelines, and Noctua, an industrial drone that inspects large-volume assets like boilers and stacks.
– CropIn Technology Solutions has raised $8 million in a Series B round of funding from Chiratae Ventures and Bill and Melinda Gates Foundation Strategic Investment Fund. CropIn provides SaaS-based services for agri-businesses. The firm had earlier raised $4 million.
– KKR backed Radiant Life Care is said to be in talks to take over operations and management of Mumbai’s Jaslok Hospital. It had previously made an unsuccessful bid for Fortis Healthcare.
– SBICAP Ventures has announced the launch of two funds focussed on affordable housing and SMEs. It plans to raise ₹400 crore for the SME fund and ₹350 crore for the affordable housing fund.
– Supreme Court has asked Amrapali Group to reveal details of all its properties in the name of directors, their family members, relatives, CFO and statutory auditors in India and abroad by 3rd December.
– Gurpratap Boparai, MD of Skoda Auto, will also head the domestic subsidiary of Volkswagen AG, with effect from January 2019.
News credit: Livemint, Economic Times, Business Standard