Read the latest India business news 22nd October 2018:
– A real estate fund managed by Morgan Stanley is in advanced talks with KSH Group to invest approx. Rs.400 crore in its warehousing business. KSH Group operates in domestic logistics, distribution sectors, service and manufacturing.
– As per the terms of a contract between Reliance and SkyTran, RIL will finalize the site for India’s first pod taxi prototype. Reliance will help SkyTran with multiple technologies to run the pod taxi.
– As per an analysis by EY, the investible capital available with private investors in India is around $40 billion.
– A leading foreign bank may take Kwality Ltd. to NCLT for Rs.12 billion default. As per resources, the firm has a debt of around Rs.20 billion.
– NDTV has informed Bombay Stock Exchange and National Stock Exchange of having received a defamation notice from Reliance Infrastructure & Others, claiming damages of Rs 100 billion on account of a story ‘The Ideal Partner in Rafale Deal’ broadcasted on NDTV’s weekly show ‘Truth vs Hype’ on September 29, 2018.
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– TCS has restructured its Industry Solutions Units and has given control with a quarterly target to around 200 employees. The move is focussed to free the senior management to focus on long-term startegies.
– To tap into the ethnic wear market, Myntra, along with Saif Ali Khan, has launched an ethnic brand House of Pataudi.
– Jet Airways has promised to disburse 25% of September salary to its sr management, pilots and engineers. However, the firm has given no date for payment of rest of the 75%.
– Crayon Data, having investments from Ratan Tata and Kris Gopalakrishnan, is planning to raise $11 million in a Series B round of funding for expansion in western markets and for technology development.
– Publicis India has terminated Ishrath Nawaz, its executive creative director after acquisition on him for sexual misconduct. Nawaz had joined Publicis in April this year from McCann Worldwide. Dentsu Aegis Network had also sacked its four employees after an internal investigation on allegations of sexual misconduct.
– IL&FS update – The government may have to bail out IL&FS and the company board is said to be in talks with the government, The company failed to raise ₹4,500 crore through a rights issue.
News credit: Livemint, Economic Times, Business Standard