Latest India Business News 22nd April 2019
- Brookfield Asset Management of Canada is in talks to buy a majority stake in Hyderabad-based Mytrah Energy, valued at around $1 billion.
- A team of Tata group met Satya Pal Malik, Governor, J&K to explore investment avenues in the state.
- Alok Sama, CFO, SoftBank Group International will reportedly step down from his post but will remain a senior adviser. Among other big deals, Sama led the execution teams for $59 billion merger of Sprint and T-Mobile and acquisition of ARM Holdings for $34 billion.
- Pine Labs has acquired Qwikcilver for $110 million. A definite agreement was entered into for the acquisition last month.
- Essel Group Chairman Subhash Chandra has said that he is confident of being able to meet the deadline of 30th Sept for repaying the lenders. The firm has a debt of Rs.17,174 crores.
- Jet Airways:
- Nasim Zaidi, non-executive and non-independent director, who joined the Jet Airways board in August 2018, has resigned from the board, citing personal reasons and time constraints. Zaidi is former Chief Election Commissioner and ex-civil aviation secretary.
- Tata group may reportedly revive an attempt to buy the airline if lenders fail to find a buyer and approach the bankruptcy court.
- eBay may lead a $160-170 million investment funding round in Paytm Mall. eBay is looking to explore offline-to-online commerce and payment strategy in India.
- The government may soon introduce a simple single clearance process to incorporate a company with all registrations like PAN, S.Tax, EPF, etc.
- The industry has raised concerns over increasing import of finished leather goods and footwear from China while the export of these products is falling. Commerce & Industry ministry is looking into the issue.
- The government did not receive any financial bid for divestment in Pawan Hans helicopter and the last date for bid submission expired. The date cannot be extended due to the model code of conduct election rules.
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- TCS has partnered with India Posts to modernize mail and package delivery, enhance customer experience and launch new services for revenues. It is a multi-year deal.