Latest India Business News 24th April 2019
Reliance Retail is reportedly testing its food and grocery app among its employees before the commercial launch of its e-commerce venture. The same strategy was adopted by the company before the launch of Reliance Jio. The app is expected to be launched by this year-end.
With the latest infusion of Rs.240 crores, Amazon Retail is planning to enter around 60 more tier 2-3 cities. It is already present in over 100 cities.
Essel Group in talks to sell road assets to CDPQ, Cube Highways to repay part of its debt.
ITC has moved NCLT against Hotel Leelaventure for alleged oppression and mismanagement. It has also filed an application seeking a waiver of min threshold requirement of 10% shareholding in the hotel. As of how it holds 7.92%.
SoftBank is reportedly looking to invest $2-3 billion in Reliance Jio.
Haldiram has reportedly invested an undisclosed amount in Venture Catalysts, an incubator and early-stage investor.
Jaypee Group has written to home buyers that it would submit a fresh resolution to get back Jaypee Infratech and has sought their support for the withdrawal of the insolvency case.
CDC Group of UK has invested $40 million in BigBasket. The investment is part of $150 million BigBasket is working on to raise at a valuation of $1.2 billion.
Embassy office Parks, a joint venture between Blackstone and Embassy group is planning to raise Rs.3,650 crore through debentures issuance. The firm had recently raised Rs.4,750 crore through India’s first Real Estate Investment Trust.
CleanMax Solar has raised Rs.275 crore in equity funding from UK Climate Investments LLP. UKCI is a JV between Green Investment Group and UK government’s department for business, energy and industrial strategy, which has the mandate of £200 million pilot investment programme to be invested in India and sub-Saharan Africa.
mfine, a Bengaluru-based health-tech AI startup, has raised $17.2 million in a Series B round of funding led by SBI Investments of Japan. The firm has so far raised over $24 million.
ZipGo Technologies, an Essel Group-backed bus aggregator, has suspended its operations across all its cities and has laid off around 60 employees. ZipGo allowed commuters to reserves seats on its buses through a mobile app.
As a result of the shutdown of Sterlite plant in Tuticorin, India’s copper exports fell around 70% to $1 billion in fy 18-19.
HUL filed at an average of two cases per week for violations of its IPR and trademark during fy 18-19. The company says that the higher case numbers are a reflection of incidents of counterfeiting that has multiplied over the past few years.
Shaji Farooq, President of BFSI unit of Wipro, has resigned. Angan Guha, who has been with Wipro for 25 years, will take over the charge.