Read the latest India business news 24th September 2018:
– IL&FS is planning to approach NCLT to not admit a bankruptcy case against the group as it is already in the process of settling dues through various capital-raising programs and monetization of firm’s assets. Meanwhile, IL&FS Investment Managers MD Ramesh Bawa has resigned.
– Flipkart may appoint a new group CEO at the group level in place of Binny Bansal. Both internal and external candidates are being considered. Flipkart’s current CEO Kalyan Krishnamurthy is also said to be among the candidates.
– Helo, the social networking app of Toutiao, the Chinese content giant, is said to have spent more than $20 million to catch up with ShareChat. Within just 3 months of its launch, Helo has been downloaded over 10 million times in India.
– Govt has started consultation with states for mergers of regional rural banks to bring down their number to 36 from the current 56.
– WhatsApp has appointed Komal Lahiri as its grievance officer to curb fake news in India, who will be based in US. The move partially fulfills demands of the Indian government to curb the spread of rumours.
– US-based hedge fund Davidson Kempner is reportedly seeking a forced sale of Essar Global Fund’s shares in Essar Energy, which owns and runs the Stanlow refinery in the UK.
– IndoSpace and GLP have formed a JV to co-invest in the infra sector. The joint venture will see GLP co-investing in IndoSpace’s managed investment vehicles. GLP’s real estate platform is one of the largest in the world.
– Ola is in talks with Naspers to raise funding at a valuation of $7-8 billion. It is also reportedly in talks with Temasek Holdings and two other funds to raise $1 billion in fresh capital.
– pi Ventures, which invests in AI and IoT startups, has raised final tranche of its ₹225 crore first fund. The fund will invest in various deep-tech startups over the next four years.
– Reliance Jio has signed a five-year partnership deal with Star India to make India-cricket matches available to its users of JioTV. This partnership covers all formats of cricket matches.
– As per the data released by DoT, women’s share of India’s mobile subscriber base was just 17.4% as on 31st March last year. There were over 990 million mobile subscriptions in India.
– Inox Leisure has terminated its contract with BookMyShow due to payments disagreement. BMS, which generated 32% of Inox’s box office revenue, has challenged the termination in Bombay High court.
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– V-Mart is exploring omnichannel route to expand its business and is also planning to spend around Rs.100 Crores in setting up new stores and a warehouse in the next fiscal year.
– Paytm has said to have started testing a facial recognition tool which will enable customers to pay at merchant outlets by simply looking at their smartphones.
News credit: Livemint, Economic Times, Business Standard