Latest India Business News 26th April 2019
- As per EY’s Private Equity Monthly Deal Tracker, PE, and VC investments hit a record monthly high of $7 billion in March 2019. The investments during March 2018 were $3 billion.
1 – A group of minority shareholders have sought permission from SBI Capital Markets to present a proposal to lenders to revive the airline.
2 – BJP leader Subramanian Swamy has written to Suresh Prabhu, the civil aviation minister, asking him to recommend the cabinet to merge Jet Airways with Air India.
3 – The airline has requested the aviation ministry not to give away its international flying rights to other airlines until the 10th May by when it would know the outcome of the sale process.
- The Ministry of corporate affairs will file a contempt of court petition against ex-IL&FS MD Ramesh Chander Bawa and his wife for disposing off a portion of their assets frozen by NCLT. It is also filing a petition against Axis Bank and Standard Chartered Bank for their alleged involvement in the same.
- After around three years, IndiGo has decided to hike salaries of its pilots, cabin crew and other categories of employees.
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- Indian tax authorities have alleged that a number of big MNCs have not passed on benefits of GST cut to customers. Samsung, P&G, J&J are reportedly among them.
- Apis Growth Fund II is investing $110 million to acquire a minority stake in L&T Infrastructure Debt Fund.
- Maruti Suzuki has earmarked a capex of Rs.4,500 crore for the current fiscal, which will go into various initiatives, including R&D, new product development, and land acquisition for sales network.
- The board of Nestle India has approved a resolution for continuity of royalty payments every five years to its parent company. Nestle currently pays 4.5% of its net sales as royalty to its parent firm.
- Coursera, an online education platform, is said to have raised USD 103 million in a funding round led by SEEK group.
- Dream11 has launched an ad-free multi-sport aggregator platform offering content, commerce and community engagement.
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- Quikr has acquired Zefo, a pre-owned goods seller startup, for Rs.200 Crores.
- IT Ministry has written to WhatsApp seeking its response on its plans to tackle the reported issue of its platform being used to share sexual abuse videos of children.
- PNB Scam – Nirav Modi will appear before a London court for a remand hearing today. He has been behind bars since his arrest last month.
- BCCI may face Rs.1600 crore Fema violation charge for remitting the funds to two overseas bankers for Champion League T20 without the approval of RBI.
- Courier shipments to Mumbai airport have reportedly come down by around 50 percent since December 2018 after a government crackdown on packages shipped as “Gifts” by Chinese e-comm firms to avoid duties.