Latest India Business News 26th March 2019

Latest India Business News 26th March 2019

  • Naresh Goyal and his wife Anita Goyal have stepped down from the Board of Jet Airways.
  • Kishore Biyani has been reappointed as MD and Rakesh Biyani as JMD of Future Retail for the next 3 years.
  • Edelweiss is planning to raise up to a $1 billion corpus for its latest alternative investment fund, a nearly threefold increase from the $350 million fund it raised in April 2017.

Latest India Business News 26th March 2019

  • WhatsApp is reportedly working on two features that will help the users know how many times a message has been forwarded. In India, the forwards are currently limited to a maximum of five.
  • After the issuance of over 15.47 Crore shares, the government shareholding in Bank of Maharashtra will increase to 94.10 percent from the current 87.01 percent.

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  • Hotel Leelaventure has sought approval from its shareholders to sell four out of its total five hotels to Brookfield for Rs.3950 Crores.
  • Fortis Healthcare is facilitating the sale of stakes owned by PE investors in its SRL Diagnostics unit.
  • PNB Fraud case – A Neeraj Modi firm has moved Bombay High Court against the sale of 68 paintings seized by the Income Tax department citing it as unlawful.
  • Redington has acquired a 90 percent stake in Auroma Logistics for Rs.45.6 Crores. Auroma Logistics is engaged in 3PL services and warehouse management,

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· More on Jet Airways:

  • – Naresh Goyal and his wife Anita Goyal have stepped down from the board of Jet Airways. Naresh Goyal will also cease to be the chairman of the airline.
  • – In a letter to 22,000 employees, Naresh Goyal said It’s not the end of the journey but the start of a brand new chapter. He also wrote that the approval of the Jet Airways bailout plan will put the carrier on a “sounder and sustainable” financial footing.
  • – Ajay Singh, Chairman, SpiceJet said it was a “sad day” for Indian aviation.
  • – SBI has said that it expects investors for the Jet Airways by the end of May and Naresh Goyal has the option of increasing his stake to beyond 25% in future.
  • – SBI-led lenders worked for over five months to save the Airline. SBI chairman Kumar was clear that lenders would not let Jet Airways face bankruptcy.

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