Read the latest India business news 26th October 2018:
– As per a report of Nasscom, India added 1200 tech start-ups in 2018. The number was 1000 in 2017.
– At the India Mobile Congress, Mukesh Ambani said India will be ready for 5G and a fully-4G country by 2020. Sunil Mittal requested government for tax relief while Kumar Mangalam Birla asked for technology leverage and investments before moving to 5G.
– Canada Pension Plan Investment Board is in discussions to purchase part of the shares of Goldman Sachs to increase its stake in ReNew Power.
Must Read: Indian Brands Foreign labels
– Dorco has picked up 10% stake in LetsShave, an Indian grooming product range startup. Dorco is one of the leading razor blades manufacturers in the world and exports to 130 countries.
– The Indian government has asked Google, Facebook, WhatsApp and Twitter to have local grievance officers to curb misuse of sites.
– BigBasket, which entered into milk-delivery earlier this month by acquiring inCan and Morning Cart, is expecting to increase orders ten-fold by March 2019.
– Supreme Court has asked the Government to submit its views on cryptocurrency within two weeks. Cryptocurrency exchanges had filed petitions against the order of RBI disallowing entities regulates by these exchanges.
– Essar Steel update – Based on the offer of ArcelorMittal, shareholders of Essar Steel have offered to pay Rs.54,389 crore to clear all dues of lenders. The move is aimed to pull out the company out of insolvency proceedings.
– Zenith India, a Publicis Group owned media agency, has appointed Jai Lala as COO. Lala was previously associated with MediaCom as Chief Strategy and Growth Officer and has 20 years of industry experience.
News credit: Livemint, Economic Times, Business Standard