Latest India Business News 27th August 2019 – Tentaran

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Read Latest India Business News 27th August 2019:

  • The government of India is considering relaxing local sourcing norms for foreign companies selling only their own brand. The move is likely to encourage Apple to set up stores in India.
  • The last date for filing annual GST return has been extended by three months to November 30 from August 30 previously.

latest india business news 27th august

  • OMCs are not likely to resume fuel supply to Air India in the suspended six tier-II cities without written commitment over payment of dues worth around Rs.5000 crores.
  • Lenders to Jet Airways have extended the deadline for submitting EoIs until Saturday to accommodate a potential bidder, South American conglomerate Synergy Group, which submitted an EoI after the expiry of the deadline.
  • DHFL has appointed KK Mankeshwar & Co as its new statutory auditor. Its earlier auditors Deloitte Haskins & Sells and Chaturvedi & Shah had resigned earlier this month.

Must Read: India Guide: Interesting facts about India Gate, Description and History

Latest India Business News 27th August 2019

  • Amazon India announced the launch of a Military Veterans Employment program in partnership with DGR and AWPO which will create opportunities for military veterans and their spouses across Amazon India’s Fulfillment, Delivery, and Sort Centres.
  • Resolution professional of Ariisto Developers has invited fresh bids to revive the real estate firm going under insolvency proceedings since last year. Rustomjee Group emerged as the lone bidder in the first round of bidding but its proposal was rejected by CoC.
  • Embassy Group is planning to enter into co-living business with 20,000 beds to be built on its existing land portfolio.
  • FreshtoHome, an online fresh fish and meat retailer, has raised $20 million in a Series B round of funding led by Iron Pillar. It claims to have crossed $30 million in annualized sales.
  • Cred has closed a $120 million funding round, led by Ribbit Capital, Gemini Investments, and Sequoia Capital at a valuation of $450 million.

Must Read: India monthly roundup of M&As and tie-ups in July

Latest India Business News 27th August 2019

  • Sandeep Sinha, ex-Cummins India MD, has joined TAFE as CEO. A Kelley School of Business Alumnus, Sinha has over 15 years of experience in the supply chain, quality control, and customer engagement among others.
  • NCLT has initiated insolvency proceedings against Raheja Developers.
  • RBI has approved a transfer of Rs.1.76 Lakh Crores to the government including dividend for fy 18-19.
  • The government has started the process to dilute its stake in PSUs to bring it below 51 percent and is in the process of floating a discussion paper to discuss the pros and cons.
  • Delhi State Level Bankers’ Committee has proposed various measures to prevent ATM frauds including a time lag of 6 to 12 hours between two transactions.

Must Read:  India monthly roundup of Start-up world in July, funds, funding and investments

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