Read the latest India business news 27th December 2018:
– The government has barred online retailers from selling products of companies in which they own stakes. It also disallowed them from entering into exclusive deals for merchandise. The govt had received complaints from small traders stating that deep discounts offered by e-com firms are driving them out of business, as also big sellers get preferential treatment. This move could particularly hit Amazon as it has several such JVs including Cloudtail and Appario. Cloudtail is a JV between Amazon and Catamaran Ventures of N.R. Narayana Murthy.
– Hindustan Unilever is considering legal options after GST anti-profiteering authority found it guilty of not passing on rate cut benefits to consumers and asked the firm to deposit Rs.223 crores.
– Rajesh Subramaniam has been named as President & CEO of FedEx Express. The Indian-American Subramaniam is currently executive VP, Chief marketing and communications officer of FedEx Corporation. He has been with FedEx for over 27 years.
– Bloom Hotels has raised an additional Rs.100 crore from Samena Capital, which had also invested Rs.100 crore in April 2018. Bloom Hotels currently operates 8 hotels.
– As per a report by Preqin, 585 healthcare-focused deals worth $56 billion were announced between Jan to Nov 2018. 2017 recorded 619 deals worth $57 billion.
– Carlyle & GIC are set to buy a 10% stake in SBI Life Insurance for Rs.5200 Crores.
– Kishore Biyani’s family office has raised Rs.3000 Crores, out of which Aion Capital invested Rs.1400 Crores while Rs.980 Crore came from Generali Group.
– Some of the big Electronic retailers have decided to sell products of BSH Hausgerate, maker of Siemens and Bosch products. The firm had alleged that some consumer electronic companies support online discounts.
– RBI has set up an expert committee, headed by Bimal Jalan, its former governor, to suggest how to handle its reserves and if it can transfer surplus funds to the government.
– The government is to infuse Rs 830 billion into public-sector banks in the remaining months of 2018-19.
– Delhi Metro has partnered with Uber and Ola to provide last-mile connectivity from the metro stations. Currently, Uber has set up kiosks at Dwarka Sector -21 and Sikanderpur metro stations, and Ola at M G Road and Noida Sector-18.
– Shemaroo Entertainment is looking to launch its new OTT streaming service, ShemarooMe, in the first quarter of 2019. To start with it will partner with key telecom companies, cable, and DTH firms to have it integrated.
News credit: Livemint, Economic Times, Business Standard