Read the latest India business news 27th November 2018:
– Bain-Piramal fund has invested $156 million in Archean Group’s marine chemicals business through debt and equity. Archean Chemical is said to be the largest producer and exporter of industrial salt and bromine in India.
– Jet Airways has appointed Robin Kamark as nominee director of Etihad Airways, who will replace Harsh Mohan. Kamark has spent 17 years at Scandinavian Airlines System.
– Indigo has clarified that it will not charge for all seats during web check-in. Some seats will be available for free web check-in depending upon the time and aircraft type.
– Godrej Fund Management has entered into an agreement with Hero Cycles to jointly develop around 1 m sq ft commercial office and retail space in Gurugram at an investment of around Rs.1500 Crores.
– The family of Rana Kapoor, promoter of Yes Bank, has paid ₹200 crore each to Reliance Mutual Fund and Franklin Templeton Mutual Fund towards prepayment of the due amount. Now the promoter group has a borrowing of Rs.1400 Crore.
– To cut costs, Jet Airways is continuing to lay off staff in small batches. It is now laid off around 16 people from Kochi and Hyderabad and is said to have asked around 35 people to leave last month.
– The Government has moved SC for a bank guarantee of Rs.2940 Crores from RCom before the Jio deal. RCom has said the company cannot make the payment as it was undergoing insolvency proceedings.
– Bobby Pawar has quit Publicis India to join Havas Group as Chairman and Chief Creative Officer. Pawar has 27 years of experience in the field of advertising.
– RBI has started checking Yes Bank’s loan exposure to IL&FS, Dewan Housing and other NBFCs. RBI is trying to find out if there is an interconnection between Yes Bank and NBFCs against the backdrop of the IL&FS crisis.
– BlackBuck, a Logistics startup, is in talks to raise fresh funding of $150-250 million at a valuation of $1 billion. It has appointed JPMorgan as its investment banker for the new funding round.
– The Government is targeting to complete privatization of six airports by February 2019 by giving it on 50 years lease.
– Reportedly Future Group is now discussing a wider agreement with Amazon with provision for a complete buy-out in the future.
– OLX has announced offline expansion of its used car business. It plans to set up 150 outlets in 40 cities across India by 2021.
– National Anti-profiteering Authority, the body tasked with ensuring that businesses pass on benefits of GST rate cuts to consumers, is witnessing an increase in complaints. It has received more than 300 complaints from customers in the recent weeks relating to overcharging by FMCG companies.
– Sun Pharmaceutical has bought Pola Pharma, a Japanese drugmaker, for $1 million. The move is part of its plan to strengthen firm’s global presence.
News credit: Livemint, Economic Times, Business Standard