Read the latest India business news 28th November 2018:
– Japanese technology firm NTT Data has bought 55.35% stake in Atom Technologies, a fintech firm, for $9.24 million to mark its entry into India’s payment market.
– An agreement between Amazon and Future Retail for a stake buy-out of around 9.5% is expected to be finalised within the next 10 days. Reportedly, the deal would be around Rs.2000 Crores.
– OYO has appointed Rohit Kapoor, Executive Director – Max Healthcare, as the CEO of its new real estate businesses.
– Verloop, a customer engagement SaaS startup, has raised $3 million in Series A funding round led by IDFC Parampara Fund. The funds will be used to enhance technology.
– Tech Mahindra has bagged IT modernization project from Coal India worth Rs 270 crore. The project includes ERP software implementation and supply and implementation of Hospital Information Management system.
– The Government has reportedly decided to sell 100% of Air India’s ground handling arm, Air Transport Services, and use the funds to repay part of the accumulated debt.
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– Jet Airways may pay the remaining 25 percent September salary to its senior staff by December 4. Its pilots had threatened not to perform additional duties from December 1 if the salary dues were not cleared.
– Arvind Ltd has announced the launch of its largest garment hub in Gujarat with two manufacturing facilities to be set up with an investment of ₹350 crores.
– The RBI launched a Survey on India’s Startup Sector to capture their profiles and also get information on their profitability.
– Sebi has ordered the release of bank and demat accounts of Sterlite Metal after recovering its dues of around Rs.62 Lakhs.
– Bharti Airtel may raise around Rs.12-15000 Crores through issuance of fresh shares. The move is part of its strategy to raise Rs.30,000 Crore war chest to cut debt and fund capex.
– Dineout has acquired Torqus, a leading SaaS based restaurant management software provider to strengthen its position as a technology service provider in online restaurant booking.
– Amway India has become the latest entrant into India’s herbal skin care market. Estimated to be around Rs.2000 Crore, the segment is expected to grow at 15-16%.
– Neeraj Arora, Chief Business Officer of WhatsApp has quit the company after working for seven years. An IIT-Delhi Alumnus, he was at number four position in the company. His exit comes seven months after Jan Koum, co-founder of WhatsApp left the company.
News credit: Livemint, Economic Times, Business Standard