Read the latest India business news 28th September 2018:
Jet Airways has told its lenders that it will raise around Rs.3,500 crore over the next six months through stake sale and infusion of fresh funds. It has also informed lenders that it will shave off costs of around Rs.2,000 crore over the next two years.
Aditya Birla Group is reportedly in talks with IL&FS to buy out its education and training arm, IETS. IETS operates computer labs in government schools under the BOO model and manages around 16000 schools in 11 states.
Vikram Pandit, former CEO of Citigroup, GIC, JM Financial and other investors have invested Rs.875 crore in JM Financial Credit. The funds will allow the firm to reduce its leverage and grow the loan book.
Lifestyle has been penalized by the national anti-profiteering authority for not passing on lower GST benefits of a product in 2017.
Reliance Communications is reportedly in talks to sell a controlling stake after it exits India’s consumer wireless business. Two investors are said to be conducting the due diligence.
Minority shareholders of Apollo Tyres have rejected re-appointment of Neeraj Kanwar as MD.
Flipkart has made it mandatory for all its sellers to use only Flipkart branded packaging for delivering goods to consumers. The company said that its eco-friendly and meets with regulations imposed by some states on the use of plastic.
BNP Paribas wants to sell its 33% stake in Geojit Financial Services, 2 years after it acquired Sharekhan and has reportedly already mandated the work. It’s not clear as of now whether promoters and existing shareholders of Geojit would seek to increase their interest.
Essar steel update – Numetal has offered to match the bid of ArcelorMittal of Rs.42000 Crore.
News credit: Livemint, Economic Times, Business Standard