Latest India Business News 29th August 2019 – Tentaran

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Read Latest India Business News 29th August 2019:

  • DGCA called an urgent meeting with officials of IndiGo and GoAir to take stock of P&W engines’ glitches. It said that reaction to completely shut down operations of P&W powered Airbus A320neo will have serious consequences, as around 40 percent of domestic capacity is served by these aircraft.
  • Tata Realty and Infrastructure will buy commercial projects in Pune, Bengaluru, and Chennai for Rs.1,200-1,400 crore to build IT parks of around 12 million sq. ft.

latest india business news 29th august

  • SpiceJet’s plans to connect London from winters have been grounded after it failed to secure slots at Heathrow.
  • Clarifying on stopping fuel to Air India, IOC has said that they do not have cash-surplus. Indian Oil, Bharat Petroleum and Hindustan Petroleum stopped jet fuel supplies to Air India at six airports
  • IIFL Wealth has entered into a definitive agreement to acquire 100% equity shares of L&T Capital Markets which brings geographical spread, product innovation, and client assets of over Rs. 24,000 crores.
  • The government has further relaxed FDI in single-brand retail trade. Cabinet has allowed online retailing under single-brand retail, relaxed rule of a mandatory brick-and-mortar store as also expanded the definition of mandatory 30% domestic sourcing norm.

Must Read: PM Modi launched Fit India Movement today on National Sports Day

Latest India Business News 29th August 2019

  • Flipkart Group has signed an agreement with Authentic Brands Group that gives licensing and distribution rights in India for Nautica. Flipkart will manage Nautica’s online and offline business through franchise partners.
  • Chargebee, a subscription management startup, has raised $14 million in a funding round led by Steadview Capital. Its existing investors Accel Partners and Insight Venture Partners also participated.
  • JM Financial Private Equity has reportedly bought a significant minority stake in Innovcare Lifesciences, a nutraceutical firm for around ₹45 crores.
  • DSG Consumer Partners has closed its third VC  fund at $65 million. Its first VC fund was for $24 million in 2012 and second for $50 million in 2017.

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

Latest India Business News 29th August 2019

  • Paytm is looking to enter into the healthcare payments space and may add doctors to widen the user base.
  • ICICI Bank has become the first bank in India to deploy industrial ‘Robotic Arms’ to count currency notes at its various currency chests in 12 cities. These 14 Robotic Arms help sort over six million notes on all working days.
  • CG Power is exploring various fundraising avenues including sale of non-core assets to deleverage the firm and optimize operations.
  • Cognizant is reportedly laying off around 800 people in its life sciences and healthcare divisions including from Trizetto, its offshore delivery centre in Pune.

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

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