Read the latest India business news 29th November 2018:
– BSE has created a new division for the listing of startups. As per the startup listing norms, a firm should have positive net-worth, be registered as a startup with the government or have a paid-up capital of at least Rs1 crore before being listed.
– A.M. Naik, L&T group chairman, has been appointed as chairman of National Skill Development Corporation. NSDC oversees and executes short-term skill development programmes of the government.
– Lodha Developers are planning to raise around Rs.5,000 crore by sale of their equity interest in two London projects and PE funding for projects in India.
– Airports Authority of India has issued a notice to SpiceJet for paying up to Rs.20 crore by 30 November to partially clear its dues of Rs.117 Crores.
– Bira 91 beer has signed up a five-year global partnership deal with International Cricket Council, estimated to be around $5-6 million per year. It is the first Indian beverage brand to strike a global sponsorship deal with ICC.
– Rana Kapoor wants to become Yes Bank chairman provided RBI and shareholders okay his appointment as Director. However, as per the existing norms, a whole-time director cannot be reappointed on the bank’s board before two years from the date of stepping down.
– TCS has been cleared by a jury in the USA of claims of anti-American bias. This is a major victory for the Indian outsourcing industry as their business model depends heavily on exporting Indian engineers to US.
– Naresh Goyal has reportedly agreed to sell his controlling stake and also give up operational control of Jet Airways. He is in discussions with Tata Group, Etihad Airways and a consortium of Air France-KLM and Delta Air Lines Inc.
– Truecaller Pay shall go live with Bharat Bill Payment System early December. It has already started testing the features.
– Bosch has said that it will invest around Rs.800 Crores in India over the next 3-4 years.
– Drivezy, formerly JustRiden has raised $20 million from its existing and new investors. It has also signed up an asset financing deal of $100 million with AnyPay.
– Kalaari Capital is said to have hired KPMG’s Sreedhar Prasad as Partner. Kalaari is in the process of raising its fourth fund.
– Trai has pulled up Bharti Airtel and Vodafone Idea to clearly inform subscribers within 3 days in a transparent manner about their plans. The action was taken after subscribers complained that the companies have sent messages to their prepaid users asking them to recharge their accounts to continue using their services despite holding sufficient balance.
– Oriental Bank of Commerce has begun the process of selling its 23% stake in Canara HSBC Oriental Bank Life Insurance and has hired ICICI Securities for the same. The sale value is expected to be around Rs.1500 Crores.
News credit: Livemint, Economic Times, Business Standard