Latest India Business News 30th May 2019
- GAIL India has again approached NCLT to admit its Rs.390 crore claim from Videocon Industries. The resolution professional had rejected the claim earlier.
- IFC has led a $222 million debt investment round in Cholamandalam Investment and Finance. This is IFC’s third investment in Cholamandalam after investing in 2010 and 2014.
- Air India has sought approval from the government to borrow Rs.2,400 crores from the National Small Savings Fund to meet its working capital requirements.
- Bids submitted by Amul and Nandini to operate Delhi Milk Scheme on long-term lease basis are lower than the reserve price. The government is now exploring other options to revive the loss-making firm.
- Flipkart has launched ‘Adrenex’ its in-house sports and fitness private label brand.
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- SpiceJet is reported to be planning to increase its capacity by 80 per cent during the current fiscal year.
- DPIIT is setting up a task force to boost exports through e-commerce. It is looking to remove bottlenecks on payments, tax, and other areas of concern.
- RBI has said that the banks can use Aadhaar for KYC verification with customers’ consent.
- Amazon is reportedly bringing in a new Alexa Privacy Hub which will allow users to delete their records on all alexa-enabled devices through voice command. Users have to go to the app to delete recordings one by one.
- MTR foods has set up a Rs.50 Crore fund to invest in startups engaged in food processing.
- Awfis is in advanced talks to close a $25 Million funding round led by ChrysCapital.
- IDBI Bank has reportedly started the process of selling its mutual fund business and has appointed ICICI Securities to advise on this.
- Royal Dutch Shell, the Global energy major and Statkraft have been shortlisted for the next round to buy Morgan Stanley Infrastructure Partners-owned wind energy platform Continuum Wind Energy.
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- IATA Director General Alexandre de Juniac has said that Boeing 737 MAX is unlikely to return to service before August. However, the final say on the timing rested with regulators.
- Power Finance Corp. is increasing its borrowings from the international market in 2019-20 to tide over a liquidity crunch in the country. PFC had a fund-raising target of Rs.80,000 crores for fy 19-20, out of which it will raise 10% in foreign current borrowings.
- IL&FS update – NCLAT has asked IL&FS group companies, upgraded to ‘green’ category, to start paying their debts as per the payment schedule.