Latest India Business News 3rd July 2019 – Tentaran

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latest india business news 3rd july


  • RBI has fined PNB and Allahabad Bank with Rs.50 lakhs each and Rs.25 lakhs to UCO Bank for non-compliance with KYC requirements and norms.
  • Ola Electric has raised $250 million from SoftBank in a series B round of funding. They were looking to raise funds to achieve their goal of operating around 1 million EVs by 2021.
  • MobiKwik has partnered with DT One, a global B2B network, to venture internationally. It will now be able to offer mobile recharge, rewards and airtime credit services in more than 150 countries.
  • After the mega success of their first exit, Asia Healthcare Holdings is now planning to invest around $200 million. They are planning acquisitions in ophthalmology, urology, and gastrointestinal segments in the next 2-3 years.
  • The state-owned banks classified Rs 1.5 lakh crores worth of loans as ‘wilful defaults’ in 2018-19, SBI accounting for nearly a third of the amount.

Latest India Business News 3rd July 2019

  • The Minister of State for Finance, Anurag Thakur said that people must be aware of the menace of fake GST invoices and has urged the GST officers to be sensitive for honest taxpayers.
  • HCL Technologies has completed its planned acquisition of selected IBM products, AppScan, BigFix, Commerce, Connections, Digital Experience, Notes Domino, and Unica, for security, commerce, digital solutions, and marketing.
  • Due to the stiff competition and low tariffs, BSNL has been facing fund crisis for months now. But, they said that they will not close down.  The Government is considering a bailout plan for BSNL and MTNL for about Rs.74000 crores.
  • As per an SBI report, the NBFC sector, after the series of defaults by IL&FS, is in a liquidity crisis and in need of urgent attention.
  • Creditors have rejected NBCC’s bid to acquire Jaypee Infratech after which NCLAT has directed the representatives of banks, allottees and other stakeholders to appear before them on 17th July.
  • The Kalpataru Power Transmission has entered into a binding agreement with CLP India to sell their stake in 3 power transmission assets for an enterprise valuation of about Rs.3,275 crores.

Latest India Business News 3rd July 2019

  • Vinod Kumar, MD & CEO of Tata Communications, has resigned citing personal reasons. His tenure was to end on Jan 31, 2021.
  • CBI launched a massive crackdown with over 300 officers carrying out searches in 18 cities at over 61 locations for alleged bank loan default cases of around Rs.1139 Crores in 17 cases including one against absconding diamantaire Jatin Mehta.
  • The Landmark Group has started shutting down outlets of its fashion brand ‘Splash’ in India.  The Group, based in the Middle East, operates several retail chains in India including Home Centre, Lifestyle, Splash, and Max.
  • Air India Assets is aiming to raise Rs.22,000 crores of Bond sales to refinance their debts.

Must Read: The journey of Oberoi Group of Hotels

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