Latest India Business News 3rd October 2018

Google ad chief Ramaswamy has quit the firm. Prabhakar Raghavan, head of Google’s business-applications unit, will take over the charge now. Ramaswamy is joining Greylock Partners as a venture partner.

TCS, Tata Motors and Infosys are among the 12 Indian companies in the list of world’s best-regarded firms by Forbes.

L&T has bagged the contract to construct the first phase of the second terminal at Kempegowda International Airport in Bengaluru. The contract value is said to be around Rs.3000 Crore.

Hotel Leelaventure has defaulted in payment of principal redemption amount of ₹22.5 crore to LIC for secured non-convertible debentures.

Vedanta shall invest $4 billion in its Barmer, Rajasthan block to boost output Oil output from 250,000 barrels to more than 300,000 barrels per day.

Buyout transactions by PE firms in India have risen to $5.5 billion in 2018 from $2.7 billion in 2017. This is the highest in five years.

To speed up the commercial launch of GigaFiber high-speed broadband, Reliance Industries has initiated talks to acquire Hathway Cables.

To achieve its goal of doubling its loan book to $2 billion over the next 18 months, Altico Capital India is now planning to diversify into infrastructure, health and education sectors.

India’s second-largest winemaker, Grover Zampa Vineyards, is planning to raise around ₹130 crore from Ravi Viswanathan, Quintela and AVT Group. Around Rs.60 crore of the planned investment has already been received.

Facebook has named Adam Mosseri as the head of Instagram. He has been with the company for the last 10 years.

Amul will now focus more on the dark chocolate instead of its regular chocolates. The move is part of the strategy to regain its market share.

Apollo Hospitals is planning to offer new financing options to patients in partnership with financial institutions and start-ups.

IL&FS update – Status of five directors nominated by large shareholders on the board will remain unchanged. Sacked IL&FS directors will have to face questions on financial mismanagement including diversion of funds, negligence and siphoning off funds.