Latest India Business News 4rth June 2019 –
- As per EY India consultancy, M&A activity in the first quarter of 2019 fell to 242 deals worth $9.9 billion from 260 deals with a value of $21.6 billion in the same quarter in 2018.
- As part of a revamp of its India strategy, SoftBank is looking at smaller transactions and plans to invest in startups at an earlier stage.
- Amazon is expanding its ‘packaging-free shipment’ program to nine cities including Delhi, Mumbai, Ahmedabad and Nagpur. The initiative is aimed to reduce the waste generated from the secondary packaging of customer orders.
- Sebi has sent a notice to HDFC Mutual fund MD, Milind Barve, for MF’s decision to extend the tenure of some of its FMPs in view of Zee Group’s decision to delay repayment for some of its bonds.
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- Air India divestment – The government will set up a nodel cell by 1st July to facilitate interaction between various advisers appointed by DIPAM.
- NCLT has approved resolutioon plan of Deccan Chronicle Holdings submitted by Srei Multiple Asset Investment to invest Rs.408 Crores in the firm. DCHL has a debt of around Rs.8180 Crores.
- Manipal Group will increase its stake in its insurance JV with Cigna Corporation to 51%
- The apex consumer commission has held that a builder cannot forfeit the deposit amount of homebuyers in case they seek cancellation of allotment due to delay in project.
- Zomato has introduced 26 weeks paternity leave to its employees. The new parents will also be given a one time payment of $1000 per child.
- RBI has barred SR Batliboi, an affiliate of EY, from undertaking audit assignments in commercial banks for FY 19-20. SR Batliboi were auditors for IL&FS where a lot of lapses have been found in the accounts.
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- Avail Finance, a leading startup, has raised $9 Million in the second round of funding led by Matrix Partners India. It had earlier raised $17.2 million.
- Caisse de Dépôt et Placement du Québec, Canada’s second largest pension fund, has purchased shares of Mahindra & Mahindra amounting to Rs.1,244 crores. CDPQ manages more than C$309.5 billion, with investments in around 60 countries.
- BBNL is planning to take over operations and maintenance work of optical fibre-based infrastructure of BharatNet infra.