Read the latest India business news 5th December 2018:
– Sebi has given its approval for a controlling stake in Fortis Healthcare by IHH Healthcare.
– Amazon India has received another infusion of Rs.2,200 Crore, taking the total funding received so far to Rs.27,290 Crore.
– Cleartrip has laid off around 100 employees in India in functions like bus dev and contracting.
– CBDT has said that there seems to be no scope of a cut in the corporate income tax rate for large companies in the near future.
– MoEngage, a Marketing cloud platform, has raised $9 million in a Series B round of funding led by Matrix Partners and Ventureast. It offers a ML-based enterprise solution for better ROI for marketing.
– The World Trade Organization has agreed to hear complaints from India and Switzerland over US steel and aluminium tariffs. WTO shall establish panels to review US President Donald Trump’s decision to hit a long line of countries with tariffs of 25% on steel and 10% on aluminium.
– Central Board of Direct Taxes shall soon make the process of filing tax returns a lot easier by introducing pre-filled fields based on information already available with it.
– Saavn Media, now a subsidiary of Reliance has launched JioSaavn app, which will be offered on a freemium model.
– To ease the slot constraint in Delhi’s IGI airport, Hindon Air Force Station will serve as the second airport from February next year, majorly for the UDAN flights.
– Jet Airways has reportedly told its Pilots that it will have a new investor on board in the next 2-3 months. Pilots had threatened to report “sick’ on duty due to non-payment of salaries.
– ChrysCapital has acquired a controlling stake in GeBBS, a US-based healthcare service provider, for around Rs.1000 Crores. GeBBS has a global workforce of around 6000.
– Sameer Maheshwary, Zomato CFO has resigned within just six months of joining the firm. Recently Zomato has seen many CXO level exits.
– Dharmesh Mehta, Axis Capital CEO, has resigned. The Bank’s board has elevated Salil Pitale and Chirag Negandhi as JMD and Co-CEO.
– KKR and Co has appointed two new directors, Sumanth Cidambi and Vijay Padmanabhan, for its India credit business. Cidambi has extensive experience in restructuring operations and business turnarounds and Padmanabhan has a vast experience in credit underwriting and distress investing in India and UK.
– There are reports of a data breach at Quora and around 100 million users are said to be affected. All the users who may have been affected are being logged out to prevent further damage.
– IL&FS update – While 5 IL&FS employees are still in captivity of unpaid staff in Ethiopia, police there has taken into custody three Indian officials of the company over non-payment of taxes and workers’ salaries.
News credit: Livemint, Economic Times, Business Standard