Latest India Business News 5th June 2019:
- In its Global Economic Prospects report, the World Bank has retained its forecast of India’s growth rate at 7.5% for the current financial year.
- Google CEO Sundar Pichai and Nasdaq president Adena Friedman have been chosen for the prestigious Global Leadership Awards 2019 by business advocacy group USIBC.The award would be given during the next week’s ‘India Ideas Summit’ to be held in US.
- The Supreme Court has allowed the reopening of books of accounts of IL&FS and its two units for five years on a plea filed by the Serious Fraud Investigation Office and the new management.
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- Piramal Group and Lone Star Funds are in advanced talks to set up an investment platform to acquire operating road assets. They plan to invest $600-700 million in the platform.
- Air India divestment – The two-stage bid process for selling the entire 100% equity stake in Air India could kickstart as early as 7 July.
- Airports Authority of India has signed a pact with Boeing to modernize air traffic management in India. Boeing will analyze current technologies and processes to identify efficiency improvements.
- As per a report by TRA Research, Dell has emerged as the most trusted brand in India in 2019.
- Delhi High Court has restrained Asus Technology from using the mark “ZEN”, “ZENFONE” and other similar terms while selling mobile phones and other products. Telecare Network India had contended that it was a prior user and had been continuously using the marks since 2008.
- BPCL and HPCL have taken 25% stake each in IOC’s ₹9,000 crore LPG pipeline project.
- YouTube has opened entries for NextUp 2019 to support and encourage the next generation of creators and artists from India. It has announced the launch of NextUp for Artists, Women To Watch and Gamers.
- GIC Holdings and Abu Dhabi Investment Authority have agreed to invest $495 million in Greenko Energy Holdings at an enterprise value of around $6 billion.
- Swiggy is in advanced talks to raise around $1 billion from its existing investors including $300-500 million from SoftBank.
- Milkbasket has raised $10.5 million in a funding round led by Unilever Ventures.
- An informal ministerial group including Amit Shah reviewed Bharat Petroleum Corp’s $2.2-2.4 billion investment proposal in a gas field in Mozambique. The government is attempting to do deeper scrutiny of overseas investments.
- Aurobindo Pharma has received 10 observations from the USFDA for its Unit in Hyderabad. The firm did not share any details about the observations.
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