Read the latest India business news 5th October 2018:
– LIC made an open offer for 26% equity stake in IDBI, which has been approved by IDBI.
– Chanda Kochhar has quit as CEO of ICICI Bank with immediate effect. Sandeep Bakhshi has been appointed MD & CEO for five years. Kochar had been on indefinite leave.
– Droom has raised $30 million in a Series E funding round led by the family office of Joe Hirao, a Japanese investor. Droom has so far raised $125 million.
– RCom has told Supreme Court that it will settle its dues dispute with Ericsson India in 10 days. Ericsson had moved NCLT against RCom and its two subsidiaries over non-payment of dues since 2016.
– Blume Ventures has marked first close of its third fund at $40 million and is targetting a total corpus of $80 million. It is planning to invest 60-65% of this fund in sectors relying heavily on domestic consumption, like digital media, entertainment, healthcare, jobs, etc.
– Iron Pillar has made final close of its $90 million maiden fund, raised primarily from overseas investors. The fund invests in mid-stage companies including in Series B, C and D funding rounds.
– The government may cancel UDAN routes of Air Deccan and Air Odisha if they do not start operating on the new routes by the end of October. The airlines have so far started flights in only 10 of the 84 awarded routes.
– ICICI ventures is in talks to acquire around 25-20% stake in Micro Plastics for about Rs.300 Crore. Micro Plastics is a leading contract manufacturer and exporter of plastic toys.
– To battle it out with Ola, Uber is planning to strengthen its technology team in Hyderabad and Bengaluru. India has emerged as an important market for Uber.
– Amazon and Flipkart are fighting it out to sign exclusive deals with smartphone brands like Apple, Huawei, Samsung before the festive season sale. Smartphones make up nearly half of the GMV for Indian e-commerce companies.
– Essar steel update – Supreme Court has allows ArcelorMittal and Numetal to rebid for Essar Steel and has asked them to clear their dues within a fortnight.
News credit: Livemint, Economic Times, Business Standard