Latest India Business News 7th June 2019
- Blackstone Group and Embassy Group are set to jointly acquire the stake of Sameer Gehlaut (39%), Chairman of Indiabulls Group, in Indiabulls Real Estate for around Rs.2700 Crores. The move will also mark Indiabulls exit from the real estate business.
- Azim Premji will be stepping down as Chairman of Wipro effective 31 July. He wants to devote more time to his philanthropic activities. His elder son, Rishad Premji, currently the chief strategy officer, will be the executive chairman of Wipro. Azim Premji will continue as the non-executive director and founder chairman.
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- As per an Ipsos study, Google is India’s most influential brand for the fourth year in a row. Jio ranked 2nd while Paytm ranked third in the list.
- Network18 Media has exited from HomeShop18 after a fresh round of funding saw Skyblue Buildwell acquiring an 82.64% stake. None of the existing shareholders in HomeShop18 took part in the funding round.
- Advent International has completed raising funds for its ninth global PE fund, GPE IX, with commitments of $17.5 billion, surpassing its target of $16 billion.
- Walmart US is planning to put Myntra brands on its US platform. Myntra is already being sold on Walmart Canada.
- RBI has decided to waive all charges on RTGS and NEFT and is expected to issue instructions for the same within a week.
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- RBI has told that Clearing Corporation of India has developed a new platform through which individuals and small businesses would be able to buy Forex for foreign travels online. The platform is being tested and expected to be available for users by early August.
- NCLT has given a 90 days extension till 7 Sept. to Kwality to complete the corporate insolvency resolution process.
- Videocon case – ED shall be questioning some more officials of the bank and will also question Chanda Kochhar again. ED had recorded statements of Chanda and Deepak Kochhar last month also.
- PE investors in SRL, Jacob Ballas, Siguler Guff and IFC, which owns 31.5 percent, have started the process to exit the firm. The exit process is expected to be completed by Sept. end.
- Tata Sons have offered to buy NCDs worth Rs.7520 Crores held by public and private insurers.
- United Spirits earned more than 10 percent of its operating profit in fy 18-19 from Cricket.
- The government is planning to reduce the lease period for toll-operate-transfer projects to 15-20 years from the current period of 30 years as the banks are reluctant to offer long-term loans.
- PM Narendra Modi has approved the re-constitution of Niti Aayog dropping Bibek Debroy as a member. PM will remain the Chairman while Rajiv Kumar has been re-appointed as the Vice Chairman. Amit Shah and Rajnath Singh have been appointed ex-officio members.
- The Competition Commission of India has ordered Schneider Electric to modify the electrical and automation business of L&T that it is acquiring to avoid the Rs.14,000-crore deal from stifling competition in the Indian market.