Read the latest India business news 8th October 2018:
– After securing a corporate agent license to enter into the insurance segment, Flipkart has partnered with Bajaj Allianz to offer customised insurance solutions for mobile phones.
– A 10-member Government panel will examine steep discounts being offered by e-tailers and whether they are subject to any restrictions in their access to dealerships from manufacturers.
– Qualcomm is planning to set up its largest campus outside the US in Hyderabad at a cost of around Rs 3,000 crore.
– Greenko Group has yet again started discussions to buy Orange Renewable from AT Capital Group of Singapore for about $925 million. The initial discussions started in June but the group later backed off.
– US government’s development finance institution Opic is keen to back Indian start-ups looking for Series B, C and D round of funding instead of early start-ups. Opic has a $23 billion portfolio across 90 countries and offers political risk insurance, private equity and project finance.
– 1.8 million directors have been struck off MCA rolls due to KYC failure. Around 3.2 million updated their KYC forms.
– IKEA is expecting its online sales to be higher than its online sales in other countries, which is around $3.8 billion, 10% of its annual sales.
– A group of online sellers has approached CCI alleging Amazon gives preferential treatment to large sellers.
– Blackbuck, a logistics startup, has received Rs.202 Crores in a fresh round of funding with Sequoia Capital coming on board as a new investor.
– Yes Bank promoters Rana Kapoor and Madhu Kapur are said to be in preliminary talks to settle a long-drawn legal case against each other out of court.
– Reliance Industries increased prices of some key petrochemicals by 10-21% in the second quarter of this fiscal year. The y-o-y increase is 17-61%.
– Essar Steel update – VTB, Russia’s second largest banking group, is set to bid solo for the Essar Steel. The Supreme Court had allowed Numatel consortium led by VTB to bid for Essar Steel.
News credit: Livemint, Economic Times, Business Standard