Read latest India business news headlines 10th July 2018:
– Samsung has opened a mobile phone factory in Noida at a cost of ₹ 4,500 crores which can produce 12 crore smartphones every year and will generate 15,000 local jobs. It is said to be the world’s largest mobile phone factory.
– Ratan Tata and Tata Sons filed a caveat petition in the Bombay high court to get a chance to be heard after anticipating a litigation by Cyrus Mistry. However, the suit was dismissed by NCLT as it didn’t find merit in allegations of mismanagement at the conglomerate, marking a reversal for the holding company’s ousted chairman.
– $216 million worth of Vedanta shares, owned by Cairn, have been sold by the Income Tax Department to recover part of Rs 10,247 crore tax demand, says Cairn Energy.
– Airtel has removed its Fair Usage Policy in Hyderabad and offered its broadband customers usage of unlimited data.
– ONGC has pushed back the KG gas production date to 2019 and is targeting a peak oil output of 77,305 barrels per day within two years of the start of production.
– Liberty House has approached NCLAT seeking information on the bid finalization process of Bhushan Steel. Liberty House has alleged that lenders are not sharing any information or documents related to their meeting on Monday.
– Shriram Transport Finance Company and Shriram City Union Finance are in the early stage of a merger plan, which is aimed at the listing of the holding company, Shriram Capital.
– Godrej and Boyce Manufacturing has filed a plea in the Bombay High court against National High-Speed Rail Corporation (NHSRCL) and the state and Union governments to ensure that an alternative route is chosen for the bullet train project. The hearing date is fixed at July 31. One of the entry points to the underground tunnel of the project falls on one of firm’s prime property in Vikhroli, a central suburb of Mumbai,
– The Government announced that it shall encourage and finance infra projects in the smart cities concentrating on public open spaces, social innovation in low-income settlements, sustainable mobility and urban governance & ICT sectors. The projects will receive an additional funding of approximately ₹80 crore each.
– Groww has raised $1.6 million in a pre-series from Insignia Venture Partners and plans to use the funds to strengthen its technology and launch more financial products and services.
– The lawyer of ArcelorMittal India Ltd, Abhishek Manu Singhvi said that the company was eligible to submit a bid for Essar Steel on the date of application, as it was not associated with Uttam Galva Steels Ltd at that time.
– DoT has demanded Rs 3,900 crore in cash and Rs 3,300 crore in bank guarantees to clear the Vodafone India and Idea Cellular merger.
– After agreeing to buy a 77% stake in Flipkart for $16 billion, Walmart is now looking for acqui-hires and niche tech-product start-ups in India.