Latest India Business News headlines 10th May 2019
SoftBank’s VC arm, which had recently launched a $500-million fund, is planning early-stage investments in Asia with a major focus on India. The firm is looking to sign deals of around $10-20 million each in consumer internet space, with a special interest in AI, healthcare, and fintech.
Reliance Brands has acquired a 100 percent stake in Hamleys for £67.96 million (around Rs.620 crore) in an all-cash deal.
L&T has reportedly bought more shares of Mindtree to raise its total ownership to 26%. Crossing the 25% mark will ensure that L&T gets a board seat and the power to propose or block special resolutions.
Vodafone Pls has pledged its entire stake of 44.39%, valued at around Rs.18000 Crores, in Voda-Idea with foreign banks to raise funds to reduce debt.
Jet airways – Registrar of Companies has reportedly found instances of Companies Act violation and some unexplained fund trail.
Kinara Capital, a small business lender, has raised Rs.100 crore from PE funds and impact investors.
SoftBank has reported an 80 percent increase in its operating profit for fy 18-19 taking it to $22 billion. Exit from Flipkart and increasing valuation of Oyo have been a major contributor.
Tiger Global is reportedly in talks to invest around $80-90 million in Moglix, an industrial goods marketplace. It is also said to be in talks with Upstox for investing around $20-30 million.
Flipkart has reportedly distributed a fresh set of Esops to its senior and middle-level staff for a total of around $100 million.
GST Council has extended the deadline for realtors to opt for GST rates till May 20.
Bill & Melinda Gates Foundation has appointed Hari Menon as India Country Director. Memon is currently Director in the foundation’s headquarters in Seattle.
Must Read: Upcoming events in India in May 2019
Parle will soon stop producing its 50-paise retailed candies including Kismi Toffee, Orange Bite, London Derry, and Mango Bite due to very low margins.
Fortis update- Fortis Healthcare is planning to approach Delhi High court to recover allegedly siphoned off Rs.403 crores from Singh brothers.
McDonald’s has bought out Vikram Bakshi’s 50% stake in their joint venture Connaught Plaza Restaurants. McDonald’s India will review its 160 outlets in north and east India, which will remain closed till then.
Securities Appellate Tribunal has granted interim relief to Ajay Shah and his two relatives banned by SEBI from being associated with the securities market for misusing data from NSE for commercial gains in the co-location case.