Latest India Business News Headlines 11th May 2018

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Read latest India business news headlines 11th May  2018 :

• Steuart Walton, grandson of Sam Walton, the founder of Walmart, Dirk Van den Berghe, regional CEO – Walmart Canada and Asia and Judith McKenna, president Walmart International will join Flipkart board, after the acquisition.

• Walmart is planning to open 50 new stores in the next 4-5 years. It currently has 21 stores in India.

• Siemens Ltd, the Indian arm of Siemens AG, is keen on tapping the stressed assets market and plan to focus on sectors like power and steel, as these have the most stressed assets.

• Sebi has released new governance norms for listed firms and has split the CMD post. As per the new governance norms, companies will have six independent directors including a woman.

• Private equity fund, KKR India and its affiliates, have agreed to invest Rs1,250 crore in the Sintex. The funds will be used to refinance debt as also finance growth in B2C business.

• Making the competition tougher for other telcos, Reliance Jio has announced a new post-paid plan with monthly rental of Rs199 with ISD calls starting at 50 paise per minute to US and Canada. For other telcos, this could mean losing more customers as people with high international calling may switch to Jio.

• Jubilant Industries has appointed Manu Ahuja as MD & CEO of the company effective 10th May. Ahuja was earlier with ASSA ABLOY Asia Pacific, world’s largest lock and security solutions supplier, as president for South Asia overseeing operations in 18 countries.

• India suffered its first big ‘cryptojacking’ attack last month when over 2,000 computers at Aditya Birla Group were held hostage by hackers mining cryptos. The firm has however reported no data loss due to this activity. Cryptojacking is a new kind of cyber-warfare where hackers misuse target’s terminals and their processing power to mine cryptocurrency.

• Wealth managing firms like IIFL Investment Managers and Kotak Wealth Management are ready to pitch the individuals who made windfall gains in Flipkart sale, including Sachin Bansal and employees vesting their stock options. Real estate firms are also expecting huge investments in properties by these individuals.

• Fortis update – The board of Fortis has approved a binding offer from Hero Enterprise and Dabur chairman Anand Burman’s family office. The Hero-Burman consortium will infuse Rs800 crore through a preferential allotment of equity shares and another Rs1,000 crore through warrants.

*News as published in Business Standard, Live Mint and Economic Times.

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