Read latest India business news headlines 13th August 2018:
- ITC, Wipro and Cadila are in the lead to acquire Kraft Heinz India’s popular brand, Complan. The bids, expected to be around $700-800 million, shall be submitted by 15th Sept. Right after GlaxoSmithKline initiated the sale of Horlicks, Kraft Heinz’s also offered to sell Complan.
- As per a Crisil report, India may not reach its 100GW solar power target by 2022 but will touch 78-80GW solar power capacity against 21.65GW as of now by 2023.
- PVR Cinemas has agreed to buy a 71.7% stake in SPI Cinemas, which runs the most iconic Sathyam Cinema in Chennai, for ₹ 633 crores. The move will help PVR Cinemas boost its presence in the south Indian market.
- KKR shall acquire 60% stake in Ramky Enviro Engineers, an environmental solution provider, for $530 million. This is the largest buyout by a private equity firm in India’s environmental services sector.
- DGCA may conduct a financial audit of Jet Airways after the airline postponed its June quarter results. The audit, done to assess fiscal health and ensure no compromise on safety due to financial stress, has been conducted in the past too.
- Paytm, Alibaba’s AGTech have invested $16 million in Gamepind and also named Sudhanshu Gupta, who was part of the Paytm core team, as its CEO. Gamepind, which is currently available within the Paytm app, will use the money to launch a separate app within the next six months to increase its reach.
- Kishore Biyani said that his flagship company Future Retail could close a deal with a foreign investor in the next two months on the back of a large database created from nearly 500 million customers visiting his stores annually. Future Group is reportedly in talks with Amazon.
- SBI will sell two NPAs Bombay Rayon Fashions and Shivam Dhatu for about Rs 2,490 crore. Bombay Rayon owes Rs 2,260.79 crore and Shivam Dhatu Udyog has to repay Rs 229.32 crore to the bank.
- TV broadcasters and advertising agencies are at odds over ad discounts. The broadcasters claim that they are not being consulted when agencies discount ad rates while pitching for business to advertisers resulting in stagnation of advertising rates.