Read latest India business news headlines 13th June 2018:
– Sun Pharmaceutical has received clearance for all the issues raised by US FDA over its Halol facility in Gujarat, which had been under FDA scanner since September 2014.
– The Government has started working again on the sale of Air India and how to make it more attractive to buyers. Preliminary discussions are being held with bankers and potential bidders, for drawing up a draft framework. It may be willing to offer 100% stake in the airlines.
– Ruchi soya update – Adani group has offered around ₹6,000 crore to emerge as the highest bidder for acquisition Ruchi Soya. Patanjali Ayurved has bid around ₹5,700 crore for the firm.
– Ascension Ventures, London-based early-stage venture fund and Mumbai-based Unicorn India Ventures have announced a joint cross-border fund to invest in UK-based start-ups. The fund aims to raise up to £5 million per year and shall invest in firms building products and services relevant to the Indian market.
– Axilor Ventures, the early-stage venture capital fund, has launched a ₹200 crore technology-focused fund, which will primarily look to infuse seed money of around Rs.3 Crore in each portfolio company.
– Nitesh Banga, head of manufacturing of Infosys has left the firm to take over as COO of GlobalLogic, a privately-held company valued at over $2 billion. Banga was appointed to oversee a business that is estimated to have accounted for more than $1 billion in revenue in July last year.
– Sebi has set up a panel to look for ways to ease listings with an aim to make stock market listing attractive for start-ups. The panel will review existing institutional trading platform framework as also identify areas which need changes.
– Paytm Mall has raised around ₹1,500 crore from SoftBank and Alibaba Group. The funding is part of ₹3,000 crore commitment announced in April this year, out of which SoftBank shall invest ₹2,600 crore with the rest coming from Alibaba.
– Uber has introduced a data-light version of its app in seven Indian languages. The aim is to expand its user base and increase popularity in tier-III cities. A pilot project has been launched in Hyderabad, Delhi and Jaipur.
– Rana Kapoor has been reappointed as MD and CEO of Yes Bank for 3 more years. The re-appointment is subject to final approval by RBI.
– Visa, the largest card payment network, has slashed its charges on debit card transactions by upto 95%, the largest quantum being applied to transactions under Rs.2,000.
– NDMC is likely to announce a new date for the auction of Hotel Taj Mansingh in a month, however, the existing tender terms are unlikely to be changed.
– NirogStreet, a healthcare startup, creating a community of Ayurveda doctors has raised a seed funding of $300,000 from Spiral Ventures, the early stage Japanese venture fund and others. Funds will be used to further building the community platform and launching online consultation portal.
*News as published in Business Standard, Live Mint and Economic Times.