Read latest India business news headlines 14th June 2018:
- Food processing minister has asked DIPP to ease curbs on Amazon’s food retailing venture. DIPP wants Amazon to have separate facilities for the food venture’s warehousing, logistics and inventories. Amazon plans to invest around $500 million in food retailing venture.
- Ikea, which is set to launch its first store in Hyderabad, is expecting its restaurant business to drive higher footfall to its stores. Globally, the food accounts for 5-10% of its sales, but Ikea expects this to be significantly higher in India. Ikea will have 1000 seater restaurant in its Hyderabad store.
- Amazon India has launched a platform for lenders and sellers wherein they can choose from loan offers to get term loans or overdraft. It currently has 6 lenders on its platform including Capital First, Bank of Baroda, Aditya Birla Finance among others.
- To have an upper hand in the competition, Zomato and Swiggy are looking to build a captive supply of kitchens to cater to their customers. Zomato is set to invest around Rs.30 Crore in Loyal Hospitality which is looking to set up 8000-10000 kitchens over the next three years.
- Fosun International, the Chinese diversified conglomerate, will now focus more on investing in early-stage startups in India. Fosun has investments in companies like MakeMyTrip, Delhivery and Ixigo.
- SEBI is now considering to allow Indian Companies to directly list overseas. Earlier the same was prohibited on the fear that it will lead to Capital Flight from the country.
- HDFC will acquire a minority stake in the ATS group firm “Homekraft” and will invest $300 million for development of mid-size and affordable houses across India. The investment will be a mix of accrual, debt, and private equity funds.
- Bayer AG is in the process of acquiring 44,88,315 shares, representing 26% of the voting rights, in an open offer of Monsanto India.
- The Government is considering various disinvestment process for Air India but it says it will not allow complete foreign ownership as reported earlier.
- ICICI Bank will sell up to 2% of its stake in ICICI Prudential Life Insurance.
- HDFC Bank has got approval from the Cabinet to raise up to Rs.15.5 Crores via QIP.
- To expand into digital payment services in India, Truecaller has acquired Chillr. Truecaller is looking to roll out Truecaller 2.0 in the next few months, wherein it will offer credit and other financial services to Indian users. Sequoia is the common investor in both the firms.
- The Bombay High Court has disposed of a petition filed by Videocon objecting to initiating bankruptcy proceedings by SBI and others against the firm.
- The CEO of Cognizant, Mr. Francisco D’Souza, has also been appointed as the vice president of the company.
*News as published in Business Standard, Live Mint and Economic Times.