Read latest India business news headlines 16th July 2018:
– The Board of Tata steel, which acquired Bhushan Steel, has approved the appointment of T.V. Narendran as chairman and non-executive additional director of Bhushan Steel. Koushik Chatterjee too has been appointed as non-executive additional director.
– The board of LIC shall meet in Mumbai, today to finalize the acquisition of 51% stake in IDBI Bank.
– Ola has signed an MOU with the employment department of Haryana government to create 35,000 entrepreneurial opportunities in the state.
– ICICI Bank has launched a second external probe by hiring a white-collar crime specialist law firm Panag and Babu, to investigate the allegations of irregularities in 31 loan accounts which were raised by a whistleblower. This is the third whistleblower complaint against ICICI Bank.
– The ministry of corporate affairs has set up a 10-member committee to review the penal provisions in the Companies Act as it tries to decriminalize certain offenses & resolving most cases without approaching courts.
– Aurobindo Pharma has entered into an agreement to acquire Apotex’s commercial operations across five European countries, including Spain and Poland for €74 million. The acquisition is in line with their strategy to strengthen and grow European business as also to expand in Eastern Europe.
– Apple is stressing on selling products at MRP to rebuild brand’s marquee stature. It has kicked off a sales revamp that involves blacklisting retailers if they pick up stock from wholesalers that sell at a discount, ensuring that the product is sold at MRP as in the US. It has also created a new sales audit team under CFO Gaurav Duggal which will randomly pick up products from the market to ensure compliance of its sales processes.
– To facilitate cross-border growth of startups, Blume Ventures has teamed up with two US-based funds to launch a B2B accelerator platform-cum fund.
– TCS has set up a steep climb for Infosys to catch up with itself as the revives large outsourcing deals from US banking and financial services industry. TCS is seeing revenue flow from nearly $7 billion deals it signed over the last few months reflect in the quarter.
– IKEA has postponed opening its first store at Hyderabad by almost 20 days to 9 August as it needs some more time to fulfill quality commitments.