Latest India Business News Headlines 17th January 2019

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Read Latest India Business News headlines 17th January 2019:-

india business news headlines 17th january 2019

– The government has simplified the process for startups seeking exemption from angel tax notices by eliminating the need for certification from an inter-ministerial body.

– Facebook has carved out India as a separate region with a six-member board to treated at par with the one at its Menlo Park headquarters in the US, the first such for Facebook outside the US. The local office will also report directly to Menlo Park and will no longer be part of Facebook’s Asia Pacific operations.

– Flipkart’s Singapore-incorporated parent entity has infused Rs.1,431 crore into its wholesale entity in India. It also infused around Rs.2190 Crores in the local unit.

– SBI has put its Rs.15,431 crore exposure to Essar Steel on sale for an aggregate reserve price of Rs.9,588 crores for the full-cash sale.

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– Turtlemint Insurance has raised $25 million in a fresh round of funding led by Sequoia Capital. Turtlemint offers technology platform for insurance agents.

– Apax Funds has invested $200 million in Fractal Analytics. The current round of funding values Fractal Analytics at around $500 million.

– Reportedly, The White House is considering Indra Nooyi for the position of World Bank President.

– SBI has put its Rs.15,431 crore exposure to Essar Steel on sale for an aggregate reserve price of Rs.9,588 crores for the full-cash sale.

– Snapdeal as tied up with regional banks like RBL, Federal Bank to deepen its penetration in non-metro markets.

– Baring Private Equity Asia is likely to acquire a stake of 30.58% in NIIT Technologies, at a valuation of around Rs.8,000-10,000 crores.

– NCLT has ordered liquidation of Bharati Defence & Infrastructure rejecting the resolution plan proposed by Edelweiss. Edelweiss proposed to pay Rs.9 crore to operational creditors against dues of Rs.187 crores.

– Reckitt Benckiser CEO Rakesh Kapoor shall retire by the end of 2019. A formal process to appoint Kapoor’s successor has already been started.

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– RBI has approved the reappointment of Vishakha Mulye as ED – ICICI bank for two years. Mulye has been ED of the bank since 2015.

– Byju’s has acquired Osmo, a US-based educational games making firm, for $120 million. The acquisition will help Byju’s offer learning solutions to children aged between three and eight.

– Paytm has tied up with Zomato to allow the latter to use its app for online food ordering. As of now, the facility is available only in Delhi NCR.

– PayU is hiving off its lending business as a separate entity.

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News credit: Livemint, Economic Times, Business Standard

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