Latest India Business News Headlines 18th July 2018

Read latest India business news headlines 18th July 2018:

india business news headlines 18th july 2018

  • PNB update- The government may infuse Rs 2,000 crore in PNB Bank, to help it pay around Rs135 crore to cover the 8.98% annual interest on Rs 1,500 crore of AT1 bonds sold in July 2017. The bank will issue preferential shares to the government.

 

  • Walmart has entered into a partnership with Microsoft to leverage its cloud solutions for making shopping faster for its customers worldwide. Walmart is already using Microsoft services for critical applications and workloads

 

  • ICICI Bank- The Audit Committee of ICICI Bank has hired a law firm Panag & Babu to investigate the irregularities in the alleged 31 bad loan accounts.

 

  • Airbus SE has appointed its Vice president of Airbus India, Ashish Saraf, as the head of the helicopter division. The firm is competing for several military helicopter projects in India.

 

  • DoT rejects the appeal of Vodafone Idea to recalculate their dues, saying that they should pay up to get a final seal of approval on their merger at the earliest.

 

  • The Government is not satisfied with WhatsApp’s response to its warning to curb the spread of “explosive messages filled with rumors” and has asked WhatsApp to identify specific technical measures which can be implemented.

 

  • The government has set up a committee which shall identify measures to prevent defaulting promoters from leaving the country. This has been introduced to avoid high-profile repeat of departures such as those of Nirav Modi and Vijay Mallya.

 

  • Walmart is planning to appoint foreign expats as CFO, legal counsel and compliance officer at Flipkart once it completes the Flipkart acquisition, to ensure it follows the anti-corruption laws. It is also looking to shift its key people from Gurugram to Bengaluru, where Flipkart is based.

 

  • In order to increase customer visit, Flipkart has added two new tabs on its mobile application — ‘Recharges’ and ‘Travel. ‘Recharges’ redirects the customers to PhonePe while ‘Travel’ redirects them to MakeMyTrip to book travel tickets. MakeMyrTrip had announced about the association some time back.

 

  • NCLT has approved resolution plan of Liberty House for Adhunik Metaliks’ Odisha plant. The firm has offered around ₹500 crore to take over the assets of the Adhunik Metaliks.

 

  • Cars24 has completed an investment raise fo Rs.340 Crores to fuel its expansion plans. The funds have been raised from Sequoia Capital and two of their existing investors.

 

  • OfBusiness, a startup ending to SMEs, has raised Rs.200 Crore in a series-C round of funding from Creation Investments and Falcon Edge.

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