Read latest India business news headlines 19th July 2018:
– Reliance Industries is planning to raise Rs 40,000 crore in fresh debt during the current fy to expand its consumer businesses. Its total debt has tripled during the last five years.
– HT Media and Next Mediaworks will merge their radio businesses. HT Media and its shareholders will own 74% in the merged entity, while Next Radio and Next Mediaworks will hold the rest.
– DoT is considering on the plea of Vodafone and Idea for recomputing dues as they have pointed out “some difference of opinion”.
– Cabinet Committee on Economic Affairs has reduced ONGC’s burden of levies in pre-NELP oil blocks. Also, income tax benefits have been extended to all the 28 oil and gas fields awarded before the advent of the New Exploration Licensing Policy in 1999.
– As per the data submitted by the civil aviation regulator, Indigo retained its position as a leader in the domestic airline, by carrying 46.73 lakh local passengers in June, achieving 41.3% market share. Jet Airways became the second largest domestic airline carrying 15.12 lakh, amounting to 13.3% market share.
– Delhi High Court has asked Malvinder and Shivinder Singh, the former promoters of Ranbaxy Laboratories to give full disclosure of their bank accounts and assets overseas. They have also been ordered not to transfer or create any third party shareholding in Ranbaxy.
– Standard Chartered Private Equity has agreed to acquire Naspers Ltd’s stake in Travel Boutique Online Group, an online B2B Travel distribution company. TBO is a travel technology company providing a wide range of travel services to travel agents and tour operators globally.
– Engie SA, the largest foreign investors in India’s solar power space, has asked Rothschild to find a buyer for picking up a significant stake in the Indian solar business.
– Sebi is examining a communication of Yes Bank sent last week directing the UBS Group’s Indian arm to drop coverage of the bank for potential violation of Securities laws. The move was a result of the UBS research report on eight Indian banks for its clients which claimed that Yes Bank had the highest credit exposure to the troubled power sector.
– BookMyShow, owned by Bigtree Entertainment, has raised $100 million in a series D round of funding led by TPG to fuel its expansion plans.
– Bharti Airtel is trying to raise $1.5 billion from Warburg Pincus by divesting up to 15% in its holding company for African operations. It will be followed by the listing of the company which will help it to repay some of its debts and push away the competition in the Indian market.
– ED has filed a charge sheet against Sterling Biotech director in a bank loan fraud case. It has accused Sterling Biotech of taking loans of over ₹5,000 crore from a consortium of banks led by Andhra Bank, which have turned into NPAs. The agency has already frozen firm’s assets worth around ₹4,700 crore.
– Snacks and beverage makers are under pressure to shape up due to consumers switching to organic and wholesome foods. Cadbury’s and PepsiCo are responding to the consumer preferences by cutting on sugar, salt, and fats in their products.