Read India business news headlines 19th September 2018:
– Coca-Cola, Unilever and Nestle are reported to be among bidders for GlaxoSmithKline’s Indian Horlicks nutrition business. The deal size is expected to be over $4 billion.
– CCI has asked industrial gases firms Linde AG and Praxair to sell off some of their India assets before getting into the $80 billion global merger to avoid the deal stifling competition here. An investigation into the deal reportedly showed that it may have an appreciable adverse effect on competition in some Indian markets.
– Creador Capital, ChrysCapital, TPG and Goldman Sachs are reportedly trying to invest up to ₹600 crore for a minority stake in Jaipur-based Ess Kay Fincorp. Ess Kay facilitates purchase of used vehicles and also provides business loans to SMEs.
– As per the statement of Mr. Anil Ambani, Reliance Communications will completely exit the telecom business to concentrate on real estate in future. He also added that RCom’s first priority is to resolve its over ₹ 40,000 crore debt.
– SBI will sell eight NPAs to recover dues worth over ₹3,900 crore and has invited bids from ARCs and FIs. Rohit Ferro Tech, Indian Steel Corporation, Jai Balaji Industries and Mahalaxmi TMT are among the NPAs.
– Daiichi Sankyo has moved NCLT to stay insolvency proceedings against RHC Holdings initiated by the HDFC Bank as it has a decree to recover money from RHC.
– India Post Payments Bank has tied up with Bajaj Allianz Life Insurance to expand its product offerings across its network of 3250 access points.
– Flipkart Internet has received over ₹3,462-crore fund infusion from its Singapore entity – Flipkart Marketplace, just before the start of festive sale season.
– ICICI Bank has clarified that it has not filed any application with Sebi for settlement in the Chanda Kochhar issue as being reported.
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– An arbitral tribunal has ruled that Infosys will have to pay Rajiv Bansal, its former CFO, ₹13.58 crore in severance fee. 2 years ago Infosys had decided to stop the payout reportedly after some of its founders expressed their unhappiness.
– Nasscom has unveiled second phase of the initiative called ‘Accelerate 10X’ which will focus on mentoring deep technology ventures in areas like AI, ML and blockchain. 100 start-ups will be mentored every year for a period of six months.
– PNB Fraud case – CBI is scrutinizing Cyril Amarchand, India’s largest law firm in the PNB fraud probe. CBI had earlier seized documents related to the fraud from CAM’s premises.
– Myntra is reportedly in talks with various mall operators to open multi-brand brick-and-mortar outlets. It’s planning to sell sports, lifestyle products, cosmetics, women’s fashion clothing under Myntra brand.
– Google Pay now reportedly has 25 million active monthly users. Google has claimed that around 1.2 million businesses in India have adopted Google Pay as their preferred mode of payment.
– Reliance Jio added 11.78 Million mobile subscribers in July taking its total subscriber number to 227 Million, which is higher than the subscribers of Vodafone and Idea – 223 and 220 million respectively.