Read latest India business news headlines 1st May 2018 :
- L&T has agreed to sell its electrical unit to Schneider Electric SE for around Rs.14,000 crore which will also include company debt. After the deal is completed, Schneider will own 74%.
- Skoda Auto is set to present an investment plan of 1 billion euros to its parent company, Volkswagen AG in the next 2-3 weeks for FDI. If approved, it will bring in the largest inflow of FDI in Indian Auto sector.
- Metro Group is looking for acquisitions in B2B sector to help in its ongoing digitization of retail outlets in India. In the last 6-8 months, Metro has worked with around 100 retailers in Delhi, Bengaluru and Hyderabad to digitize their businesses by giving them free software and hardware worth around Rs32,000/- each.
- After tightening rules on NRI investments in the domestic market, Sebi is now on to scrutiny of foreign funds and has asked investment and end-beneficiary-related information of foreign portfolio investors from their custodians. Sebi’s FPI regulations prohibit any foreign fund from being controlled by an NRI or PIO.
- The government is working on the new National Telecom Policy and may ask all companies which are hosting data of Indians, to set-up servers in the country by 2022 due to reported allegations of misuse of servers located abroad for surveillance by countries and companies where they are located.
- True North and its global sponsors have made a bid to buy out 40% stake in Royal Sundaram, which has a share of 1.8% of Indian general insurance market. As of now Sundaram Finance and other Indian shareholders hold 100% shares in the company.
- PolicyBazaar is about to close a funding round of $200million led by SoftBank and is expected to be valued at $1billion.
- Various companies including Greaves Cotton, Luminous and Microtek have shown interest to acquire a controlling stake in Su-Kam, currently undergoing insolvency proceedings. Su-Kam has a total unpaid debt of around Rs370 crore.
- To reduce costs and improve economies of sale, Tata Motors is leveraging its modular platform to build a range of commercial vehicles. Modularity and commonization of platforms help in reducing risks and improving vehicle reliability.
- Housejoy, an online platform for various home services, has laid off around 40 employees across various departments due to the funding crunch. The firm has so far raised around Rs.180 Crore in funding.
- Vidhi, daughter of Dilip Sanghvi which owns Sun Pharmaceutical, India’s largest drugmaker, has been inducted as the Head of Consumer Healthcare business.
- Ashish Khandelia, Director of Capital Markets, KKR India has resigned and is said to be working on to set up his own fund. Under his leadership, KKR invested approx. $1 billion in various real estate projects.
*News as published in Business Standard, Live Mint and Economic Times.