Read latest India business news headlines 20th June 2018:
- The Government has decided not to proceed with the plan of the sale of Air India as this is an election year and shall soon provide the funds required for its operations.
- Uber has promoted Pradeep Parameswaran as its new India and Asia Pacific Business Head. Parameswaran shall take over from Amit Jain, who will now head Uber’s entire Asia Pacific business.
- The Indian government is open to considering RBI’s demand for more regulatory powers over state-run banks. If the proposal is accepted, the Central bank will have same powers over the State Banks as it has over Private Banks.
- Tynor Orthotics, a manufacturer and exporter of orthopedic and fracture aids, has raised Rs 143 crore from Lighthouse Funds and Thuasne Participations. Having a pan-India distribution network, Tynor also exports to over 40 countries.
- Ban Labs, the maker of hair care products including Sesa Hair Oil, is in advanced talks to raise around Rs 400 crore from True North Capital. If the deal goes through, True North shall acquire a large minority stake in the firm which will be held under a new entity.
- R Gandhi, ex-deputy Governer, has joined the board of Paytm as an advisor. He will advise the firm on Pay systems, governance and compliance.
- Amazon has once again slashed Seller fees. The referral fee for several products has been decreased between 2 to 5% including apparel and furniture.
- Patanjali, which is declared as the second highest bidder for Ruchi Soya has not submitted a revised bid. Adani is now the highest bidder with an offer of Rs 6,000 crore.
- Global Cloud Xchange, a subsidiary of RCom shall complete India data centre for Eagle Subsea Network by 2020. When Eagle express cable system lands in Mumbai in 2 years, it will be connected to the world’s largest cloud operators inside India’s newest and largest data centre.
- CBI has revealed that as per their information, Nirav Modi was last seen in the UK in March.
*News as published in Business Standard, Live Mint and Economic Times.