Read latest India business news headlines 21st June 2018:
- Adani Wilmer, the highest bidder for Ruchi Soya, has secured Rs.4000 Crore credit line from Standard Chartered and DBS Bank to finance the acquisition. Both of these banks have exposure to Ruchi Soya and were among the first ones to report to NCLT.
- Samara Capital is planning to launch a $550 million fund by the end of 2018. This would be Samara’s 3rd fund and one of the largest funds launched by an Indian PE fund. The fund will focus on companies and assets catering to the core Indian economy.
- Clearing the decks for Telcos to offer Voice Calls over Wi-fi, DoT has amended licence conditions allowing telcos to allot a single mobile number for both cellular and internet telephony. The move will prove useful in areas with poor call connectivity.
- Sistema of Russia has fully sold its 10% stake in RCom in multiple trances over the past few months. Sistema decided to exit RCom after it got embroiled in insolvency proceedings. It has also shelved plans to buy RCom’s remaining telecom assets due to differences with the carrier.
- Drip Capital, a financial technology startup, has raised $15 million in a fresh round of funding from Sequoia and Early Backers. Drip Capital offers credit line to SME exporters across various sectors.
- Ex-CMD Sushil Muhnot and present ED R.K.Gupta of Bank of Maharashtra have been arrested in fraud cases of over Rs.2043 Crores.
- P&G has approached Bombay High Court for infringement against their trademark ‘Oral-B’ against Jamia Remedies.
- Amit Jain has been appointed as the Managing Director of L’Oréal’s Nepal, Bangladesh and Sri Lanka operation.
- Arvind Mills is planning to scale up its textile business to Rs 10,000 crore by 2023 by introducing more verticals, ramping up advanced materials division, adopting new technologies and garments.
- Sony has set a target to get 45 million viewership from the telecast of Fifa World Cup 2018. It has brought 16 advertisers on board with 10 to 12 of them advertising exclusively on SonyLIV.
- Bosch, the German auto parts maker, is planning to invest over Rs 1,700 crore in India over the next 3 years. Out of this, Rs.600 Crore will be spent to revamp one of its manufacturing plants in Bengaluru to focus more on advanced technologies such as the Internet of Things.
- ICICI bank has sought permission from RBI to appoint M.D. Mallya as the new chairman when M.K. Sharma’s term ends on 30 June. Mallya is the former chairman of Bank of Baroda and joined the board of ICICI bank on 29th May.
- The internal audit report of PNB bank says that the fraud goes far beyond the few branch officers. There has been a lack of regulatory action taken by the authorities.
- Indian Hotels, running the Taj Group of Hotels, emerged as the highest bidder for hotel “The Connaught” by offering to share with NDMC 31.6% of the annual revenue from the property and has been awarded a lease of 33 years. The hotel is closed for a few years and would need huge renovations before reopening.
- As per the data released by DGCA, IndiGo retained its No.1 spot in terms of market share among India’s air passenger careers in May. It had a 40.9% market share in May against 39.8% in April.
*News as published in Business Standard, Live Mint and Economic Times.