Latest India Business News Headlines 23rd August 2018

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Read latest India business news headlines 23rd August 2018:

India business news headlines 23rd August 2018

– PNB fraud update- Authorities have directed one of the ‘illegal’ bungalows of Mehul Choksi, located in Alibaug to be demolished. The direction came after Bombay High Court pulled up the State Government for not having taken action against it.

– Vodafone Group Plc and CK Hutchison Holdings Ltd are in advanced talks of combining their mobile phone operations, with TPG Telecom Ltd, to intensify the competition against its rivals. TPG has a market value of A$5.84 billion and it is termed as a “merger of equals”.

– Flipkart has launched a new website called 2GUD to sell only refurbished products. The website will sell only unused or returned products or used products that are restored to full functionality by the professionals. The website will sell mobile phones, tablets, smart watches, etc.

– GlaxoSmithKline Plc has sought bids from potential bidders like Pepsico, Reckitt Benckiser Group, and Nestle for $4 billion India sale. Glaxo has already sent out its information memorandum with the preliminary details.

– Facebook dismantled the disinformation provided by claiming that the campaigns were a part of two different accounts tied to two different countries, that is Iran and Russia. The first campaign was from Iran having ties with state-owned media while the second linked to sources which Washington has named as Russian military intelligence services.

– The finance ministry has asked the PSUs to check their NPA which exceeds ₹50 crore for fraud. Inability to do so will lead to criminal conspiracy charges.

– Uber has named Nelson Chai as its new chief financial officer before it goes for an IPO next year. Nelson Chai came on board from Warranty Group, a Chicago-based insurance firm.

– Apple has already hired 3,500 people for their development center in Hyderabad. They are expected to hire about 5,000 people in total, although the headcount to achieve 5,000 is not fixed.

– Zomato has expanded its delivery services to tier II and tier III cities including Cuttack, Madurai, and Vijayawada. CEO Mohit Gupta said that such expansion is encouraging for the company.

– Civil Aviation Minister Suresh Prabhu has said that Air India has “unsustainable debt” and legacy issues that are required to be dealt with. He added that it is not possible for any airline to service that debt.

– Haier Appliances is planning to invest ₹3,069 crore in establishing manufacturing units in Greater Noida, an industrial township. It would generate a direct ownership of 3,950 people, in the project. 123.7 acre of land in the DMIC Integrated Industrial Township Greater Noida has already been allotted for the purpose.

– Pratap snacks is planning to buy 80% stake in Avadh Snacks for ₹148 crore. The acquisition shall be made by both primary and secondary investments. Avadh snacks is significantly famous in Gujrat, while Pratap snacks is a BSE listed company which sells its products under Yellow Diamond brand.

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