Latest India Business News Headlines 24th July 2018

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Read latest India business news headlines 24th July 2018:

india business news headlines 24th july 2018

  • Piramal Capital and Housing Finance has invested around ₹650 crore in Samhi Group, which owns several hotels like Four Points by Sheraton and Hyatt Regency, etc. Samhi will use the funds to support its growth plans and refinance existing lenders of its three hotels —The Courtyard and Fairfield – Bengaluru, Sheraton – Hyderabad and Hyatt Regency in Pune.

 

  • Ace Turtle, which enables brick-and-mortar-brands to sell online, is now expanding into FMCG and electronics retail. They are looking to reach a GMV of ₹1,000 crore by the end of 2018. Ace Turtle is a technology-focused platform offering full stack of e-commerce operations and its customers include Max, Puma, US Polo and the likes.

 

  • Walmart India is planning to double its wholesale store presence in the next three years with 20 new stores in various cities in India. It currently operates 21 cash and carry stores in 19 cities. It has also opened its second fulfillment center in Lucknow.

 

  • Mehul Choksi has moved Prevention of Money Laundering Act court in Mumbai seeking cancellation of non-bailable warrant issued against him. He has claimed that he risks the chance of being ‘physically harmed’ if he returns to India.

 

  • As per the statement given by M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India, they will soon lay down ground rules for professionals to assess value of businesses, including those going into bankruptcy. The new valuation rules will apply to corporate transactions like M&As, assets of companies responsible for over ₹8.3 trillion of bad debts.

 

  • RCom has got a temporary relief from TDSAT till August 10 on license and spectrum cancellation show cause notice issued by DoT.

 

  • Tata AIA Life has elevated Rishi Srivastava as new CEO & MD we.f. August 01. He will replace Naveen Tahilyani who is moving to AIA Group Hong Kong as CEO.

 

  • CAIT, the traders’ body, has said that it will approach the Supreme Court if the government allows Walmart-Flipkart deal to go through. CAIT will also discuss this matter with Smriti Irani, Nirmala Sitharaman and Suresh Prabhu during a National Traders’ Conclave being organized by it.

 

  • Maruti Suzuki has crossed its production of 20 million vehicles in India from its Gurugram and Manesar facilities. The MD and CEO, Kenichi Ayukawa said that it is a testimony of the trust in the brand.

 

  • 22 public sector banks, 19 private sector banks, and 32 foreign banks have signed an inter-creditor agreement to fast-track the resolution process of stressed assets under consortium lending from Rs.500 million to 5 bn.

 

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