Here’re the latest India business news headlines 26th April 2018 :
- Airtel and Indus Towers have agreed to merge their businesses to create world’s largest tower company outside China. The combined entity will own more than 163,000 towers, second only to China Tower.
- BigBasket is in early talks to invest in two smaller grocery delivery start-ups DailyNinja and Milkbasket as this will speed up its capabilities in the micro-delivery space.
- Government has issued fresh notices to Facebook and Cambridge Analytica seeking detailed responses on misuse of Indians’ data as it found the responses sent by Cambridge Analytica unsatisfactory, cryptic and evasive.Cambridge Analytica had said that it collected data in India only from first party research instruments or opinion surveys.
- Income tax appellate tribunal has rejected government’s move to reclassify discounts offered by Flipkart as capital expenditure. Flipkart argued that the comapny needs to incur such expenses to sell its products and retain its market share while the tax department treated such expenses as capital expenditure as this creates brand value and marketing intangibles for Flipkart.
- Anmol Ambani, the eldest son of Anil Ambani, has been inducted on boards of Reliance Nippon Life and Reliance Home Finance. He is currently ED of Reliance Capital.
- Swedish investor AB Kinnevik, which holds 18% stake in Quikr, has cut its estimate of Quikr’s valuation by 12% to $885 million as of 31 December 2017.
- Another meeting of GST council is set to be held on May 4 to simplify tax return forms as also discuss the amendments required in indirect tax regime rules.
- Videocon loan case: I-T dept has issued fresh notice to Deepak Kochhar in his individual capacity seeking details of his personal finances & transactions as also share valuation report for investment in NuPower Renewables alongwith company’s financial reports.
- PNB fraud : Armed with fugitive offenders law, ED is set to move Prevention of Money Laundering Act court in Delhi or Mumbai for permission to accord “fugitive” status to both Nirav Modi and Mehul Choksi. While ED has already provisionally attached assets worth Rs7,600 crore belonging to Nirav Modi and Choksi, after the Court permission, these assets will be seized by the government.
- Fortis case :
– Just one day before the bidding deadline, Manipal Hospital Enterprises-TPG Capital combine submitted a revised bid offering to infuse Rs750 crore upfront matching the offer of Munjals and Burmans.
– Fortis sale may be delayed further as Renuka Ramnath has exited advisory panel citing pre-occupation. The advisory panel was set to submit recommendations on bids today.