Latest India Business News Headlines 27th July 2018

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Read latest India business news headlines 27th July 2018:

india business news headlines 27th july 2018

  • PNB Fraud update- Mehul Choksi took his oath for Antiguan citizenship 15 days before CBI filed its first case against him in the PNB fraud. With Antiguan citizenship, Choksi can now travel to 132 countries on his Antiguan passport including EU and UK.


  • PMLA court in Mumbai has issued fresh summon to Nirav Modi and Mehul Choksi to appear before the court on 25th and 26th September, respectively, failing which they would be declared as fugitive economic offenders.


  • DoT has given its final approval to the Vodafone and Idea merger after its dues towards one-time spectrum charges were paid by the telecom firms through ₹3,900 crores in cash and ₹3,300 crores in bank guarantees.


  • After Nissan, now Tech Mahindra will build IT centre in Kerala, which has allocated about 12,000 sq feet in Thiruvananthapuram. The office will start functioning within the next three months generating around 200 immediate jobs and about 2000 by the time the office is fully functional.


  • Hindalco has agreed to buy Aleris at a value of $2.58 billion after which Hindalco-Novelis will become world’s largest aluminium downstream player. This is Hindalco’s second major overseas acquisition after acquiring Novelis for $6 billion in 2007.


  • Social media platforms like Facebook, Instagram and Twitter have taken down a number of posts alleging that Kurkure corn puff contains plastic. Youtube has also deleted hundreds of such videos. The move comes after an interim order released by the Delhi High Court directing all the social media platforms to either remove or block access to them.


  • RBI is going to shut down the corporate debt restructuring system following its latest framework on stressed asset resolution. It has asked the CDR cell to transfer all the pending cases to respective lead banks to complete the resolution.


  • Vokal, a voice-based knowledge sharing platform, has raised $5 million in its Series A investment round from Shunwei and others. It plans to invest the fund in product development, hiring and growth in other languages. Vokal is a peer-to-peer knowledge-sharing platform that was created specifically for India’s non-English internet users.


  • Toutiao, one of world’s most valuable starup, has launched an app called Helo in India to take on the digital media startups like Dailyhunt, ShareChat and Clip. It also targets to take on Facebook.


  • LoginRadius, a cloud-based customer identity platform, has raised $17 million in a funding round led by ForgePoint Capital and Microsoft’s Venture Fund M12. Cloud-hosting platform allows businesses to securely manage and transact with customer identities.


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