Read latest India business news headlines 28th June 2018:
- JSW Steel has invested $1 billion in the US and says that it is looking for more deals in US and Europe to expand its global footprint. JSW Steel is also planning to invest Rs7,500 crore to expand its Vijayanagar facility which will improve hot metal availability.
- After receiving in-principle approval from PM Narendra Modi to sell Air India building at Nariman Point, Mumbai, the Government has started discussions for its sale with JNPT, India’s biggest container port.
- Google has announced the launch of “Launchpad Accelerator”, an accelaerator programm to support game developers in India and Southeast Asia. The program will help them build, scale, launch, and market next generation mobile games.
- Zomato has launched operations in 25 new cities across India. With this, the firm is now present in 63 cities in India.
- As part of the rationalization of overseas operations, SBI will either close down small branches or merge two-three branches into one at some foreign locations. SBI has operations in around 36 countries having nearly 190 branches.
- An investigation into the accounts of Fortis Healthcare by Luthra and Luthra has concluded that Malvinder Singh and Shivinder Singh are to blame for mismanagement of company’s finances. Systematic lapses were found in inter-corporate deposits and the company has initiated legal action for the recovery of the outstanding ICDs and other advances from Singh brothers. Meanwhile, a unit of Fortis Healthcare found that it has granted loans worth Rs 445 crore to three firms affiliated to Singh brothers—Malvinder Singh and Shivinder Singh without the approval of the board and despite objections from the management.
- Chanda Kochhar update- A third whistleblower has complained that ICICI bank has inflated the profits by $1.3 billion over 8 years by delaying provisioning for 31 NPA accounts. It accused top executives of breaching wilfully the rules.
- IRDA, in order to let LIC buy IDBI Bank, may grant exemptions to the Insurance Act, which prohibits an insurer from acquiring more than 15% stake in any company.
- Mindtree founders may sell their entire stake to NEC Corp., a private equity firm. Their 13.35% stake is valued at ₹ 2,087.15 crores at current share price. Rest of the company remains with the public.
- Microsoft is in talks with InMobi to serve ads on Bing globally. InMobi has a reach of over 1.5 billion mobile users globally and expertise in mobile video ads. Bing powers a third of desktop searches in the US.
- Jio is planning to offer online tutorials and vocational training programs to help tie in long-term revenue for the firm.
- Jio has overtaken Vodafone to become 2nd largest carrier by revenue in Indian telecom space. It generated revenues of Rs.6,217 crore in the quarter ending March 2018.
- WOW Express, the e-commerce delivery platform, has raised Rs.30 Crore from its existing investors, Tamarind Family Trust. WOW express does 20,000 shipments per day and its clients include Nykaa, Amazon, Limeroad, Tata CliQ among others.
- Bhushan Steel update – Liberty House has been disqualified by the lenders as it failed to provide critical information on funding arrangement for acquiring the firm.
*News as published in Business Standard, Live Mint and Economic Times.