Read latest India business news headlines 29th August 2018:
– A local language health content app called MyUpchar has raised $5 million from Nexus Venture Partners Omidyar Network and Shunwei Capital, to offer various health content across disciplines like Allopathy, Ayurveda and Homeopathy. The content shall be translated into 13 different languages.
– Asia’s richest banker Uday Kotak, is supposed to reduce his stake in Kotak Mahindra Bank Ltd below 20% in 2018 and below 15% by end of the financial year 2019-20. Kotak Mahindra is on its $17 billion acquisition trail of buying another financial firm after the rejection by Reserve Bank of India for preference sale proposal.
– Toyota is planning to invest $500 million in Uber to work on developing self-driving cars together. It is a bid by both the companies to catch up with the rival companies.
– WhatsApp Pay and Google Tez are chasing the $1 trillion digital payments market, which is currently being dominated by Paytm. The other string of names who plan to compete in the same market is Reliance Jio and India Post Payments Bank.
– Google has tied up with ICICI, HDFC and other banks to provide instant, pre-approved loans to the app users within Google Tez. Google Pay has rivals in Paytm and WhatsApp, targeting the Indian payments market.
– Nestle has sealed the $7.5 billion deal with Starbucks coffee and about 500 employees from the US and Europe will join Nestle.
– In India’s maiden open acreage auction, Vedanta Ltd has bagged 41 oil and gas exploration blocks offered while Oil India won 9 blocks and ONGC could only manage to win 2 blocks. Vedanta aims at making the best out of this opportunity to reduce India’s oil import dependency.
– It has been announced that Warren Buffett’s Berkshire buys a stake in Paytm and the investment manager of Berkshire, Todd Combs, who led the investment discussions with Paytm shall be one of the Board members of One97 Communications.
– Instamojo, a payment platform for MSMEs has launched MojoXpress and MojoCapital to be a one-stop service provider by providing logistics services and small loans to MSMEs.It is targeting $1 billion in gross transaction values by the end of 2018-19 from $200 million currently.
– Bharti Airtel has received an FDI clearance for sale of 20% stake in Bharti Telemedia to Warburg Pincus for $350 million. It will sell 15% stake in the direct-to-home arm and the balance shall be sold by another Bharti Airtel entity which holds 5% stake.
– Cyrus Mistry, the Chairman of Tata group has approached the NCLAT against the Mumbai bench of NCLT which has, on 9th July upheld his removal as a chairman from the company.
– Goyal gases shall pay ₹ 2,350 crores to acquire a controlling stake in JPL. Goyal gases emerged as the highest bidder in the auction by a consortium of lenders led by Axis Bank.
– Jet Airways received ₹2,000 crore in terms of advance lease incentives and debt from banks to repay costly loans and cover cash losses. It further plans to save ₹1,000 crore on maintenance and use more lease incentives to cut debts.
– Amazon Pay has acquired Tapzo, a personal assistant platform in order to build on and widen the scope of its payment offering. The deal which is supposed to be part-stock and part- cash is valued at about $40-45 million. Tapzo’s investors are expected to exit with a cash payout.