Latest India Business News Headlines 29th June 2018

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Read latest India business news headlines 29th June 2018:

india business news headlines 29th june 2018

  • Walmart is bringing together a bunch of companies at Flipkart to fight two of its common global enemies; Amazon and Alibaba. Walmart retained Tencent Holdings and Microsoft as Flipkart investors and is in talks to also bring in Google as an investor.


  • Fortis case – Sebi has ordered a forensic audit and Serious Fraud Investigation Office into the affairs of Fortis on suspicion of financial fraud of around Rs.473 crore. Fortis is in the process of recasting Board of its unit SRL Diagnostics after removing Malvinder Singh, who has been accused of misusing company funds.


  • The transaction between Reliance Infrastructure and Adani Transmission for 100% stake sale for an estimated value of Rs18,800 crore, received a nod from Maharashtra Electricity Regulatory Commission and is expected to be closed in July 2018.


  • The digital payments industry will seek access to Aadhaar database from UIDAI for customer authentication. The move is to comply with the stringent customer verification rules set by RBI.


  • RBL Bank acquired the remaining 39.52% stake in Swadhaar Finserve Pvt. Ltd from US-based non-profit organization Accion. The acquisition has increased its total holding in the firm to 100%. Swadhaar has a network of 331 branches customer base of 750,000.


  • PNB fraud- ED has filed a charge sheet against Mehul Choksi and 13 others, including five companies. Mehul Choksi moved an application before a special court in Mumbai seeking cancellation of a non-bailable warrant issued against him, citing the reason of his inability to travel because of his medical conditions. He also cited that his case was completely different from that of Nirav Modi.


  • SBI Managing Director, B. Sriram, has resigned after his appointment by the Government as chief executive of IDBI Bank for a temporary period of three months.


  • As per the official annual data released by Swiss National Bank, money parked by Indians in Swiss banks rose over 50% to CHF 1.01 billion (Rs.7,000 crore) in 2017.


  • Cashify, an online used-phone seller, has raised $12 million in a funding round led by CDH Investments and Morningside Ventures along with AiHouShou. Cashify will now also focus on building its offline presence by partnering with small vendors.


  • Anand Mahindra, the Chairman of Mahindra Group, took to Twitter and asked people to suggest him a ‘desi’ name for Mahindra’s next car.


  • Brookfield Asset Management is looking to increase its focus on renewable energy in India. The firm has so far been focussing largely on the real estate and roads segment. Brookfield Last year Renewable Partners closed 100% acquisition of TerraForm Global Inc. for $750 million.


  • CBI has filed charge sheet against two ex-chairmen of Canara Bank, AC Mahajan and SR Raman in connection with Rs.146 Crore loan default by Winsome Diamonds.


  • KaiOS Technologies, developer of KaiOS operating systems for smart feature phones, has raised $22 million from Google. Now Google maps, Google assistant, Google search and YouTube will be available on its platform.


*News as published in Business Standard, Live Mint and Economic Times.

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