Latest India business news headlines 30th April 2018

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Here are the latest India business news headlines 30th April 2018:

• As per Government guidelines, Reliance shall shut oil and gas fields in KG-D6 block in Bay of Bengal due to low production and has submitted a bank guarantee for decommissioning activity. The firm has made 19 oil discoveries in the Krishna Godavari basin till date.

• West Bengal Industrial Development Corp. has been dragged into a bankruptcy court by Ankit Metal and Power Ltd, a small sponge iron manufacturer in a Kolkata over dues of Rs.4.08 Crores.

• Maruti Suzuki is aiming to increase its sales by atleast 10% this year, up by 2% from the last fy. It is set to launch a new compact sedan Amaze this year.

• As part of its strategy to increase number of flights on key routes, Air India has started a new direct flight from Amritsar to Bangkok, which will operate 4 times a week.

• Bata India has decided to expand its retail business in the coming three to five years through franchising in more than 400 small cities. The retail push would help them reach their goal of $1 billion.

• The government has met the target of connecting all Indian villages to the national electricity grid and claims to have connected 82 percent of the 170 million rural households.

• DSP Group and BlackRock, the world’s largest investment management firm, have entered into discussions to end their existing joint venture, DSP BlackRock, which is among the top 10 fund houses in India and managed assets worth around Rs.860 billion as of March 2018.

• SoftBank is ahead to achieve its $10 billion India target set in 2014 as it has already invested about $7.4 billion in various ventures, being the largest shareholder in most of them. The largest investment made by them is in Flipkart.

• Rubique Technologies, an online lending marketplace, has raised a fresh round of funding led by Recruit Group fo Japan and Emery Capital, the Russian VC firm. Though the amount has not been disclosed, the deal is expected to be around $15-20 million.

• Samco Ventures, which runs online discount broker platform StockNote, has raised Rs.49 Crore in a fresh round of funding.

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