Read latest India business news headlines 30th July 2018:
- Tech Mahindra and AION capital are in the final stages to acquire InterGlobe Technologies, the IT and back office arm of InteGlobe Enterprises for $400 million. The firm has around 10000 employees.
- VT Bharadwaj and Gautam Mago, former Directors of Sequoia Capital, are set to launch a Rs.2000 Crore fund and plan to invest across consumer, health, financial services, and technology sectors.
- The Central Board of Direct Taxes has directed Income Tax dept to ensure filing of all petitions before NCLT by 31st August to recover dues from the de-registered shell or dummy companies.
- Shuttle, the urban mobility startup, has raised Rs.75 Crore in series B round of funding from Amazon and Dentsu Ventures. The firm has so far raised $33 million from various investors.
- A TPG fund has invested Rs.375 Crores in Fourth Partner Energy, a rooftop solar panel installation firm.
- Swiggy is set to start delivering in categories other than food. It plans to extend its services across the entire hyperlocal delivery market.
- TVS Logistics is in talks to acquire Gati by buying a controlling stake for Rs.1500 Crore. As per the industry reports, Logistics industry is set to witness investments of around Rs.50,000 Crore over the next two years.
- Competition Commission of India has ordered an investigation into the conduct of Star TV and Sony Pictures after a distributor alleged that they demanded exorbitant prices to relay their channels.
- Essar Oil and Gas Exploration and Production Ltd. is planning to sell around 30% of its flagship coal-bed methane block in Raniganj, West Bengal. The sale could fetch them around $600 million for a stake sale of 30%.
- Tata Power has expressed its interest in buying Equis’s two hydropower projects in Sikkim valued at around $400 million. Equis owns and operates 220 MW of hydro assets in Sikkim through a platform called Hydreq.
- Byju, the education technology platform, is in talks with Softbank and other investors to raise $200-250 million to fund its global expansion plans.
- Reliance retail has just ventured into online sales of televisions, refrigerators, smartphones, and air-conditioners and is gearing up to acquire a sizeable market share during the upcoming festive season. This will intensify the competition for Flipkart and Amazon.
*The source of the above news is various print media publications.