Latest India Business News Headlines 3rd August 2018

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Read latest India business news headlines 3rd August 2018:


  • After having acquired, Madhouse, a mobile ad agency, WPP has decided to sell its stake in the Rediffusion, an advertising firm.


  • Foodvista India, which operates FreshMenu, is in talks to raise $25-30 million from new and existing investors. Lightspeed Venture Partners and Zodius Capital are its current investors. FreshMenu is planning to use the fund to increase its service, infrastructure, and technology and hire more people.


  • Google is currently working to launch a new search engine that would meet the china’s draconian censorship rules. Google withdrew itself from China because of censorship and hacking, eight years ago but is now considering working on a project in China.


  • Exide is planning to reduce its dependency on lead-acid batteries by developing a new ‘bipolar based battery technology’ in association with a US company as it feels that lead suffers a lot from the erratic price movement.


  • With plans to expand its offerings to cloud computing, Cisco Systems shall acquire Due systems, the cybersecurity company for $2.35 billion.


  • Nissan and the Tamil Nadu State authorities are close to settling dispute initiated by Nissan for international arbitration where it has sought a payout of more than $729 million. Nissan has recently lowered its payout and agreed to $292 million in unpaid dues and forego the amount it had sought for damages.


  • PNB fraud update- Antiguan authorities have confirmed that Mehul Choksi and Nirav Modi are in their country. Indian authorities will soon start a move to extradite them.


  • NCLT admitted the insolvency petition against Provogue after it posted a loss of ₹154 crore in 2017-18. It is the fourth textile and garments brand that attempted loan resolution in bankruptcy court.


  • Ebix Inc has acquired Mercury Travels and Leisure Corp for approximately $14.2 million. The acquisition was made through Ebix’s Indian subsidiary, EbixCash. Ebix is a supplier of on-demand software and e-commerce services to the financial, insurance, healthcare and e-learning industries. It had also bought a few months back.


  • Zomato’s talks with SoftBank have advanced further than Swiggy’s discussions and it is close to raising nearly $500 million in its next round. SoftBank Vision Fund is evaluating both the options and will invest in any one of the two companies.


  • Sachin Bansal, the co-founder of Flipkart is planning to raise a fund of $700 million-$1 billion for investing in startups and run an artificial intelligence startup.


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