Latest India Business News Headlines 3rd May 2018

Read latest India business news headlines 3rd May 2018 :

 

latest India business news headlines 3rd May 2018

 

  • Flipkart-Walmart deal: While Flipkart-Walmart discussions are in the final stage for the sale of around 55% share of Flipkart to Walmart, Amazon.com has also reportedly made a formal offer to buy a 60% stake in Flipkart. It has also reportedly offered Flipkart a breakup fee of $2 billion, while also seeking a non-compete agreement with Flipkart’s founders.

 

  • Fortis update – If the Manipal Hospitals-led consortium is selected as the winning bidder, then two major investors plan to vote against them for the fears that the firm is disadvantaging others without properly consulting investors.

 

  • Binani Cement – NCLT Kolkata bench has ruled that the lenders of Binani Cement should consider the revised offer of UltraTech Cement even as it allowed Dalmia Bharat to take over Binani Cement, to submit new bids, effectively restarting a contest between the two suitors.

 

  • Unitech case update – the Supreme Court has asked for a list of their personal assets which they will consider selling off if they are not able to pay money to the home buyers.

 

  • Amar Abrol has resigned as the MD and CEO of AirAsia India effective next month. As per the statement released by Air Asia, he will be moving back to the AirAsia Group headquarters in Malaysia to work on group strategic projects.

 

  • Anil Sardana, Former Tata Power chief, has been named as MD & CEO of Adani Transmission w.e.f. 1st May 18. Anil will bring in over three decades of experience in power and infrastructure sector to Adani Transmission.

 

  • Indigo’s March quarter profit has fallen by 73% compared to the same quarter last year. The reasons reportedly are aircraft groundings, costlier fuel and lower yields.

 

  • US health regulator has made seven observations about Biocon’s sterile drug manufacturing facility in Bangalore, reportedly largely long-term and procedural improvements with no observation classified as critical.

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

 

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