Read latest India business news headlines 4th June 2018 :
– Big Basket is preparing to launch a new private label for beauty products and fresh meat on its platform. They will be giving competition of Nykaa, which is dominating the online beauty and cosmetic market and Licious and Zappfresh in the fresh meat segment.
– India Resurgent Fund, a joint venture between Bain Capital Credit and Piramal Enterprises has invested about Rs 800 crore in a structured credit transaction and bought the existing loans of Archean Chemical from a group of public sector banks.
– The Govt is exploring possibilities of a merger of 4 state owned entities – Bank of Baroda, IDBI Bank, Oriental Bank and Central Bank. If the merger goes through, the resulting entity will become the second largest bank in India after SBI.
– Walmart India is planning to scale up its Kirana store programme called ‘Mera Kirana’ that helps small family-owned grocery stores modernize and now wants to make it part of its mainstream business.
– The Board of ICICI has started looking for a new Chairman who can pull out the bank from its current mess. The term of the current Chairman, Mr. M.K. Sharma expires at the end of this month and he may not obtain a second term.
– The Board of Whirlpool India has approved a proposal to acquire 49% stake in Elica PB. As part of the joint JV, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy operating in India since 2010.
– Eternis Fine Chemicals, an aroma chemicals company founded by Rajen Mariwala of Marico promoter family, has acquired AIMS Impex for an undisclosed sum. AIMS is a market leader in India for a popular fragrance ingredient called synthetic coumarin.
– After Indigo, now other airlines are also looking to raise flight ticket prices, cut non-fuel costs and boost non-aeronautical revenue to set off the impact of the rising fuel cost and weakening rupee.
– More than 90 cases against errant companies and individuals have been filed after the financial services dept has asked banks to review all NPA accounts of more than Rs.50 crore. Banks have also directed to get copies of passports of all individuals linked to companies where loans above Rs50 crore have been given.
– Oman India Joint Investment Fund has invested Rs.100 Crore in Divgi Torq, a component manufacturer to funds its capacity expansion and diversification into new categories. This is the first investment from group’s second fund.
– Nexus Venture, India’s largest venture capital fund, has raised around $313 million for its $450 million Investment Fund. The corpus has been raised from around 29 investors. Nexus Ventures has investments in firms like Snapdeal and ShopClues.
*News as published in Business Standard, Live Mint and Economic Times.