Read latest India business news headlines 4th May 2018 :
- Flipkart-Walmart deal :
– Flipkart has bought back shares worth around $350 million from several small investors including IDG Ventures, ICONIQ Capital and DST Global. The buyback is an important step towards Flipkart converting itself into a private company as per Singapore law.
– If the deal goes through successfully, Sachin Bansal may reportedly exit the company.
- GST council is meeting today through video conferencing and one of the most important agenda items is to simplify the tax return forms to start invoice matching to avoid tax evasion.
- As per EY’s private equity monthly deal tracker, Private equity and venture capital firms have invested $7.9 billion across 180 deals in the quarter ended 31 March. The major investments have been in infrastructure and real estate sectors.
- WhatsApp leaks: Axis Bank has given clean chit to its officials and has ruled out any leakage of information from the bank. Bank has also committed to further tightening of the internal mechanism while dealing with price sensitive information to avoid any leakage in future.
- Glenmark Pharmaceuticals is under regulatory scrutiny for alleged misconduct in carrying out clinical trials in Jaipur. Central Drugs Standard Control Organisation has allegedly found that fake identities were used in the clinical trials and an inquiry has been initiated.
- In a bid to boost reach in the lower income segment, Coca-Cola has introduced Minute Maid Vitingo, a water-soluble powder priced at Rs5 per sachet, a controversial price point the firm discontinued 14 years ago.
- Delhi high court has directed National Highway Authority of India to pay the remaining 25% of multiple arbitral awards, amounting to more than Rs2,000 crore, to Hindustan Construction within the next two weeks. 75% of the award has already been deposited by NHAI.
- Lok Capital, the Impact investor, for the first time, is looking to invest around 15-20% of the corpus of its third fund—Lok Fund III—in technology companies working in the area of financial inclusions.Lok Capital has raised $90 million for its third fund.
- Cognizant has acquired Hedera Consulting, a move that will strengthen its consulting and digital transformation capabilities in Belgium and the Netherlands, for an undisclosed amount. Hedera specializes in business advisory and data analytics services across various sectors.
- Amazon has launched an e-commerce store, Weavesmart, for handlooms in India and work as an e-marketing partner for Ministry of Textiles for promoting Indian handlooms.
- Group M, the media planning and buying division of WPP, has hired Sameer Singh of Google as its CEO – South Asia operations.
*News as published in Business Standard, Live Mint and Economic Times.