Read India business news headlines 4th September 2018
– Jindal Steel and Power Ltd is considering splitting its steel, power and international businesses as a part of its restructuring to help cut off its ₹42,000 crore debt and boost investor confidence in a company. Naveen Jindal, the Chairman of Jindal Steel and Power Ltd said that they will seek to sell about 30% of the Oman unit over two to three years and that will be partially achieved through an initial public offer.
– Facebook has developed a faster and more accurate way of translating languages like Urdu and Burmese using Artificial Intelligence. The team of Facebook AI Research were able to train a machine translation system by feeding it large pieces of texts from different languages from publicly available websites.
– Sajjan Jindal, the Chairman and Managing Director of JSW Steel Ltd is planning to scale up the capacity of its plant in Vijayanagar, Karnataka, to 18 million tonnes per annum. It has plans to invest ₹ 7,500 crores until March 2020.
– The Board of LIC will meet on Tuesday to discuss the open offer, board-level appointments and future strategy to increase stake in the debt-ridden IDBI Bank to 51%, which will help the insurance company to enter into banking space.
– DLF Ltd is planning to invest over ₹ 1,400 crores to develop a commercial project in Gurugram after it received environmental clearance to expand its office space by nearly 1 million square feet.
– WPP Plc which is the world’s largest communication services group has announced the appointment of Mark Read as the CEO and Executive Director with immediate effect. He is appointed in place of Martin Sorrell who was the founder of the company and held his position for 33 years before resigning in April.
– Anil Agarwal, the Chairman of Vedanta Resources Plc will turn it into a Private company after the holders of 26% of the shares have agreed to sell to Volcan Investments. Volcan has received acceptances for 92.31% of Vedanta’s shares.
– Balaji Telefilms Ltd has appointed Aashish Singh who has been an executive producer for over 15 years with Yash Raj Films as a chief executive officer for Balaji Motion Pictures.
– Vodafone Idea Limited raised ₹1,500 crore fund through non-convertible debentures by private placement. This is the first debt of the company after its incorporation.
– The chief executive of Infosys, Salil Parekh, reached out to the investors to address the concern about a string of senior management exit, which included CFO M.D. Ranganath, assuring that the company will strengthen its leadership team.
– The Chairman and MD of NBCC, Anoop Kumar Mittal, has initiated the work on Gomti Nagar Railway station at Lucknow and is trying to add four more stations by the end of the fiscal year. It expects a revenue of ₹5,000 crore from the redevelopment of the stations.
– Carlyle Group has appointed Vikram Nirula as a managing director in its Asia private equity team. He is the founder of India Value Fund Advisors which is a private equity firm.
– Chinese investor and WeChat owner Tencent has joined the global lineup to raise a portion of fund of about $500-700 million. The investment could value Swiggy at $2.5-3 billion.
– ITC plans to launch ready-to-drink, milk-based beverages, next month that will be able to compete with the likes of Amul, Britannia and Coca-Cola. It will first be launched in southern states of Tamil Nadu, Karnataka, Telangana and Andhra Pradesh before it is rolled out nationally.
– Urban Ladder wants to raise $35-40 million to expand its offline presence by adding stores in Mumbai, Chennai and Pune by January. Previously it opened six large-format stores in Bengaluru and Delhi-NCR after securing single-brand-retail trade licence last year.
– PhonePe, which is owned by Flipkart has partnered with PayU to get enlisted as a payment mode for online transactions for all merchants using the payment gateway. With this PhonePe seeks to expand its online merchant base.