Latest India Business News Headlines 6th August 2018

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Read latest India business news headlines 6th August 2018:


  • Indian Oil is planning to invest ₹ 1.75 trillion for expansion which includes doubling its refinery capacity, laying new pipelines and boosting petrochemical production to become a vertically integrated company.


  • ZipGo, a Bus aggregator, is in talks with the Essel Group to raise a funding of about $50 million and plans to use the funds to offer bookings for electric buses and e-rickshaws as also expand its presence in more cities.


  • The Indian Banks’ Association is planning to provide financial and legal support to its existing as also the retired employees who acted in good faith but found themselves in the crosshair of CBI and other law enforcement agencies.


  • Amazon’s plan to launch its own UPI service payment service is stuck due to concerns of storage of data within India. It is waiting for clarity from RBI regarding storing personal data abroad.


  • As Walmart continues to focus on technology to give Amazon a tough competition, it plans to hire about 1,000 more people for technology roles in India. Currently, for technology operations in Gurgaon and Bengaluru, it has a headcount of 1800 employees.


  • MuSigma, a data analytics firm, is in discussions with TPG Capital for stake sale. If the deal goes through, it may value the firm at $1.2 billion.


  • The Central Accounts Office of SBI has been shifted to Mumbai from Kolkata after almost 100 years. The most important job undertaken at CAO is compilation and finalization of Bank’s annual balance sheet as well as quarterly and half-yearly P&Ls.


  • Jet Airways has shelved its plan for a pay cut after employees protest. However, the top management of the firm has already taken a pay cut.


  • Dunkin’ Donuts has shut down more than half of its stores in India over the last two years for being unprofitable. It is now focussing on small stores and kiosks to cut losses.


  • As per Crisil, the Automobile industry is planning for ₹ 58,000 crore Capex in the next 2 years, which would be a 30% jump from the previous two comparative fiscal years.


  • Embassy Office Parks is placing top commercial assets across India under a real estate investment trust (REIT) being created to raise around $1 billion.


  • The government shall be inviting fresh bids for 100% stake sale in Pawan Hans by issuing an addendum to the disinvestment document as ONGC is now ready to sell its entire stake of 49% in the company. It had earlier invited interests for sale of 51%. Pawan Hans has a fleet of 46 choppers.


  • Tech Mahindra is expected to launch around five pilot projects on 5G services by next month and execute some big projects from 2019-20.


  • PNB update- A team from India was sent to Antigua to hand over a request to Antigua Government for the extradition of Mehul Choksi, who has now attained the citizenship of Antigua.


  • Bhavdeep Singh, the CEO of Fortis Healthcare said that the management did protest when it came to know about the loans given to companies linked to Singh brothers but they were overruled.


  • Xiaomi, which has recently gone through an IPO, plans to use a chunk of the IPO money in India to make more startup investments, build its ecosystem of internet services, and build India-specific IoT devices. Manu Kumar Jain, the Company’s India head said 30% of the $4.5 billion raised in the IPO last month will be used for core R&D, 30% on building the IoT platform, 30% for global expansion and the remaining 10% for miscellaneous expenses.


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