Read latest India business news headlines 6th June 2018 :
– GIC Holdings, the Sovereign wealth fund and Abu Dhabi Investment Authority will together invest $450 million in Greenko Energy. The funds will help in the funding of setting up of India’s first large integrated clean energy storage project, the investment for which is estimated to be around Rs50,000 crore.
– Toshiba is expected to complete the sale of 80% of its personal computer business to Sharp for $36 million, by 1st October 2018.
– Howard Schultz, the chief of Starbucks, announced his retirement from the company. He has been serving as executive chairman of Starbucks since April, last year.
– The merger of Bharat Financial and IndusInd Bank has received a no objection from BSE and NSE.
– GoAir has appointed former EasyJet executive, Cornelis Vrieswijk as the CEO, after the resignation of Wolfgang Prock-Schauer in December.
– Nikon appoints Sajjan Kumar as first Indian MD and expects India to contribute around 5% of its global sales in the next two financial years.
– India and China have failed to resolve differences on trade tariffs even after two days of talks in New Delhi. China demanded the elimination of tariff in more than 90% of the traded goods for granting non-reciprocal market access to India, while India has offered tariff elimination for 73% of traded goods.
– Vijay Shekhar Sharma, CEO of Paytm and venture capitalist Shailesh Vickram Singh have launched an environmental protection fund. The fund, which aims to invest up to $150 million, will target environmental problems in the areas of food and agriculture, air and water pollution, renewable energy, recyclables such as e-waste and plastic, mobility, and sustainable development.
– Hindustan Copper is looking to restart its redundant smelter at Khetri in Rajasthan, due to the shortage of copper production, after the closure of the Tamil Nadu unit of Sterlite Industries Ltd.
– Orient Cement is planning to invest Rs3,600 crore to expand its capacity over the next 5 years. The group recently bought 2 cement units from the distressed Jaypee group.
– Kolkata based McLeod Russel India has entered into an agreement with M.K. Shah Exports Ltd, another tea producer, to sell 8 tea estates for Rs331 crore. It’s the biggest sale of tea plantations in India in decades.
– Ministry of Defence has given its approval for construction of a port on Subarnarekha river, Bay of Bengal in Balasore district, Odisha and the construction will start soon. This port will spur faster economic development of northern Odisha.
*News as published in Business Standard, Live Mint and Economic Times.