Latest India Business News Headlines 7th August 2018

Read latest India business news headlines 7th August 2018:

07-08-2018-India-business-news-headlines

  • IFC announced that it will invest $25 million in Mahindra Rural Housing Finance. MRHFL plans to utilize the fund to offer small-ticket housing loans in rural areas.

 

  • NCLAT extended the deadline for the three bidders of Bhushan Power – JSW Steel, Tata Steel and Liberty House, for submission of revised resolution plans to August 13 from 6 August.

 

  • Rajan Nanda, the Chairman of Escorts Group, died on Sunday, at the age of 76, after a brief illness. He joined Escorts at the age of 23, in 1965, and took over as group Chairman in 1994 when his father and the founder chairman, H.P. Nanda, stepped down.

 

  • Effective October 3, the CEO of PepsiCo, Indra Nooyi, will step down from her position. The Board has elected Ramon Laguarta, to succeed Indra Nooyi, who has been in the company for the past 24 years and CEO for the past 12 years. Ramon Laguarta has been in the company for the past 22 years.

 

  • Reliance Communications is working on to complete the sale of its assets worth Rs 25,000 crore by the end of this month. It has agreed to pay Rs 550 crore to Ericsson by September end towards settlement.

 

  • The parliament panel has asked RBI to restore LoUs and letters of comfort at the earliest. These were banned after the PNB fraud.

 

  • Both India and Antigua, recognizing each other as ‘designated Commonwealth countries’ are working on the extradition of Mehul Choksi despite the two nations not having a formal extradition treaty.

 

  • DoT is looking for options to block, if need be, the popular social media apps like Facebook, WhatsApp, and Instagram to curb fake news and child pornography and has asked the internet service provider and telecos to suggest ways of doing so.

 

  • Nusli Wadia, the promoter Chairman of Britannia Group has hinted that he might exit the Board. Nusli Wadia joined the Britannia board in 1993.

 

  • To consolidate its leading position and prevent loss of market share, Samsung has cut the prices of its top-selling TVs for the 2nd time in the last two months.

 

  • Various sellers associations are set to offer feedback to the government on e-com policy including calling for protection to independent sellers. The feedback has also been shared with the Confederation of All India Traders (CAIT).

 

  • ShopX, a B2B startup connecting retailers and kirana store owners in small towns with FMCG brands, has raised $35 million from Fung Strategic Holdings.

 

  • Infosys has hired John Gikopoulos, former Director of IPsoft, as its global head of AI and Automation business.

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