Read Latest India Business News headlines 7th January 2019
– As per the data compiled by Thomson Reuters, the value of announced M&A deals in 2018 involving Indian companies was $129.4 billion.
– Bandhan Bank is set to acquire Gruh Finance, a mortgage lender, through share swap. The acquisition is aimed at cutting bank’s promoter holding and expanding its housing finance portfolio.
– PTC India has initiated a formal process to find a strategic investor for its wind power business. The asset sale is expected to fetch around ₹2,000 crore.
– Traders’ body CAIT has requested the Commerce and Industry Ministry not to approve selling private labels on e-comm marketplaces. It has also requested not to extend Feb.1 deadline for implementation of changes to the FDI policy.
– The government has refused to provide immunity to RJio from past payment liabilities of RCom if it acquires RCom’s spectrum through a trading deal.
– As per the data from Gems and Jewellery Export Promotion Council, Gems and Jewellery exports declined by 6.77% during April-November 2018. The export value stood at USD 22.24 billion.
– Alibaba has started taking action against thousands of sellers on its platform who were sending goods to India as Gifts. Shipping goods as Gifts allow an entity to avoid paying duties and taxes. The Government had a crackdown on this a few days back.
– CCI has sought details from Samara Capital on the acquisition of ‘More’ – the role of Amazon in the day-to-day operations and if the proposed deal is in line with the revised FDI norms.
– ZoloStays has raised $30 million in series B round of funding led by Nexus Ventures, its existing investor.
– Vijay Mallya has been declared a ‘Fugitive Economic Offender’ by PMLA Court in the alleged Rs.9,000 crore loan default case. He is the first businessman to be charged under the new anti fugitive law. The government can now initiate confiscating his properties.
– Mumbai airport will be shut for six hours daily from February 7 to March 30 for runway upgrade. There will be no flight movements between 11 am and 5 pm every Tuesday, Thursday and Saturday. Fares to key routes like Delhi, Hyderabad and Bengaluru may shoot up to 80 per cent.
News credit: Livemint, Economic Times, Business Standard