Read latest India business news headlines 7th June 2018 :
– Temasek and Ascendas-Singbridge Group have decided to invest $300 million in logistics and real estate projects in India. The industrial real estate is fast emerging as the go-to asset class for investors and developers
– RBI said that it has ‘No-Objection’ in the merger of Capital First, Capital First Home Finance and Capital First Securities with IDFC Bank.
– China announced that it was halting approvals of some new solar projects and cutting subsidies to developers in order to ease its pace of expansion. India may be the biggest beneficiary of solar industry reforms in China after its implementation.
– India’s gold import has shrunk 39% in May. It is the fifth month of decline and is said to be the highest so far this year.
– Electrosteel Steels has allotted equity shares of about Rs7,400 crore to its lenders. It has also spelled out steps to be taken for completion of its takeover by Vedanta and subsequent delisting from stock exchanges.
– Qatar Airways will “soon” move an application to launch a full-service airline in India for domestic operations which would be fully financed by Qatar’s sovereign fund.
– Infosys CEO Salil Parekh said that stricter work visa across various markets like US and Australia will not “constrain” it’s business growth as it is focussing on hiring locals and training workforce in these places.
– Adidas gears up to promote FIFA World Cup in India by leveraging digital, outdoor and on-ground activations across cities like Delhi, Mumbai, Pune, Cochin, Kolkata, Chennai, and Guwahati.
– Hindustan Construction along with its JV with MAX Group has won a Rs737 crore contract from Russia for a nuclear power plant in Bangladesh.
– Air India has delayed payment of salaries to its employees for the third consecutive month. The airline management has also not communicated to the staff as to when the salaries for the month of May will be paid.
– NCLT has admitted insolvency plea against Videocon filed by SBI.
– Sebi has increased the maximum investment limit by angel funds in venture capital undertakings to Rs10 crore from the current Rs5 crore. The minimum investment by an angel investor, however, will continue to be Rs25 lakh.
– Meesho, an online marketplace using social media platforms to drive sales, has raised $11.5 million in a series-B round led by Sequoia India. Meesho has so far raised $15 million including the latest funding.
– Lavasa Corp., which is building its first mountain city near Pune is struggling to find its new Directors after its three directors – Sharad Naik, Edna Maclaine, and Deepak Shah, resigned last month. Lavasa owes lenders more than Rs5,000 crore.
*News as published in Business Standard, Live Mint and Economic Times.