Latest India Business News Headlines 7th September 2018
Read India business news headlines 7th September 2018:
– Infosys has formed a joint venture with Temasek to expand its presence in Southeast Asia. 60% stake will be held by Infosys and Temasek shall have the rest 40 percent.
– The government has appointed a panel under former RBI governor Bimal Jalan to select the next chief economic adviser in the finance ministry. BP Sharma, Secretary of department of personnel and training and, Subhash Chandra Garg, economic affairs secretary will also be part of the panel.
– Tata Housing is struggling to retain the employees. 100+ employees have left the company since the announcement of its merger with Tata Realty.
– It seems that the pricing in the Indian aviation sector could take a while to improve even after the launch of various discount schemes by the airlines. The performance may deteriorate further due to high crude oil prices, rupee depreciation and inability of airlines to raise fares.
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– The government is proposing various incentives to boost EV sales in the 5 years which includes exemption from road permits.
– IDBI Bank has approached NCLT against Reliance Naval and Engineering for defaulting on loans of more than ₹1,250 crore. The firm was declared NPA in Feb. Reliance Naval is a private shipbuilder with licence and contracts to build warships.
– NCLAT may decide on Essar Steel bids today.
– Future Group to looking to tie up with tech firms to raise funds for the expansion. The Group is aiming to become one of the largest packaged consumer goods company in India.
– Aurobindo Pharma has agreed to buy dermatology business and three manufacturing units of Sandoz, the generics unit of Novartis, for around $1 billion. The deal will make Aurobindo Pharma the second-largest maker of generic prescription drugs in the US.
– GreyOrange, a Warehousing automation and robotics start-up, has raised $140 million in a Series C round of funding from Mithril Capital, Binny Bansal and other existing investors. Mithril had recently raised its second fund of $850 million.
– Senior officials of Uber will meet Suresh Prabhu, the trade and civil aviation minister today to make a formal presentation about Uber’s plan to start intra-city aerial taxi service in India to facilitate urban mobility and reduce road congestion.
– Air India may be managed by a board if the turnaround plan being charted out by the government for financial and organizational reform is approved.
– Rivigo, India’s most valuable logistics start-up, is in talks to raise a large round of funds, around $350-400 million, from new and existing investors as the firm is planning to expand its trucking fleet and also add new clients.
– Bhavish Aggarwal and Ankit Bhati, Founders of Ola, have sought CCI approval for increasing stake in ANI Technologies, the parent company of Ola. The acquisition will be made through Singapore based Lazarus Holdings.
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