Read latest India business news headlines 8th June 2018:
– Tariq Premji, 40, the youngest son of Azim Premji has joined the board of Wipro Enterprises as an additional director. He has been on the board of two philanthropic arms of Wipro — Azim Premji Philanthropic Initiatives and Azim Premji Foundation since 2016.
– PremjiInvest, the family office of Azim Premji, has picked up 6% stake in Future Retail Ltd. The transaction is valued at ₹1,700 crores.
– Hines India has decided to sell its 50% stake in One Horizon Centre in Gurugram, which may fetch them around ₹700-800 crore. The other half of One Horizon is owned by DLF.
– CDC Group of UK has invested in IDFC arm’s third private equity fund, which will allow exit to some existing partners of IDFC Alternatives.
– IL&FS Transportation Networks has raised ₹186.11 crore in debt financing from KfW IPEX-Bank. KfW IPEX-Bank is a German Exim bank which offers financing for international projects as also offers export finance.
– IIFL Holdings has registered a real estate investment trust (REIT) with Sebi to enable the firm to raise funds. REITs are entities which primarily invest in leased office and retail assets and allow developers to raise funds by selling completed, rent-generating buildings to investors.
– Auction of Taj Mansingh hotel, Delhi, may be stalled again as Indian Hotels Company is the only bidder for the hotel. The previous auction scheduled to be held on 30th January was scrapped after criticism that the tender terms kept many potential bidders out.
– Air India is seeking short-term loans of around Rs 10 billion to meet “urgent” working capital requirements. Air India failed to pay salaries to its employees on time for the third month in a row.
– Sri Sri Tattva, the FMCG brand of Sri Sri Ravi Shankar, has earmarked Rs.200 Crore for advertising and promotion. The amount will be spent on mass media advertising, outdoor campaigns and BTL marketing. The spend will support brand’s expansion plan of opening 1000 stores in India.
– Metro Shoes has filed a case against Flipkart for selling products under a private brand – Metronaut, which is deceptively similar to their brand.
– ITC group has acquired Nimyle, a Kolkata based agro products company, for an undisclosed amount. The buyout will help ITC to enter into the homecare segment.
*News as published in Business Standard, Live Mint and Economic Times.