Read latest India business news headlines 9th May 2018 :
- Flipkart Updates: Flipkart and Walmart deal is expected to be announced by the end of this week. In the world’s biggest e-commerce deal, Walmart and Google parent company, Alphabet Inc, together, will buy around 75% stake in Flipkart. $2 billion in fresh capital would also be invested and rest of the shares would be bought from existing Flipkart investors at a valuation of $17-18 billion.
- BlackRock Inc., the world’s largest asset manager and Reliance Nippon Life Asset Management are front-runners to buy IDFC Mutual Funds, which manages assets of around Rs 70,000 crore. If Reliance succeeds in acquiring IDFC MF, it will become India’s largest asset management company with combined assets of around Rs3.15 trillion.
- Govt. has decided to increase the validity of WHO and GMP certification to three years from the existing two years for the companies, which help to boost the pharma export and promote ease of doing business.
- Vijay Mallya has lost UK lawsuit filed by Indian banks to collect more than $1.55 billion. The London court said that the lenders can enforce an Indian court ruling that relates to allegations that Vijay Mallya willfully defaulted on loan repayments.
- Delhi high court has ordered sale of unencumbered listed shares owned by Shivinder Singh, former Ranbaxy promoter, and others in Rs3,500 crore arbitration award case in favour of Daiichi Sankyo.
- NCLT has admitted plea of Union Bank of India for initiation of insolvency proceedings against Era Infra for recovery of Rs681.04 crore along with an overdue external commercial borrowing of $11.97 million.
- Avaamo, an AI startup, has raised around Rs.95 Crore in serial A round of funding. The funds may be used for expanding firm’s sales and marketing.
*News as published in Business Standard, Live Mint and Economic Times.