Business news headlines: Latest India business news today 11 December 2020
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Read the latest India business news today 11 December 2020.
- Tata group has reportedly rejected the offer of the Mistry family to swap its 18.4% stake in Tata Sons for equitable stakes in various group companies.
- Wipro has signed a definitive agreement to acquire PARI (Precision Automation and Robotics India) for an undisclosed amount. PARI has deployed around 1500 automated systems globally.
- SpiceJet has partnered with Om Logistics and also signed an agreement with Snowman Logistics for transportation of the COVID-19 vaccine.
- RBI has restricted Kotak Mahindra Bank from paying dividends on perpetual non-cumulative preference shares. RBI had issued a circular on 4 December directing banks and a certain categories of NBFCs not to make any dividend payment on equity shares from the profits of fy 19-20.
- In order to attract more bidders for its stake in Pawan Hans in its fourth attempt, the finance ministry has reportedly reduced the net worth eligibility value.
- After Maruti, now Ford India has also said that it will increase prices of all its vehicles between 1-3% from 1 January due to rising input costs.
- WayCool Foods, an Agri supply chain startup, has raised $7.8 million from Samunnati, InnoVen Capital, and RBL Bank in debt.
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Latest India business news today 11 December 2020 – business news headlines today
- United Spirits has named Hina Nagarajan as the company’s MD & CEO effective 1 July 2021. An IIM-A MBA, she will succeed Anand Kripalu.
- After Delhi, Mumbai and Bengaluru, Lexus is now setting up its fourth guest experience centre in Hyderabad.
- Blackstone is all set to acquire Piramal Glass. It will reportedly be making an upfront payment of $800 million. The firm will also pay $200 in future payouts linked to performance-linked milestones over the next 2-3 years.
- Okinawa, the Electric two-wheeler maker, has said that it has discontinued the sale of lead-acid battery-based products and will be focusing on the lithium-ion versions only.
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Latest India business news today 11 December 2020 – business news headlines today
- Competition Commission of India has initiated an investigation against cement companies in India including ACC regarding alleged anti-competitive behaviour.
- The government may not extend the deadline for submission of EoI for sale of Air India. It has, however, allowed submission of physical bids within 15 days instead of 7 days of the deadline.
- TVS family has agreed to subscribe to terms of a memorandum of family arrangement for aligning and synchronizing share ownership in various group companies.
- Softbank-backed Skylotech has partnered with BSNL to bring a satellite-based IoT network to India.
- Walmart has announced that it will triple its exports from India to $10 billion each year by 2027.
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