Read latest India business news headlines 10th August 2018:
- Supreme Court has ordered the sale of Jaypee Infratech to investors, other than promoters. As per the Bankruptcy Code, homebuyers are classified as financial creditors and shall have the same rights as the lenders, in deciding the company’s future.
- The IT department has asked Walmart to submit details of capital gains taxes deducted for Flipkart acquisition within 15 days of the closing of the deal. CCI gave its approval to the $16 billion deal, leading to deal completion.
- HPCL has refused to recognize ONGC as a promoter even after the takeover. The company rep said that they are acting as per their understanding of statute and Sebi guidelines and the Companies Act.
- The National Green Tribunal has granted conditional access of Sterlite copper plant in Tamil Nadu, to Vedanta. The Sterlite Copper Plant was ordered to be closed permanently in May this year by the Tamil Nadu Government after widespread protests.
- Vilas Tawde, the CEO of Essar Oil said that it is planning to invest ₹ 7,000 crores to develop about 1.6 trillion cubic feet of shale gas potential in its existing coal-bed methane block at West Bengal.
- Managing Director and Chief Executive Officer of Idea cellular, Himanshu Kapania, shall be given the position of vice-chairman at Grasim Industries after its merger with Vodafone. He may be the first vice-chairman of Grasim.
- HSBC has launched an online platform called MyDeal to raise funds through capital markets. MyDeal shall contain information relating to a client’s capital markets transactions while being updated on a real-time basis.
- Neeraj Singal, the former promoter and MD, Bhushan Steel, was arrested for siphoning off funds of more than ₹2000 crores from the company.
- ShopClues has raised around ₹ 110 crores from its existing investors. ShopClues is depending on new initiatives for monetization as its daily orders take a steep drop.
- CCI has ordered an observation on the discounting practices of Flipkart and other online retailers as providing discounts are explicitly banned.
- Gome, largest consumer electronics and smartphone retail chain of China, shall be launching its own branded products in India to be sold online and multi-brand stores. To start with it will launch 3 smartphones in Rs.10000 category by the upcoming festival season. Gome has over 1700 stores in China.
- To take on platforms like CarWale and CarDekho, Maruti Suzuki is building its own website where car buyers will be able to compare prices. The company expects to generate online queries through their platform. Maruti Suzuki makes one of every two cars sold in India.
- Nestle India is looking to position itself as a complete packaged breakfast products maker to capitalize on the growing market of Indians who still prefer freshly-cooked homemade breakfast. Last month it launched Nesplus, its cereal brand to its existing portfolio of curd, oats, noodles, milk, yogurt and coffee.
- Ikea’s Hyderabad outlet is now open for public. It has around 7500 products on offer, around 1000 of which cost less than Rs.200. The company expects around 6million visitors annually to its 400,000 sq ft store.
- Metro Bikes, a two-wheeler rental start-up, has raised $12.2 million in a Series A round of funding led by Sequoia Capital India and Accel Partners. The funding will be used to develop technologies as also expand into newer markets.
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