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  • 26-Nov-2019
  • Muthoot Finance to acquire IDBI Mutual Fund for Rs 215 crore

    Muthoot Finance will acquire IDBI Asset Management for Rs 215 crore to enter mutual fund space. The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020.

    Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs in the space with an asset base of over Rs 5,300 crore. The fund house runs 22 schemes with robust asset base across products, geography and investors.

  • 07-Nov-2019
  • ADB to give $451 mn for Chennai-Kanyakumari Industrial Corridor power links

    The Asian Development Bank said it will provide a $451 million (about Rs 3,200 crore) loan to strengthen power connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu.

    The total cost of the project is $653.5 million, of which the government will provide $202.5 million, the Manila-headquartered multilateral agency said in a release.

  • 10-Oct-2019
  • RBI rejects Indiabulls Housing & Lakshmi Vilas Bank merger deal

    The proposed merger of private sector lender The Lakshmi Vilas Bank Ltd. with home financier Indiabulls Housing Finance Ltd. failed to receive approval from the Reserve Bank of India.

    RBI vide their letter dated October 09, 2019, informed that the application for voluntary amalgamation of lndiabulls Housing Finance Limited and lndiabulls Commercial Credit Limited with The Lakshmi Vilas Bank Limited...cannot be approved.

    The Indiabulls Housing Finance and Lakshmi Vilas Bank first proposed the merger earlier in April this year.

  • 11-Jul-2019
  • ICSI launches UDIN to improve corporate governance

    The Institute of Company Secretaries of India (ICSI) has rolled out an initiative in the form of a Unique Document Identification Number (UDIN) in an attempt to pursue heightened sense of self-governance and strengthen the practising side of company secretaries.

    UDIN will provide ease of maintaining register of attestation and certification services. It will prevent counterfeiting of various attestations and certifications besides ensuring compliance with regard to ceilings on the number of certifications and attestations. 

    The initiative will also enable stakeholders and regulators to verify genuinity of documents signed or certified by company secretaries in practice, according to a statement. 

  • RBI panel moots changes in timings for foreign exchange market

    An internal committee of the Reserve Bank of India (RBI), which was set up to review timings of different financial markets, suggested that the foreign exchange market could function from 9 am to 9 pm At present, the currency market works from 9 am to 5 pm.

    “Calibrated extension of market hours, and to begin with, revised market timings of 9 am — 9 pm, may be considered to gauge demand and potential benefits,” the draft report of the committee said.

    The report noted that there are mixed views on the benefits of extension of market timing.

  • 10-Jul-2019
  • Walmart Labs acqui-hires startups FloCare and BigTrade

    Walmart Labs, the technology arm of the US retail giant, has acqui-hired health tech start-up FloCare and B2B trading platform BigTrade for an undisclosed amount. Walmart has brought on-board the ??teams of the two Bengaluru-based companies to help strengthen its customer technology and supply chain.

  • Milkbasket acquires Bengaluru’s e-grocery store PSR Supply Chain

    Online grocery delivery platform Milkbasket said on Tuesday that it has bought Bengaluru-based e-grocery distributor PSR Supply Chain for an undisclosed amount.

    “The acquisition of PSR Supply Chain helps us in further strengthening our customer base and offerings in Bengaluru," said Anant Goel, co-founder and CEO of Milkbasket.

    The Delhi-based grocery start-up, which acquired Noida-based vegetables supplier Veggie India in March, has been on an acquisition spree, buying out local businesses that could help it gain a wider customer base. PSR Supply Chain, which caters to customers in east Bengaluru, has a network of over 4,000 registered customers and its last reported annual turnover was over Rs 2.5 crore.

  • 05-Jul-2019
  • Ola gets green light for London taxi business

    India’s biggest ride-hailing platform Ola Cabs, which is run by ANI Technologies Pvt. Ltd, has received approval from London’s transport regulator to start private hire vehicles (PHV) in the capital city of the UK.

    This would allow Ola to mount a challenge to Uber Technologies Inc., and also take on Daimler AG-backed “Bolt" ride-hailing service, which received a licence from Transport For London (TFL), London’s local government body, in June.

    Ola UK Pvt. Ltd has received a one-year carriage licence from TFL to operate “PHV vehicles" across London where drivers themselves are required to apply for a licence and list their vehicle as a privately registered vehicle for hire.

  • 04-Jul-2019
  • ICICI & IndoStar Capital partner to finance commercial vehicles

    ICICI Bank has tied up with non-banking financial company IndoStar Capital for vehicle financing for small and medium fleet owners to buy new as well as old commercial vehicles.

    Under this partnership, IndoStar will originate and service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing

  • RBI sets up panel to review CICs

    The Reserve Bank of India (RBI) has set up a working group to review the regulatory and supervisory framework for core investment companies (CIC).

    The group will be headed by Tapan Ray, non-executive chairman, Central Bank of India and former Secretary in the Ministry of Corporate Affairs.

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