 Oil and Natural Gas Corporation (ONGC) has approved exiting its helicopter service provider Pawan Hans by selling its entire 49% stake. The move will cut debt and consolidate resources in this core oil and gas business. ONGC wants its interest to be clubbed with the 51% government stake that is already on offer for sale. |
| Source- AIR World Service |
 The European Union regulators have slapped Alphabet-owned Google with a record 4.34 billion euro ($5 billion) antitrust fine for abusing the dominance of its Android mobile operating system. According to the EU, Google's parent company has unfairly favoured its own services by forcing smartphone makers to pre-install Google apps Chrome and Search in a bundle with its app store, Play. |
| Source- The Livemint |
 Flipkart’s digital payment subsidiary PhonePe has acquired Zopper Retail – a hyperlocal Point of Sale (POS) platform for small and medium businesses. The acquisition is a part of the company’s strategy to aggressively ramp up its offline business. Zopper’s CEO Neeraj Jain and the engineering leadership team has joined the team of PhonePe after the acquisition. |
| Source- The Hindu Business Line |
 Microsoft and Walmart are teaming up for a strategic partnership that will take on rival Amazon in both technology and retail. Walmart announced at Microsoft’s Inspire partner conference, that it’s partnering with Microsoft to use the company’s cloud services. The five-year agreement will see Walmart use Azure and Microsoft 365 across the company, alongside new projects focused on machine learning, artificial intelligence, and data platforms. Walmart is Amazon’s biggest retail competitor, and Microsoft is Amazon’s largest cloud services rival. |
| Source- The Verge |
 The telecom ministry approved the merger of Vodafone India and Idea Cellular Ltd. that will create thecountry’s largest mobile services operator. The Department of Telecom has cleared the Vodafone-Idea merger, but both companies will have to meet conditions for final approval. The department has asked Idea Cellular to pay Rs 3,926 crore in cash for Vodafone spectrum and furnish a bank guarantee of Rs 3,342 crore. The combined operations of Idea and Vodafone will create the country’s largest telecom operator worth over $23 billion (or over Rs 1.5 lakh crore). Vodafone will own 45.1% stake in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group and Idea shareholders would have 26% and 28.9%, respectively. |
| Source- The Bloomberg |
 Reliance Industries Chairman Mukesh Ambani at the Reliance Industries’ 41st Annual General Meetingannounced that Reliance is India’s largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector paying Rs.9844 crore in FY18. Reliance has become the first Indian company to record PBDIT (Profit Before Depreciation Interest and Taxes) of over $10 billion. Other Businesses Reliance Industries have are: refining, petrochemicals, retail and digital services. |
| Source- Business Standard |
 World Bank Group member IFC (International Finance Corporation) has invested $100 million in Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance). This would enable the Mahindra Group company to augment its growth by extending loans to individuals along with financing small and medium enterprises. The investment in India’s largest tractor financier will be through secured non-convertible debentures. Mechanised farming can cut costs by 25% and raise productivity by 20%, helping meet the Centre’s target of doubling farmers’ incomes by 2022. |
| Source- The Hindu |
 The Bharti Infratel, a mobile infrastructure company, has got the approval of competition watchdog Competition Commission of India (CCI) for merging its operations with Indus Towers. The proposed merger values Indus Towers at an enterprise valuation of Rs71,500 crore, and will create one of the largest mobile tower entities worldwide with 1.63 lakh towers in all 22 telecom circles. The combined company will own 100% of Indus Towers. |
| Source- The Hindu |
 The Tata Steel board gave the green flag to the joint venture with German steel giant Thyssenkrup. The Thyssenkrup supervisory board also approved the collaboration with the Indian steel manufacturer. This deal will see both steel majors combine their European businesses to form a 50:50 joint venture. The resultant entity, which will be called Thyssenkrup Tata Steel BV, will be the second-largest steelmaker in European steel sector after Lakshmi Mittal's ArcelorMittal. It will have around 48,000 workers and about 15 billion euros in sales. The definitive agreement signed will be formally executed shortly. |
| Source- The Business Today |
 Bharat Heavy Electricals Ltd. (BHEL) has inked a pact with South Korean firm NANO Co Ltd for design and manufacture of emission controlling devices for coal-based power plants. The Technology Collaboration Agreement (TCA) with NANO Co is for design and manufacture of SCR Catalysts for De-NOx application in coal-fired plants. The pact will enable BHEL to enhance its offerings for emission control systems (De-NOx applications). |
| Source- The Hindu Business Line |
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