- Wednesday, March 05, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Tuesday, January 10, 2022:
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday morning, a day after the Bombay High Court granted them interim bail in a loan fraud case, a police official said, PTI reported. Chanda Kochhar walked out of the Byculla women’s prison in Mumbai, while her husband was released from the Arthur Road jail, the official said. The CBI arrested Kochhars on December 23, 2022 in connection with the Videocon-ICICI Bank loan case. The couple had filed petitions in the Bombay High Court challenging their arrest, terming it as illegal and arbitrary.
The Indian government on Tuesday started a week-long Startup-India Innovation Week to celebrate the National Startup Day (January 16) across the country with several events to reach ecosystem stakeholders and enablers, ANI reported. The department for promotion of industry and internal trade (DPIIT) organised a workshop on Alternative Investment and their central role on Tuesday, chaired by Anurag Jain, Secretary, DPIIT, as part of the Startup India Innovation Week 2023 at Vanijya Bhawan, New Delhi. According to the statement from the ministry of commerce and industry, DPIIT worked closely with the ministry of finance, Insurance Regulatory and Development Authority of India, and the ministry of labour and employment to allow Alternative Investment Funds to invest in startups.
Tata Group is about to take over a major plant in southern India in a pact that would give the south Asian country its first homegrown iPhone maker, Bloomberg reported. The airline-to-software conglomerate is reportedly in talks with the factory’s owner, Taiwan’s Wistron Corp., for months, and is looking to complete the purchase by the end of March, according to two informed sources. The two firms discussed various potential tie-ups but the discussions have now centred on Tata taking a majority of a joint venture, the sources added. Tata will oversee the main manufacturing operation, with support from Wistron, they said on condition of anonymity.
The Reserve Bank of India (RBl) has imposed a monetary penalty on five cooperative banks for some contravention or for non-compliance with varied central bank directions, ANI reported. The entities are Shree Mahayogi Lakshmamma Co-operative Bank Ltd., Kurnool, Andhra Pradesh; The Attur Town Co-operative Bank Ltd., Attur, Salem District, Tamil Nadu; Gondia District Central Co-operative Bank Limited, Gondia (Maharashtra); The Shirpur Peoples’ Co-operative Bank Ltd., Shirpur (Maharashtra); and Tirupati Urban Co-operative Bank Ltd., Nagpur (Maharashtra). The monetary penalties slapped on these entities range between Rs 50,000 (£504) to Rs 3 lakh (£3,023), an RBI release showed.
India’s commerce and industry minister Piyush Goyal met with chief executives of leading global corporations as well as industry stakeholders in New York, US, and discussed investment opportunities in India and areas to further strengthen the bilateral trade partnership with America, PTI reported. Goyal, who is in the US on an official visit, held a series of meetings with the CEOs of investment and financial giants on Monday (9). Following a meeting with smart and sustainable buildings solutions provider Johnson Controls chairman and CEO George Oliver, Goyal tweeted that he “exchanged views on enhancing company’s role in decarbonisation & developing sustainable buildings in India.” They also discussed developing security products through Research and Development, the Internet of Things and Artificial Intelligence.
Car services management app Park+ on Tuesday said it has raised Rs 140 crore (£14.1 million)in a funding round led by Epiq Capital, Matrix Partners India and Sequoia Capital India, PTI reported. The company plans to utilise the fund to expand its presence to over 100 cities, to hire more than 200 employees and expand its services verticals, Park+ said in a statement. “The fund (Rs 140 crore) that we have raised will help us in strengthening our team and expanding presence to over 100 cities. The part of the fund will be used for launching more used cases,” Park+ Founder and CEO Amit Lakhotia told PTI while sharing details of the funding.
