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Govt to allow consortium of foreign funds to own over 51% in IDBI Bank

The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd, according to a government clarification on Tuesday.

The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank's residency criteria for promoters applies only for newly set up banks and would not apply to an existing entity like IDBI Bank, the Department of Investment and Public Asset Management said in a response to interested bidders' queries.

PepsiCo to lay off 'hundreds of workers' at New York headquarters: Report

Food, snack and beverage company PepsiCo Inc is reportedly laying off its employees, signalling that cost-cutting exercises have extended beyond tech and media companies, as reported by the Wall Street Journal (WSJ).

A person aware of the matter told WSJ that hundreds of jobs will be eliminated. The employees at the company's headquarters in Purchase, New York and its snacks and packaged-foods business headquartered in Chicago and Plano, Texas, are reportedly being laid off.

Flipkart, Walmart ink MoU with NSIC to speed up capacity creation for MSMEs

Homegrown e-commerce brand Flipkart and its parent, US retailer Walmart, have announced the signing of a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to jointly accelerate capacity building for micro, small and medium enterprises (MSMEs) across India.

The partners also seek to support MSMEs in their quest to become part of local and global retail supply chains.

The MoU was signed at the Walmart Vriddhi Seller Summit in New Delhi, an event that marked the completion of training by 20,000 MSMEs under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi).

Apple explores shifting some iPad production from China to India: Report

India is exploring options to bring some of Apple Inc's iPad production to the country from China, CNBC reported on Monday, citing two sources close to the Indian government.

Apple is holding ongoing discussions with officials, according to the report.

Dhunseri Tea to acquire two estates from Apeejay Tea in Assam's Tinsukia

Soon after entering into a deal with Warren Tea to buy its four tea estates in Assam, the C K Dhanuka-promoted Dhunseri Tea & Industries is set to buy another two tea gardens from Apeejay Tea Ltd, a part of the Apeejay Surrendra group.

In a stock exchange filing, Dhunseri said the company has signed a memorandum of understanding (MoU) on Monday with Apeejay Tea Ltd for acquisition of two tea estates located in Tinsukia district of Assam for Rs 109 crore.

Dhanuka said the Apeejay estates being acquired were its best.

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