Here are the India Business News Headlines as on 11th August 2017:
- SoftBank pumps in another $2.5 billion to help Flipkart fight Amazon. Out of this, around $1 billion has been spent to buy off shares of Tiger Global. This makes SoftBank Group a top investor not just in Flipkart but also in the entire e-commerce sphere in India. SoftBank will now have a stake of over 18 per cent stake in Flipkart.
- Trai has expressed its disappointment with the “unreasonable” stance of Apple for not allowing the its DND app on the iOS platform and asserted the issue is about users having control over their own data and not one of privacy. Talks on the subject are on for the last one year.
- France’s Engie is in talks to partner Everest Industries, India’s largest roof manufacturer, for solar roofs. With around 60% of rooftop space in India not fit for solar installations given their sub-par design, the plan is to create a new category of solar-ready roofs. With around €66.6 billion in revenue, Engie has been trying to expand its presence in the Indian clean energy space and set up a 2GW capacity by 2019.
- TPG Growth, an early backer of Uber Technologies Inc., has sharpened its focus on the Indian healthcare industry by establishing a new sector-specific platform for its investments. The proposed platform will help TPG to consolidate all its healthcare investments in India.
- The Supreme Court has rejected Sahara Group’s plea to postpone auction of its Aamby Valley township. Sale notice for the property is set to be advertised on 14 August. However, Sahara will be entitled to enter into negotiations for an investment in the Aamby Valley project.
- Ola has raised over Rs231 crore from Tekne Private Ventures through issue of preference shares. Ola had also raised Rs670 crore ($104.4 million) in funding from investors, including UC-RNT Fund earlier in May this year.
- Gopal VittaL, MD & CEO, Bharti Airtel has sold 1.21 lakh shares to promoter firm Bharti Telecom for around Rs.5Crore.
- Amazon Prime Video India Head Nitesh Kripalani has put in his papers citing personal reasons. Nitesh had joined Amazon in 2014.
*News as published in Business Standard, Live Mint and Economic Times.