Here are the India Business News Headlines 14th November 2017:
- Vodafone and Idea Cellular have separately agreed to sell their standalone telecom tower businesses to ATC Telecom Infrastructure Pvt. Ltd for about $1.2 billion.
- Alibaba Group has sought approval of Competition Commission of India for acquiring stake in BigBasket. It had been reported earlier that Alibaba, along with Paytm Mall was in discussions with BigBasket to pick up a minority stake for about $200 million.
- Finance minister Arun Jaitley has signaled that there can be more GST rate cuts and has appealed to businesses to pass on the benefit of the recent reductions to consumers.
- The government is launching ‘Bharat 22’ exchange traded fund (ETF) managed by ICICI Prudential Mutual Fund, targeting an initial amount of about Rs.8,000 crore. The new fund offer will be open for subscription till 17 November and a discount of 3% is being offered to all categories of investors. ETF is part of the government’s overall disinvestment programme which comprises select companies from central public sector enterprises, stakes held under the Specified Undertaking of the Unit Trust of India and state-run banks.
- Infosys is looking to partner with companies offering data analytics or AI platforms, including IBM. It however has no plans to abandon its own Nia platform. Infosys is seeking to use these platforms to help it win more business from its own customers.
- Nestle India has asked advertising agencies to pitch for its media account, estimated to be worth Rs.600 crore. Publicis Groupe’s Zenith India, WPP’s GroupM and PG Mediabrands are among ad agencies that are expected to make a pitch for the account. Currently, McCann Worldgroup India and Publicis India handle the creative work on Nestle’s multiple brands including Nescafe, Maggi and Everyday.
- After NGT ban on industrial activity in NCR to curb intense smog conditions, Coca-cola, Dabur, Honda and Perfetti have suspended their manufacturing plants in NCR. NGT shall be hearing a petition from these companies who have claimed to comply with all the emission norms.
- Revenue of five star hotels is reportedly down by over 20% due to their falling in the GST slab of 28%. The high GST is impacting both Indian and foreign tourists who are opting for villas and home-stays than staying in luxury hotels.
- Telecom department has asked all telcos to specify February 6, 2018 as deadline for re-verification of Aadhaar number for all mobile users.
- Fashion e-tailer Voonik has told its 200 employees that the company won’t be able to pay them salary for the next three months due to cost cutting measures. Total workforce of Voonik is about 350. The workforce majorly affected is in Product development and customer support.
*News as published in Business Standard, Live Mint and Economic Times.