Here are the India Business News Headlines 10th October 2017:
- Sony Pictures have acquired broadcast and digital rights for all men’s international matches organised by Australia’s cricket board for the next six years. Currently the rights are held by Star India.
- N Chandrasekaran, Tata group Chairman has said that the company might consider looking at Air India, being disinvested by the government as the group cannot run two airlines Air Asia and Air Vistara with just 15-20 aircraft and all businesses need to have scale.
- Saudi Aramco, world’s biggest oil producer, is set to invest in the downstream oil and gas sector of India through a JV. It has set up a local arm, Aramco Asia India and is evaluating picking up a stake in Rs 40,000-crore mega refinery on the west coast.
- Maharashtra government and Tata Trusts have joined hands to roll out a series of social development initiatives in Chandrapur district in the areas of livelihood, digital literacy, data driven governance and child protection.
- Disqualification of directors by Ministry of Corporate affairs has hit 500 listed companies. BSE and NSE have sent notices asking listed companies why their directors were disqualified and when do they plan to replace them.
- GridRaster Inc. has raised $2 million in seed funding from a group of venture capital firms, including Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group.The funds are planned to be used for product development and marketing. GridRaster, Palo Alto and Bengaluru-based firm provides virtual reality (VR) and augmented reality (AR) experiences on mobile devices to firms using a multiple stack approach.
- Veeba Food Services, a Condiments and sauce maker, has raised approx. Rs40 crore in a series C round led by its existing investor Verlinvest.
- Xerox’s BPO arm will be investing up to Rs300 crore to put up a development centre at Fintech Valley in Visakhapatnam over the next three years. The move will generate around 5000 jobs.
- Jindal Steel has sold two oxygen plant assets, located in Chhatisgarh and Odisha to SREI Equipment Finance for Rs1,121 crore.
- Paynear, a company specializing in payment gateway, is set to buy GoSwiff for $100 million. GoSwiff, based in Singapore, is owned by maker of security ink for currencies, Maurice Amon. GoSwiff is a white labeled tech platform to develop apps, software and builds business logic for companies and financial institutions in digital payments space.
- Lenskart has appointed Katrina Kaif as its brand ambassador.
- Nearly four years after joining PepsiCo India as its Chairman and CEO, D Shivakumar, Shivakumar has called it quits. He will join Aditya Birla group as Head – Corporate Strategy and Business Development.
*News as published in Business Standard, Live Mint and Economic Times.