India Business News Headlines 11th December 2017 –

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Here are the India Business News Headlines 11th December 2017 :


  • Indian Government is likely to change rules so that foreign airlines can also bid for Air India if they have a local joint venture with an Indian partner. The move is aimed to increase the number of suitors. With the exception of Air India, existing rules allow foreign airlines to own upto 49% in an Indian airline.


  • After merger of its five associates, SBI has changed names and IFSC codes of nearly 1,300 of its branches located in major cities like Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, Lucknow, etc.


  • B.M. Khaitan and G.P. Goenka, the two business tycoons, have quit the board of Jay Shree Tea and Industries within a span of seven months. Both of them were serving as non-executive directors, for 43 and 33 years respectively. The move has ended a unique experiment started by the company’s chairman B.K. Birla, who had invited them to join the Board.  It was a unique experiment as Mr.B.K.Birla had invited these two key industrialists from Kolkata who were invested in the same business as their competitor to join his company’s board. Mr.B.K. Birla has now distanced himself from the day-to-day operations and handed over the reins of his firm to his daughter Jayashree Mohta.


  • Air India is seeking Rs.1,160 crore loan to modify planes for VVIPs, to be delivered in January 2018, which will be used to carry the president, the vice-president and the PM.


  • Eros group is now shifting its focus from box office to online video streaming. It is now investing only in films which are low cost, have a high ROI and are suitable for online streaming platforms. Eros, with close to 30% share of the Bollywood box-office collections, wants to move from being just a film studio to being a digital content company.


  • PNB, Indian Bank, Syndicate Bank are likely to launch QIPs this month. The PNB QIP is likely to be launched this week to raise Rs5,000 crore, Syndicate Bank and Indian Bank are likely to raise Rs1,000 crore each through their QIPs.


  • Airtel will connect over 2,100 uncovered villages in the North East. It will set up 2,000 mobile towers to connect these villages and national highways with the help of government funding.


  • McDonald’s may soon be appointing a new partner for North and East India.  Hardcastle Restaurants, which runs McDonald’s stores in West and South India, is likely to be the front runner. McDonald’s had terminated franchise agreement for North India with Vikram Bakshi-led Connaught Plaza Restaurant in August this year alleging breach of contract terms and payment default.


  • Future Group is looking to get hold of data of around 500-million consumers who have shopped on its offline stores across 255 cities in the country by offering technology start-ups to build models and solutions to increase engagement with them.


  • After hitting out at the government on social media, retailers are now gearing up to protest against revised merchant discount rates for debit card transactions. RBI recently increased the basis of MDR for various categories depending upon the size of transactions. Retailers Association of India, with members such as Future Group, Trent and Shoppers Stop, among others, is spearheading the protest against the changed rates.


*News as published in Business Standard, Live Mint and Economic Times.
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