Here are the India Business News Headlines 11th October 2017:
- Facebook India MD Umang Bedi resigned. Sandeep Bhushan, director, consumer and media, South Asia, will be the interim MD.
- Shoppers Stop has plans to use around Rs300 crore from recent divestments to reduce debt. After this, Shoppers Stop’s standalone debt will come down to around Rs200 crore.
- Sebi has moved Supreme Court in a contempt plea against Sahara Group alleging obstruction in the Aamby Valley auction process. The Aamby Valley auction process began on 14 August.
- Parallel Dots, a three-year old start-up developing AI based solutions for different industry verticals, has raised another $1.4 million from Multipoint Capital, who had earlier invested $600,000 in the company. Parallel Dots licenses its technology to enterprise clients.
- Due to low bookings during the festival season, airlines are offering sharp cuts in flight ticket prices. Generally, fares in the festive season are among the highest in the year.
- IndiGo has refused to shift partial operations to T2 at Delhi airport. The company says that partial shift of operations to T2 will result in widespread confusion and cause grave inconvenience to passengers having already confirmed bookings.
- Madison Media, India’s largest independent media agency, has won Rs 100 crore media business of Sri Sri Ravi Shankar’s consumer goods brand. The account will be handled out of Madison Media’s Bengaluru’s office.
- MakeMyTrip Travel Services Private Ltd, a 100 per cent subsidiary of MakeMyTrip, has applied for liquidation under the Insolvency and Bankruptcy Code. The subsidiary had plans to operate non-scheduled flights and was being wound up as it had failed to take off.
- Paytm Mall has ear marked Rs.50 Crore for seller training, marketing and optimising logistics network as it is focusing on the FMCG sector.
- EazyDiner has raised Rs.30 Crore in a fresh round of funding. Series B round values the company at a pre-money valuation pf Rs.250 Crore.
*News as published in Business Standard, Live Mint and Economic Times.