Here are the India business news headlines 13th oct 2017:
- Top auto executives named in disqualified directors list, win interim relief from High court. Pawan Goenka of Mahindra, Srinivasan Sandilya of Eicher Motors and Vinod Dasari of Ashok Leyland are directors in a firm called Association of Indian Automobile Manufacturers that hadn’t filed any results for three years. This is a section 25 company formed for promoting commerce, art, science etc and are not for profit.
- Tata group’s plan to merge its mobile telephone business with Airtel will help them save about Rs7,000-8,000 crore. They will also get to keep their telecom tower stake.
- Flipkart will invest $500 million in PhonePe to scale up operations. Flipkart has so far invested $75 million in PhonePe since the acquisition in 2015.
- Policybazaar has raised Rs500 crore at a valuation of $500 million from new and existing investors.
- Chaayos has raised $2 million from Tiger Global. Funds will be used for expanding the chain of tea cafes.
- StanPlus, an on-demand ambulance service, has raised $1.1 million from Kalari Capital, INSEAD Angels Asia. Funds will be used to expand the network of ambulances,add more geographies and adding technology features to its fleet.
- Swiggy has tied up with lender Indifi Technologies to provide working capital loans to its restaurant partners. The financing program named Swiggy Capital Assist will provide collateral-free loans without initial deposits.
- As per a report by Morgan Stanley, India’s e-commerce market to hit $200 billion by 2026.
- Global insurance firm Allianz Group has partnered with Shapoorji Pallonji Group to set up a $500 million real estate fund—SPREF II— for investing in commercial office properties.
- After Jio and Airtel, now Idea and Vodafone are also planning to offer 4G Smartphones to its users for around Rs.1500.
*News as published in Business Standard, Live Mint and Economic Times.