Here are the India Business News Headlines 13th September 2017:
- Japanese telecom major NTT DoCoMo has been issued a tax demand notice of approx. Rs 2,500 crore, after it won Rs 8,256 crore as damages from Tata Sons on sale of its shares in Tata Teleservices.
- Income-tax department is asking top corporate entities to make the 45 per cent of the full-year’s advance tax payment by September 15, due date for the second installment.
- In continuation of its crack-down on shell companies, Ministry of Corporate Affairs has disqualified 106,578 directors for their association with shell firms. The disqualified Directors would be debarred from their respective boards as also from other companies for five years. More directors are under the scanner.
- PremjiInvest, the family investment arm of Azim Premji, is working on to acquire a 10-15% stake in Wildcraft India for about Rs.100 Crore. Wildcraft is engaged in adventure and outdoor gear equipment.
- Phoenix Mills is buying back stakes in four of its mall projects for around Rs1,350 crore to become their sole owner. It had 24-70% ownership in these assets and raised capital from some investors between 2006 and 2007.
- To ensure closure of 169 restaurants, McDonald’s is impressing upon its vendors to stop transacting with Vikram Bakshi’s company Connaught Plaza Restaurants. McDonald’s have sent a letter to the suppliers stating that CPRL is no longer permitted to operate McDonald’s restaurants and it must cease use of McDonald’s intellectual property.
- Union Cabinet has approved proposal to separate BSNL’s mobile tower assets into a new unit. The move is expected to generate revenues and improve finances of BSNL which owns more than 66,000 mobile towers, almost 15% of the total mobile towers in India.
- As per the new rules of Sebi, Angel Networks cannot offer shares of a startup to more than 200 investors as Angel platforms cannot be used for secondary market trading of stock.
- Ravi Jaipuria, the largest Indian bottling partner of Pepsi, is launching its own salty snacks similar to Kurkure under its brand ‘Kaabulli’. Ofcourse, the move has not gone down well with Pepsi.
- Piramal Capital’s Structured Finance Group and Dutch parter APG are investing around Rs.1900 Crores in Mytrah, the renewable energy producer. Funds will be used to buy out existing investors, funding growth and refinancing the debt.
- GlowRoad, a C-2-C reseller network has raised about $2million from Accel Partners. GlowRoad builds network mainly among housewives who can sell products to their neighborhood.
- Large multinational consumer packaged goods companies like Johnson and Johnson, HUL, Dabur are extending their core personal care brands to introduce premium baby care products. The move is to tap into the growing lucrative premium baby care segment.
- India’s office space sector is expected to hit a peak as local developers and foreign investors are expanding their portfolios through fresh investments and acquisitions or launch real estate investment trusts (REITs) to monetize existing portfolios. More than $2 billion worth foreign investment deals in commercial real estate have been closed in 2017 till now.
- Mahendra Pratap Mall has been appointed as CMD of IRCTC for a period of five years. He is presently appointed as Director (finance) IRCTC.
*News as published in Business Standard, Live Mint and Economic Times.