Here are the India Business News Headlines 14th September 2017:
- Due to fall in data prices, Over-the-top players like Hotstar and Voot are having multifold growth . Hotstar, the largest OTT platform, now has over 100 million customers on its platform, nearly three-fold since last September.
- London Court of International Arbitration has asked Vikram Bakshi to sell his 50% stake in the JV firm CPRL to McDonald’s at a fair valuation as per with their JV agreement.
- Air India is looking for Government Guarantee backed Short Term Loans of upto Rs 3,250 crore to meet its urgent working capital requirements by 25th Sept 2017.
- Amazon India has set up Amazon Fashion Studio in Gurugram, a facility that offers allied services such as high-quality catalogue imaging to fashion sellers on Amazon.in. The studio, called BLING, is Amazon’s third such facility in the world. The 44,000 sq. ft. studio in Gurugram includes 16 photography bays, a ramp and a presentation area along with enclosed workspaces for Amazon teams and fashion sellers to collaborate on creative content. The studio serves as an extension to Amazon’s imaging and cataloguing services, a global business vertical that gives retailers access to low-cost photography solutions for their products.
- Crackdown on shell companies : Now the Government is identifying role of auditors for alleged connivance in facilitating illegal transactions in shell companies.
- 11 companies, including Adani Power, JSW Energy and Resurgent, a joint venture of ICICI Ventures and Tata Power, have offered interest in Jaiprakash Power Ventures. Jaiprakash Power is under strategic debt restructuring and was taken over last year by a consortium of banks, including IDBI and SBI.
- Insolvency petitions have been filed against RCom by Indian unit of Sweden’s Ericsson for recovery of its dues totaling about Rs1,154 crore from Anil Ambani led RCom and its subsidiaries Reliance Infratel Ltd and Reliance Telecom Ltd.
- Zomato has acquired delivery start-up ‘Runnr’ as part of a all-stock deal to help them shore up their food delivery business, amid intense competition from rivals like Swiggy. The deal value, as reported by Mint, could be around $20 million.
- Unacademy has raised $11.5 million from Sequoia India Capital Advisors and SAIF Partners. Unacademy is a platform which facilitates Educators to create content for free viewing by users on Unacademy app and website. Currently, the company has about 4,000 Educators and a repository of over 50,000 online videos on its platform.
- After Gurugram, now UberEATS has also been launched in Delhi. The company wants to bite into the food delivery market, currently having players like Zomato, Swiggy and Foodpanda. It has partnered with 200 restaurants for food delivery service.
*News as published in Business Standard, Live Mint and Economic Times.