Here are the India Business News Headlines 15th November 2017:
- Global private equity firm KKR & Co. LP is in early stage of discussions to sell Aricent Inc., a California-based global software firm with a strong presence in India. KKR holds about 79% stake and the deal size is said to be worth $1-1.5 billion. KKR has hired JP Morgan to find a buyer for Aricent.
- Amazon India has almost doubled its authorized capital to Rs.31,000 crore ($4.74 billion) and is now almost matching its capital commitment of $5 billion made in June last year. Increase in capital has improved prospect of further investment commitments from Jeff Bezos.
- Active.ai, a start-up that makes Chatbots for banks has raised $8.25 million funding in series A round led by Vertex Ventures. Active.ai’s core product is an NLP-based (natural language processing) platform called Triniti used by banks to automate certain functions, customer service as also transactions between banks and customers.
- Swiggy has launched Swiggy Access, a programme which allows its restaurant partners to set up kitchen spaces in neighbourhoods where they don’t currently operate. As part of the initial launch, Swiggy has set up a 3,200 sq.ft “Access” kitchen in Marathahalli suburb in Bengaluru. Opening of more Swiggy Access kitchens is planned for Bengaluru and other metro cities in the next six months.
- IndiGo has approached Delhi high court challenging a Delhi International Airport’s decision asking them to shift a part of airline’s operations to a new terminal. IndiGo does not want to split its operations and move a part of them to IGI Airport’s newly opened Terminal 2 from Terminal 1.
- After changing telecom’s face forever, Jio has now sets sights on a grand entry into the e-commerce sector. The company is working with Kirana stores and consumer brands to create an operational model that will enable shoppers to buy at neighbourhood shops using digital coupons via Jio Money platform or text messages.
- Future Group is set to start a new trend by charging customers a cover of Rs 100-250 to enter its discount fashion format Brand Factory. The cover charge would be applicable during a five-day promotion campaign from November 22-26, when Brand Factory will charge consumers can buy goods worth Rs 5,000 MRP at Rs.2,000 only from its 50-odd stores. The charge would however be returned in the form of free merchandise, gift vouchers and cash back.
- Star India has appointed media agency veteran Punitha Arumugam as platform evangelist to promote Hotstar as an advertising platform. Arumugam will closely work with Hotstar CEO Ajit Mohan and consumer and Revenue Sales Head Prabh Simran Singh.
- Telecom sector has lost a fourth of its workforce, around 75,000 employees, in the last one year as operators, tower firms and vendors consolidate to remain afloat in the severely competitive industry.
- A US-backed entrepreneurship conference that Ivanka Trump is attending in India this month has been flooded with applications. Thousands of Indian entrepreneurs want to attend the three-day Global Entrepreneurship Summit being held from November 28 in Hyderabad, though organisers can accommodate only 400 from India and 800 from US and the rest of the world.
- Uber India’s head of public policy Shweta Rajpal Kohli has resigned from the company. Joined almost a year ago, she was responsible for company’s relations with policymakers, regulators, government officials, industry bodies and others. no reason for the resignation has been given.
*News as published in Business Standard, Live Mint and Economic Times.