Here are the India Business News Headlines as on 16th August 2017:
- Government has imposed a new penalty of $264 million (about Rs 1,700 crore) on Reliance Industries and its partners for producing less than the targeted natural gas from eastern offshore KG-D6 fields in 2015-16. The total penalty now for missing the target during six years beginning April 1, 2010, stands at $3.02 billion.
- As the Trai is planning to reduce Interconnect Usage Charges from Rs.14 per minute to Rs.9/minute, profits of Idea and Airtel may have a further hit, but Jio is expected to gain more.
- Vodafone expects Jio’s ‘effective free phone’ with unlimited calling to erode operators’ revenues which are already under pressure and has sought reduction in various levies imposed by the government as a breather to the industry.Vodafone said that revenue share with the government imposes huge burden on telecom operators even though companies purchase spectrum at market price.
- Creches or daycare centres are mushrooming in top office complexes in Mumbai’s business districts. It is estimated that over 25,000 sq ft of space has been leased in office complexes for these centres in the last three months alone. The reason being Maternity Benefits (Amendment) Act, 2017 which says every commercial office establishment having fifty or more employees shall have a creche facility/daycare centre within such distance as may be prescribed, either separately or along with common facilities.
- After initiating insolvency proceedings against 12 large borrowers following RBI’s directive, most banks are now drawing up a list of other accounts to be taken to NCLT. Fearing a rise in provisioning, most lenders are identifying accounts which have remained bad in their books for at least three to four years or where liquidation is the last resort for recovery.
- Paytm Mall shall invest approx. Rs.32 Crore to enable its offline retailer partners to set up stores online. They will help shopkeepers with access to working capital and set up a team of 500 personnel to help the transition.
- Hindustan Unilever CFO P.B. Balaji has tendered his resignation from the board of the company to explore an opportunity outside the company. He has also quit the Company Board. Balaji, working as ED (finance and IT), was associated with HUL for the last 24 years and worked in various positions.
- PepsiCo Inc. CEO Indra Nooyi is being pressurized by ‘Color of Change’ to step down from Donald Trump’s business advisory council after the president was slow to condemn white-supremacist violence last weekend in Virginia. Color of Change is a non-profit racial justice group in US which had previously gone after Uber Technologies and Walt Disney.
*News as published in Business Standard, Live Mint and Economic Times.