Here are the India Business News Headlines 16th January 2018:
- To speed up the privatisation process, the government has decided to break Air India into four units and offer to sell at least 51% in each of them apart from transferring most of the non-core debt owed by Air India to its own balance sheet. Air India and Air India Express will be sold as one unit and its regional aviation arm, ground handling and engineering operations will be sold off separately.
- Razorpay Software, an online payment solutions company, has raised $20 million in a Series B round led by Tiger Global and Y Combinator. Razorpay will use these funds to scale up Razorpay 2.0, its suite of payment products for businesses, grow technological capabilities, expand into new sectors and hiring new talent.
- Sriveda Sattva, founded by Sri Sri Ravi Shankar, has firmed up plans to leverage the franchisee route for expansion of its physical retail stores in all parts of the country. Formerly known as Sri Sri Ayurveda, Sriveda, wants to accelerate offline growth at a time when its rival Patanjali is trying to grow online through e-commerce channel. Sriveda also has its presence online with its own e-commerce portal, srisritattva.com and also selling some of its products on Amazon and Big Basket.
- As per a report, Private equity and debt investments in India’s real estate sector jumped 12% in 2017. The growth is led by global investors like GIC Pte, Canada Pension Plan Investment Board and The Xander Group.
It grew to $4.18 billion with 79 deals in 2017 as compared to $3.73 billion with 138 deals in 2016. However, debt transactions declined as cautious investors stayed away from over-leveraged developers.
- TCS has entered into a deal with Marks & Spencer, a part of which would be to help make it a digital-first business.The retailer has a five-year plan to transform its business by making technology deliver more commercial opportunities, drive agility, intelligence, innovation and efficiency to up the customer experience and also drive growth in business.
- NDMC is likely to delay auction of Taj Mansingh by around one month or more as it is yet to come up with satisfactory responses to several questions raised by the prospective bidders.
- To recover over Rs.7,000 crore of investors’ money, Sebi has lined up around 11 more properties of Pancard Clubs and its late CMD for an online auction next month at a total reserve price of Rs.253 crore. It had earlier auctioned 11 other properties of the company in December. Pancard Clubs failed to comply with Sebi’s direction in February 2016 ordering it to refund to investors over Rs.7,000 crore, raised through illegal collective investment schemes.
- Vikram Nirula, a founding partner at private equity firm True North which manages assets of around $2 billion, has resigned from his post. Vikram had been with True North since March 2000 and was instrumental in several leading investments. It’s not known if he will launch a new fund or join another private equity firm.
- Vivo is expanding its online sale through its new exclusive online store. Having entered India in 2014, Vivo and Oppo have been aggressively spending in the offline market to gain market share. Motorola, OnePlus, Samsung and Xiaomi already have their exclusive online portals.
- Pantaloons has appointed Sangeeta Pendurkar as its CEO, making her the first woman CEO in Aditya Birla group. Sangeeta is former CEO of Kellogg India. She has experience of about three decades in Marketing, Sales & General Management.