Here are the India Business News Headlines 16th November 2017:
- Weeks after expressing his unhappiness with the board of Infosys, N.R. Narayana Murthy has now reiterated his confidence in Nandan Nilekani’s leadership.
- The government may not infuse about Rs.21,000 crore promised equity into Air India after its privatisation. Air India was promised Rs50,000 crore in equity infusion until 2032 by the previous UPA government in 2012 to bail out the airline.
- Central government has exempted businesses from paying GST on advances received for supplying goods in the future. The move would spare industry liquidity pain, confusion over tax liability and help repair the disruption caused in the supply chain.
- Singh brothers are restructuring Fortis, Religare as they are wrestling with debt. Malvinder Singh has stepped down as non-executive chairman of Religare Enterprises. Meanwhile Fortis Healthcare has offerd to buy assets of its Singapore-listed RHT Health Trust.
- Rolls-Royce has tied up with TCS to drive growth in India operations. Rolls-Royce will use TCS’s platforms and growth innovation models as foundation for its digital transformation and evolve its Bengaluru facility into a separate digital hub.
- Avendus Capital has raised an undisclosed amount as new capital from its existing investor KKR. With this latest round, Avendus Capital has raised nearly Rs1,000 crore in the last two years.
- Delhi-based i2e1, a Wi-Fi analytics start-up, has raised $3 million in Series A funding led by impact investment firm Omidyar Network. The company is planning to use funds to scale its existing operations and launch a mobile application.
- Aavishkaar-Intellecap Group has achieved the first close of its latest impact investment fund Aavishkaar Bharat Fund at $95 million, approx. Rs.620 crore. First close refers to the point when a fund can start investing from the money raised till then. The firm has plans to raise a total $200 million for the fund.
- Crisil is ready to acquire Pragmatix Services for Rs56 crore. The acquisition will enable Crisil to leverage Pragmatix’s technology platform and domain expertise to enhance its business intelligence, analytics and risk management offerings
- Reliance Communications has issued a statement that it is not making any payment to lenders or bond- holders for the time being as it is under ‘standstill period’ with invocation of strategic debt restructuring scheme and working on asset monetisation.
- During this calendar year, Amazon has so far invested Rs 6,200 crore in its e-commerce business in India. This brings the total pumped into this arm to Rs 17,839 crore ($2.7 billion) since its launch in India.
- Looking at finding new ways to keep its users engaged, Facebook is testing a Marketplace for connecting local buyers and sellers. The marketplace will compete with Quikr and Ola.
- Alibaba owned UC Browser has been temporarily evicted from Google Play store for not complying with the terms and conditions of the Google Play. The move is result of accusation on UC Browser that its sending out personal data of India users.
*News as published in Business Standard, Live Mint and Economic Times.