India Business News Headlines 17th January 2018- Tentaran.com

17-1-2018-India business news headlines

Here are the India Business News Headlines 17th January 2018:

  • Tata group is exploring sale of its oil and gas exploration and production business and has hired EY for the same. Tata group is exiting businesses which are unprofitable or lack scale and its oil and gas exploration is one such business.

 

  • RCom, which is in the middle of a major debt restructuring, would construct a 22,000km undersea cable network at an investment of $600 million. The move would help expand the company’s enterprise segment. RCom’s Global Cloud XChange will build the new ‘Eagle express submarine cable systems’, which would span from Mumbai to Italy in the west and Hong Kong in the east.

  • TCS has won a $690-million 10-year contract from a unit of British insurer Prudential. It will use its insurance platform, BaNCS and Diligenta, the UK-based subsidiary of TCS, to largely do away with human interventions in completing many back-end claims processes of M&G Prudential. This is the third large outsourcing contract won by TCS in less than a month. It had earlier won two more multi-year outsourcing contracts from Nielsen, a television ratings measurement firm  and Transamerica Life Insurance Co., a unit of Dutch insurer Aegon NV for than $2 billion.

  • As part of its continuing crackdown on “shell companies”, the government has decided to strike off names of 1.20 lakh more companies from the official records for various non-compliances. Nearly 2.26 lakh companies have already been deregistered and around 3.09 lakh directors associated with these entities have been disqualified.

 

  • To turn Patanjali into a non-profit organization, Baba Ramdev has set up a charitable organization, Patanjali Seva Trust, which will be the sole holding entity for all Patanjali Group companies. As of now, Patanjali Ayurved is a privately held company 98.6% of which is owned by Acharya Balkrishna, Ramdev’s close aide. Ramdev does not directly own shares in the company.

  • AirAsia India has ruled out any plans to participate in Air India stake sale as its wants to remain focussed on building its existing brand and flying international from early next year.

  • Angel List, a US-based crowdfunding platform and start-up community, has launched a ‘Syndicates for India’—a service that allows individual investors to pool in money and invest in larger rounds in Indian and US companies. Through its platform, Angel List has already facilitated investments of $700 million combined in over 1,800 start-ups including Uber and Indian start-ups like Squad, ClearTax and DocTalk.

  • PhonePe, Flipkart’s mobile payments arm, will offer a range of services, including bus ticket bookings and food ordering. Starting with ticketing platform RedBus, it looks to extend its platform and compete with Paytm.

  • True North, an Indian private equity firm, has launched a subsidiary called Actify Data Labs to offer services in analytics, algorithms and artificial intelligence (3A). It has committed an initial investment of $10 million for the venture. Actify Data Labs will help customers improve business efficiencies by using data to make smarter and faster decisions.

  • Indians holding undeclared assets or bank accounts in Singapore during 2008-2017 may be in trouble as the two countries are exchanging financial data under the revised double taxation avoidance agreement that was signed last year. The individuals affected may face penalty, prosecution under the harsh foreign black money law.

 

  • Jaypee Infratech’s CFO, Ram Bahadur Singh, has resigned from its post as CFO as also from the Directorship of the firm citing health grounds. Jaypee Infratech has been taken over by a NCLT-appointed Insolvency Resolution Professional for recovery of bad loans.

 

*News as published in Business Standard, Live Mint and Economic Times.
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