India Business News Headlines 19th September 2017 –

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Here are the India Business News Headlines 19th September 2017:


  • IBM has tied up with Reliance Group’s UNLIMIT, Kone, KPIT and Avanijal Agro to jointly build IoT solutions for local customers. IBM and UNLIMIT will co-create IoT solutions for certain industry verticals including utilities, insurance, automotive and industrial automation.


  • IFC has committed to invest $50 million (approx.Rs 320 crore) in Mahindra Lifespace Developers’ industrial park projects across three states viz Gujarat, Rajasthan and Maharashtra. IFC is a member of the World Bank group.


  • Three directors, including two nominees of JM Financial Asset Reconstruction Company, Vaddarse Prabhakar Shetty, Anil Ramchand Bhatia and Navnit Kulwant Singh have resigned from the board of Hotel Leelaventure. The company has not disclosed reason for these resignations.


  • Mytrah Energy, the Hyderabad-based renewal power producer, has raised Rs 1,800 crore from Piramal Group’s financial services in the form of non-convertible debentures. Funds are being used to take out existing investors including IDFC, AION Director, Merrill Lynch International, Goldman Sachs and as growth capital to the company.


  • Deepinder Goyal, founder and CEO of Zomato has claimed that Zomato has turned profitable in all 24 countries where they operate, across all businesses. He also announced that Zomato will stop charging commission from restaurants for all food orders placed via its online portal.


  • Blue Lotus Capital, an asset management company, has raised $15 million for its second fund, the Blue Lotus Capital Multibagger Fund, which will focus on investing in listed SMEs.


  • Stayzilla, the online homestay aggregator, having closed its business in February, is now in bankruptcy court. NCLT has approved insolvency proceedings against the Company on the complaint of Jigsaw Solutions, an advertising agency and Stayzilla’s operational creditor, for having defaulted on paying dues of Rs1.69 crore.


  • Software start-up Slack Technologies has raised $250 million from SoftBank and some other investors taking company’s valuation to $5.1 billion, which has so far raised $841 million in funding. The latest round of funding will help Slack to run as a cash-generating company and reduce its dependence on outside financing.


  • Le Meridien Hotel, Delhi has received interim relief on a licence fee claim of Rs523 crore by NDMC. NDMC withdrew a request that the hotel be barred from accepting future bookings.


  • Paytm is in talks to acquire, the online travel company to expand its travel offerings and take on firms like MakeMyTrip and Yatra.


  • Tata Group is venturing into online Grocery business and is likely to launch a pilot project in the next two months.


  • Government is finalising rules to also get entities with turnover below Rs.20 Lakh registered under GST.


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

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