Here is the India Business News Headlines 1st November 2017:
- A day after IDFC and Shriram Capital called off the proposed merger due to differences over valuation, R. Thyagarajan said that Shriram will continue talking to IDFC but if they have some other option, they will go ahead.
- GIC Pte. , Singapore’s sovereign wealth fund and Canada Pension Plan Investment Board are likely to co-invest with Bain Capital in Axis Bank. The three entities will invest approx. $1.9-2 billion to acquire the 10% stake in Axis Bank.
- As per a report released by World Bank, India’s ranking in the World Bank ease of doing a business survey for 2018 climbed a record 30 notches to 100. The jump has been possible due to regulatory and policy reforms put in place by the Modi Government.
- Schneider Electric, a French multinational specializing in energy management and automation, is the top bidder to acquire L&T’s electric and automation division. Schneider will bring in Singapore government’s investment arm Temasek Holdings to jointly bid for the assets, expected to be around Rs15,000 crore.
- GST Council is trying to reduce items in 28% tax slab by shifting some items of common use as well as products made by SMEs to a lower tax slab.
- Ebix Inc., a supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries, has agreed to acquire Via.com, an online travel and assisted e-commerce exchange. The deal with Ebix values Via.com at a total enterprise value of around $74.9 million. This acquisition will expand Ebix’s distribution network to over 224,000 outlets in South-east Asia.
- PhonePe, Flipkart’s payments arm, has launched its own point of sale device based on Bluetooth technology, designed as an electronic calculator, for Kirana stores, petrol pumps, food chains and other merchants to accept digital payments. Since the device works on Bluetooth, merchants don’t need an internet connection.
- Online freight aggregator BlackBuck buys back some ESOPs from some of its employees. 35 out of the 60 employees who were eligible sold the stock options back to BlackBuck.
- Piramal Enterprises Ltd is restructuring its financial services business by consolidating its real estate and non-real estate financing arms and housing finance business under a single new entity, called Piramal Capital.
- IndoSpace, a joint venture of private equity firm Everstone Group and US-based industrial real estate firm Realterm, has launched its third fund, IndoSpace III, with a target corpus of $550 million. It has so far raised $584 million across two industrial real estate funds. The first, IndoSpace Logistics Parks I, raised $240 million and the second, IndoSpace Logistics Parks II raised $344 million. Currently, IndoSpace’s portfolio includes 28 logistics and industrial parks across the country.
- Hindustan Petroleum Corp. is likely to acquire Mangalore Refinery and Petrochemicals in a share-swap deal to become India’s second-largest oil refiner. The merger is likely to take place after ONGC completes acquisition of HPCL.
- Tata Steel Ltd has promoted T. V. Narendran as CEO & MD globally. Narendra was serving as MD (India and South East Asia) for the past four years.
- Uber has launched two new products user access and user assist in Bengaluru, supported by Mphasis, a leading cloud and cognitive services provider. The new products are aimed to address day-to-day transportation requirements of senior citizens and those with accessibility needs.
- Zomato and Swiggy are in merger talks. The potential deal is stuck due to strategy and valuation differences.
*News as published in Business Standard, Live Mint and Economic Times.