Here are the India Business News Headlines 20th September 2017:
- As per latest reports from the market, three major Telcos – Airtel, Vodafone and Idea have together lost approx. 5 million subscribers in August. Apart from the declining profitability, now the reducing number of subscribers can be a major cause of concern for these companies.
- JSW Steel seems to be in talks with multiple investors like Piramal-Bain Fund, JFE Steel Corporation and KKR as they are likely to bid “aggressively” for Bhushan Steel.
- McDonald’s reopened its 18 outlets in Delhi yesterday even as the dispute between CRPL and McDonald’s India remains unresolved. The decision to reopen was taken in a board meeting of CRPL led by judge G S Singhvi, the court-appointed administrator.
- Shell companies crackdown : The government has made public names of over 55,000 directors linked to shell firms to make sure that they do not get associated with similar roles again. More names are expected to be published soon as the government has already identified over 1.06 lakh such Directors.
- The resolution to convert Tata Sons’ from Public Limited to a Private Limited entity is expected to be cleared in the AGM to be held on 21st Sept. with the required majority of 75%. Tata Trusts which owns 66 per cent in the company, Tata group companies and other individual shareholders have agreed to vote in favour of the resolution. The Shapoorji Pallonji family, which owns 18.4 per cent stake will be voting against it.
- SoftBank Vision Fund is in early stage talks to invest around $100 million in Sun Mobility, the latest venture of Chetan Miani, founder of Reva Electric. Sun Mobility develops smart batteries for a wide spectrum of electric vehicles including cars, buses and scooters.
- Power2SME, a platform serving raw material needs of SMEs in manufacturing sector, has raised $36 million from its investors Inventus Capital, Accel, Kalaari Capital, IFC and Nandan Nilekani. Power2SME aggregates demand from SMEs and procures raw material such as steel, polymers and chemicals, etc. at competitive prices. It also has two other business units, FinanSME.com, helping companies secure loans and SMEshops.com for selling industrial goods.
- Save Solutions, a Gaya-based rural financial services provider has raised $6 million in series A funding from Incofin Investment Management. Established in 2009, Save Solutions has a large banking business correspondent network with more than 17 million clients across 24 states in India.
- Minio Inc. , a Palo Alto and Bengaluru based cloud storage start-up has raised $20 million in funding from Dell Technologies Capital, General Catalyst Partners and Nexus Venture Partners. The firm had earlier raised $3.3 million seed funding from Nexus and General Catalyst in June 2015. Minio is an open-source application which allows users to store their data across a range of cloud storage solutions including Amazon S3.
- To make their upcoming sales a hit, Amazon India and Flipkart are spending around Rs100 crore on TV ads. Flipkart’s Big Billion Days sale is starting today and will end on 24 September, while Amazon India’s Great Indian Festival will start from tomorrow and end on 24 September.
- Pepperfry will now be offering furniture on rent to strengthen volumes and increase its customer base. Currently, the service will be available in Mumbai, Delhi, Gurugram, Hyderabad, Pune, Chennai, Ahmedabad and Noida, which shall later be expanded to some more cities.
*News as published in Business Standard, Live Mint and Economic Times.