Here are the India Business News Headlines as on 21st August 2017:
- Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government’s proposed consolidation move besides raising a host of other demands. Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except delays in cheque clearances.
- BPCL is set to invest at approx. Rs 18,000 crore on expansion of its refineries in the next five years, in order to add another 19 million tonne (mt) refining capacity.
- The government has sent notices to nine more smartphone manufacturers seeking details of their security practices as it looks to ensure that every smartphone sold in India is accounted for and the making of all devices have a proper security infrastructure in place. These include Motorola, Asus, Honor, Oneplus, Coolpad, Infocus, Blu, Oppo, Nubia.The government had earlier asked 21 smartphone makers — a majority of them from China — to share the security practices and architecture they follow, while making devices.
- The nearly $13-billion acquisition of Essar Oil Ltd by a consortium led by Russia’s Rosneft PJSC has been completed. The deal, which Essar termed the largest FDI in India, paves the way for the Essar group to reduce its debt. Essar’s promoters, the Ruias, will retain a 2% stake in the company.
- Indian Hotels, which runs Taj Group of Hotels, is working to raise about Rs.1000 Crore through rights issue to fund expansion of its Mumbai properties – Sea Rock and Taj Lands End.
- After the exit of Vishal Sikka, Infosys is expected to face challange to retrain clients who signed up because of Sikka’s connect. The company is also expected to see exit of some more senior management team.
*News as published in Business Standard, Live Mint and Economic Times.