India Business News Headlines 21st December 2017 –

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Here are the India Business News Headlines 21st December 2017:

  • PepsiCo Inc. is struggling for sales due to reasons like rising competition, changing customer preferences. It seems that PepsiCo India failed to check the falling sales of its core carbonated beverages in the past five years while Indians are switching to healthier options. To add to its woes, it’s also seeing a leadership transition, after resignation of its CEO, D. Shivakumar.
  • To put machine learning and AI at the core of its business, Flipkart is creating an internal unit for AI called AIforIndia. The unit will be overseen by its senior-most business and technology leaders.
  • As per the data released by Venture Intelligence, a research service focused on private company financials, transactions and valuations, traditional businesses are increasingly investing in start-ups to tap into disruption and gain from emerging technologies. More than a dozen such businesses have made investments totalling $50 million in 11 start-ups in 2017.
  • Mahesh Bhupathi and his wife Lara Dutta, have filed an insolvency petition against jewellery manufacturer Gitanjali Gems, who have a 2 years contract with the company to endorse the Gitanjali brand. The case over non-payment of dues of appearances cancelled by company was listed for hearing before the Mumbai bench of NCLT on Wednesday. Gitanjali Gems had debt of Rs7,185 crore at the end of September 2017.
  • Delhi high court has refused to quash a Delhi International Airport Pvt. Ltd (DIAL) order asking airlines operating from Terminal 1 to shift a third of their flights to Terminal 2. DIAL had decided to expand the terminal to meet growing passenger numbers and directed IndiGo and Spicejet to relocate some of their operations to Terminal 2 starting 4 January. IndiGo had moved the Delhi high court in November challenging DIAL’s directive.
  • Waaree Energies Ltd, an integrated solar power solutions company, has raised Rs100 crore from Centrum Financial Services Ltd, the NBFC arm of the Centrum Group, and a South-East-Asia-based private equity fund. The funds have been raised in the form of structured finance, where Centrum Financial has invested Rs25 crore and the PE firm Rs75 crore.
  • Facebook has just made artificial intelligence even more prevalent on its platform. It is unleashing facial recognition algorithms that will be able to identify you in photographs uploaded on the platform by any user, and notify you about it even if you are not tagged in the said photograph. The feature will work with all new photographs that are being uploaded on Facebook from 19 December onwards. Facebook will analyze your photos and make a customized template of your facial features, which, if triggered in a new photo upload by someone else, will immediately send you a notification.
  • CG Hotels & Resorts, part of the Kathmandu-based Chaudhary Group, is setting up three funds, totaling $800 million to buy distressed assets in India, south Asia and Europe. The company aims to double its hospitality portfolio by 2020.The India-focused fund will have a corpus of around $200 million.
  • YourQuote Solutions , a user generated content platform, has raised $1 million in a seed funding round led by IDG Ventures India. YourQuote app allows users to create and share short quotes or text in English and 15 other languages.The company will use the money to expand into video-based content creation, and scale its offline activities nationwide. Currently, the app has around 500,000 users with more than 4.5 million posts.
  • Alibaba Cloud is all set to take on Google, Microsoft and Amazon in India’s growing cloud computing services space. It’s opening its first data centre in Mumbai in January to help Alibaba tap SMEs who are increasingly moving towards utilising new age services.
  • To increase their grip on the customers and attract direct flyers, rather than coming through travel agents, Airlines are offering various incentives like free meals, extra luggage.

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