Here are the India Business News Headlines 21st September 2017:
- After cutting call termination charges to six paise per minute, Trai now wants mobile telephone operators to reduce their voice call costs to the level of OTT applications like WhatsApp, Skype, Hike, etc. whose voice call costs are just a fraction of a paisa per minute whereas its 30-35p a minute in traditional networks. Trai has said that this shift is possible if all service providers implement advanced IP-based networks. Reliance Jio operates on an all IP-based network, due to which its voice costs are much lower.
- Mahindra & Mahindra will be acquiring Erkunt Traktör Sanayii , Turkey’s fourth-largest tractor maker and its foundry business for Rs.815 crore in an all-cash deal. This is the M&Ms second acquisition in Turkey.
- Tata Steel and ThyssenKrupp, the German steel maker, have agreed to form an equal joint venture which would create Europe’s second-largest steel firm, after ArcelorMittal. The merged company expects to cut costs by € 400-600 million a year, mainly by slashing back-office expenses, optimising distribution and squeezing suppliers. Tata Steel would shift € 2.5 billion of its debt to the new entity while ThyssenKrupp would also shift its liabilities worth approx. € 3.6 billion to the new company.
- Amazon has entered into an agreement with Shoppers Stop under which Shoppers Stop will sell its products exclusively on Amazon as also offer physical space to Amazon in all its stores. This will help Amazon increase its customer base by reaching out to new set of customers.
- Yatra has raised $15.4 million in debt from Innoven Capital, which is the largest venture debt deal to be closed by an Indian company so far. Innoven had previously invested $4 million in Yatra in 2014, which was fully paid back.
- Kae Capital has closed its second fund at $53 million. The fund will invest in non-tech, consumer-facing businesses. They will also invest up to a million dollars in the seed round.
- Three Indian corporate leaders, Ratan Tata, Lakshmi Mittal, and Vinod Khosla have been named on Forbes’ special list of the world’s ‘100 Greatest Living Business Minds’.
- Securonix, a security intelligence services provider, has raised $29 million in a series A round of funding led by Volition Capital, a Boston-based growth equity firm. Securonix provides technologies to detect, monitor, investigate and manage security threats and risks and has offices across US and Bengaluru. More than a third of company’s customers are Fortune 500 companies.
- Yes Bank has eliminated about 2500 jobs, which is more than 10% of its workforce citing increased redundancy, poor performance and digitisation impact. Bank may continue to cut more jobs.
- 107 home buyers have moved Supreme Court against an NCLT order of insolvency against Amrapali group. The group has liabilities of about Rs3,000 crore towards authorities and over Rs1,000 crore to about 10 banks. The group defaulted on a loan of Rs55 crore taken from Bank of Baroda which filed the insolvency petition. The realtor needs approx. Rs3,000 crore to complete its ongoing projects.
*News as published in Business Standard, Live Mint and Economic Times.