India Business News Headlines – 22nd August 2017 –

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Here are the India Business News Headlines as on 22nd  August 2017:

  • Jute Corporation of India (JCI) is planning a tie-up with Patanjali for branding and promotion of jute diversified products, such as mini shopping bags and some fashion items. JCI intends to introduce mini shopping bags at Patanjali stores in metro cities.
  • Jaypee home-buyers may get ‘client’ tag cover in insolvency case. Those who have booked apartments with Jaypee Infratech may not need to fill up any form to protect their interests in the insolvency proceedings.
  • McDonald’s might shut down all its 169 outlets in North and East India. Though no announcement has been made yet, but it seems inevitable as McDonald’s India has terminated franchise agreement of Connaught Plaza Restaurants alleging breach of contract and payment default.
  • Paytm Mall will begin offering one and two-day deliveries for electronics and appliances across 25 cities. Paytm will invest $35 million to expand its delivery infrastructure.
  • Tata Motors to fuel business with Rs 4,000-crore investment. Of that Rs 2,500 crore will go to the passenger vehicle business.
  • BSE will ‘compulsorily’ delist 200 firms this week and bar their promoters from the markets for 10 years as trading in these shares have remained suspended for over a decade. Under the delisting regulations, the delisted company, its whole-time directors, promoters and group firm would be debarred from accessing the securities market for 10 years from the date of compulsory delisting.
  • Digital lending firm Capital Float has raised $45 million (Rs293 crore) in a series C round led by Palo Alto-based fin-tech investor Ribbit Capital. The funds will be used to expand its lending efforts, increase geographical footprint and invest in products and technology.
  • Ebix Inc., an international supplier of on-demand software and e-commerce services to the insurance and financial services industry, has agreed to acquire money transfer service scheme business of YouFirst Money Express Pvt. Ltd.  Financial details of the deal have not been disclosed. Promoted by former Citibank and Reliance Capital executive Vikrant Gugnani, YouFirst is the third largest international remittance player in India.
  • Flipkart will now sell products to customers in over 190 countries through a new programme being launched through its eBay India subsidiary. The new programme, called Flipkart Global, will allow the over 100,000 sellers on Flipkart’s platform to sell their products online in over 190 countries.
  • After Patanjali’s success in the retail market, now Art of Living Foundation, run by Sri Sri Ravi Shankar, is set to open about 1000 retail stores to sell Ayurveda and herbal products. The company has been till now selling health drinks, soaps, fragrances and spices online and through modern retail stores.

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

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