India Business News Headlines 22nd December 2017 –

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Here are the India Business News Headlines 22nd December 2017:


  • HDFC is selling two subsidiaries, HDFC Realty Ltd. and HDFC Developers Ltd. to Quikr India for Rs.350 crore in an all stock deal.


  • Smaaash Entertainment has raised Rs.90 crore in funding from HNI clients of Avendus Wealth Management, the wealth management arm of Avendus Capital. Smaaash operates gaming and entertainment centres offering sports such as football, cricket, go-karting, virtual reality as also music and dining facilities in cities like Gurugram, Noida, Mumbai, Hyderabad, Bengaluru and Ludhiana. Smaaash also has presence in the US. Smaaash earlier raised Rs.280 crore through a mix of equity and debt in July this year.


  • Indus OS, a Mobile OS developer, has raised $4 million in a new round of funding from its existing investors Omidyar Network, Ventureast, and JSW Ventures. Till date company has raised $13 million from multiple investors. Indus OS is a customised Android operating system with vernacular language support in English and 23 other regional languages.


  • UIDAI has decided to conditionally allow Airtel to resume Aadhaar-based e-KYC verification of telecom subscribers till 10 January. The new deadline for linking Sim card to Aadhar is March 31, 2018. However, suspension of e-KYC licence of Airtel Payments Bank has not been revoked.


  • TCS has won a $2.25 billion outsourcing contract, the largest ever bagged by an Indian information technology firm, from Nielsen, the television ratings measurement company. Under the $2.25 billion contract, TCS is assured of $320 million in business from Nielsen every year, beginning 2017 through 2020, $186 million in annual revenue from 2021 through 2024 and $139.5 million in 2025.


  • HDFC Capital Advisors has raised $550 million in an initial closure of its second affordable housing fund—HDFC Capital Affordable Real Estate Fund-2 (H-CARE-2). H-CARE-2 will be combined with the first affordable housing fund, H-CARE-1 raised in 2016, to create a $1 billion platform. The combined platform will provide both long-term equity and mezzanine capital to developers.


  • Reliance Infrastructure has signed a definitive binding agreement to sell its Mumbai power business to Adani Transmission Ltd for Rs.18,800 crore. Initially the company will be paid Rs.13,251 crore, about Rs.5,000 crore will be transferred only after successful resolution of certain regulatory issues.


  • Max Fashion Retail is launching a new omni-commerce channel, which will allow users to place an online order within the store using digital kiosks and have it delivered to their doorsteps. The retailer is targeting generating 5% of its revenue from the new omni-channel business in the next one year.


  • Many companies alleged to be involved in the 2G scam and also whose telecom licences were terminated by the Supreme Court, may seek compensation and damages or demand return of the licence fee either at the TDSAT or open up international arbitration cases against the government. Telcos have indicated that a decision on the next course of action could be taken jointly.


  • Apple has admitted that it slows down some older iPhones as batteries wear out. As per the company statement, it does take some measures to reduce power demands when an iPhone’s battery is having trouble supplying peak current that the processor demands.


  • Nimesh Grover, a former top executive at IDFC Alternatives, has joined Woodstock Ambience, a Goldman Sachs Inc. backed student housing venture, as President and co-head. The company now plans to scale up the business and take it to various cities.


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