Here are the India Business News Headlines 22nd September 2017:
- After Flipkart, Amazon and Paytm, now its the turn of Snapdeal for festive sale. Unlike others, Snapdeal claims to be targeting specific groups of mass market customers by offering discounts on lesser-known economical brands and not competing with the major players.
- McDonald’s case: NCLAT would study London court order before arriving at a decision between McDonald’s and Vikram Bakshi to see if it is an operational mismanagement or arbitral dispute.
- As anticipated, Tata Sons’ shareholders have approved the company going private in the AGM held recently, overruling objections raised by Shapoorji Pallonji family.
- Over 25 offices and plantations of Cafe Coffee Day and its promoter V G Siddhartha were searched by IT officials, which was said to be a routine search to look for unaccounted wealth. Cafe Coffee Day Group also runs technology parks and SEZs housing global IT firms.
- Prannoy Roy-owned NDTV has given up control of its subsidiary Fifth Gear Ventures by diluting its stake in the company, which has now gone to Autobyte Private Limited, who have been managing carandbike.com, a news and e-commerce portal on automobiles run under Fifth Gear Ventures.
- Namma TYGR, a new taxi hailing company is being launched in Bengaluru backed by H D Kumaraswamy, the Janata Dal leader. The company was formed by disgruntled Uber and Ola drivers.
- Even though most e-commerce start-ups are struggling to survive, some investors are looking to fund new e-commerce start-ups, but are not finding the ventures that are appealing enough. So far in 2017, no new e-commerce start-ups have received investments from any fund.
- Patanjali Ayurved has hired two investment banks to raise credit of approx. Rs1,000 crore to finance its expansion plans.
- Indiabulls Ventures are planning QIP or rights issue to raise up to Rs3,000 crore for its proposed expansion plans into lending and asset reconstruction businesses
- Rajesh Magow, co-founder and CEO of MakeMyTrip has rejoined board of Flipkart two years after resigning from the Board. The return seem to be partly with a view towards an IPO by Flipkart. at some point in the future.
- Shiksha Finance has raised $2.5 million (approx. Rs16 Crore) through a mix of debt and equity from Michael & Susan Dell Foundation. It provides loans to schools to help develop infrastructure and also give student loans to help families from lower-income groups finance education of their children.
- Delhi airport has allowed UDAN flights from Hindon air base. But, the arrangement is only till its capacity enhancement is over, following which the regional flights will have to return Delhi airport.
*News as published in Business Standard, Live Mint and Economic Times.