India Business News Headlines – 23rd August 2017 –

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Here are the India Business News Headlines as on 23rd  August 2017:

  • N R Narayana Murthy has begun reaching out to investors to explain his stand on the public battle with the Infosys board and the management that led to resignation of Vishal Sikka. He would be holding an investors’ call today to explain why the values of the company he built have been diluted and how that is bad for Infosys in the long run.
  • The Delhi High Court has restrained Vodafone Group’s arbitration proceeding against India, under a treaty with UK, in connection with a Rs 11,000 crore tax demand raised against Vodafone in relation to its $11 billion deal acquiring stake of Hutchinson Telecom. As Vodafone had not deducted TDS, the government had raised the demand of Rs 11,000 crore which was subsequently quashed by the Supreme Court on January 20, 2012. Thereafter, the government made a retrospective amendment to the Income Tax Act which re-fastened the liability on Vodafone.
  • Druva, the global major in cloud data protection and management, has got $80 million of equity funding, bringing the total raised to approximately $200 million. The latest round was led by Riverwood Capital, with Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors. Funds will be used to accelerate R&D, expand go-to-market efforts worldwide and lead the industry in redefining how enterprises protect, manage, and use their data.
  • Snapdeal-owned Unicommerce, which provides multichannel order fulfilment and warehouse management solutions, has turned profitable and its co-founders are now leaving the company as was stipulated in the sale transaction of Company to Snapdeal. Snapdeal had acquired Unicommerce in 2015 and it was agreed that the co-founders would continue to work at Unicommerce for another two years and steer the company to further growth.
  • Ola has partnered with Google for its “outstation” category to enable commuters to find and book inter-city rides facilitated by Google maps.The association will enable bookings from 23 cities to over 215 one-way routes.
  • Private equity firm Everstone Group has named F&B industry veteran Ajay Kaul as Senior Director to lead its quick service restaurant (QSR) business, F&B Asia Ventures Ltd. Ajay, an alumnus of IIT-Delhi and XLRI Jamshedpur, will also serve as executive chairman on the board of F&B Asia’s Indonesia operations. F&B Asia’s popular brands include Burger King in India and Indonesia and Domino’s Indonesia.

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

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