Here are the India Business News Headlines 23rd January 2017:
- Canada Pension Plan Investment Board is acquiring a 6.3% stake in ReNew Power Ventures from Asian Development Bank for $144 million making it the third largest stakeholder in the firm. ReNew Power is a renewable energy developer and operator with clean energy capacity for wind and solar power producing assets.
- Aeon Learning, an education technology start-up, has raised $3.2 million from Ranjan Pai, CEO and chairman of Manipal Education and Medical Group.
- To retain a large chunk of its existing customers, Amazon India is expanding the Prime program by making the service more attractive. It will now offer more than 25 million products in the Prime service, up from the earlier 11 million, at a delivery speed of one or two days. Amazon is also investing heavily to expand its video offering in India, including spending on producing original content.
- IIFL Asset Management will begin raising its first offshore affordable housing fund of up to $500 million in the next financial year, even as it continues to raise a similar $500 million fund mostly from domestic investors. This housing fund comes at a time when banks, housing finance companies and alternate investment funds are drawn to the ‘Housing for All’ mission.
- The National Investment and Infrastructure Fund, India’s first sovereign wealth fund, and Dubai-based ports operator DP World Pvt. Ltd, is creating an investment platform to invest up to $3 billion in ports, terminals, transportation and logistics businesses in India. This is the first investment platform from NIIF. The platform will also look at opportunities apart from sea ports such as freight corridors, inland container terminals, river ports and transportation, port-led special economic zones and logistics infrastructure, including cold storage.
- HungerBox, a Bangalore-based food delivery start-up catering to businesses, has raised $2.5 million in a pre-series A funding round led by LionRock Capital and Kris Gopalakrishnan. HungerBox connects employees of its client organisations with food vendors through its mobile app. The app allows employees to view menu cards of enlisted food vendors, place orders and track delivery status. It also provides software to organisations to track their F&B operations.
- Infosys has been chosen as a technology partner by the A S Watson Group, the global health and beauty retailer, to provide services in the areas of data science and artificial intelligence to accelerate their digital transformation initiatives.
- Hindustan Petroleum Corp. may acquire Mangalore Refinery and Petrochemicals in a cash and share-swap deal to become India’s third-largest oil refiner. ONGC, India’s biggest oil and gas producer, had last week announced acquisition of HPCL for Rs.36,915 crore.
- Grofers is looking to raise more funds from SoftBank and Tencent. Though discussions with Tencent are said to be in early stages, SoftBank is likely to infuse fresh funds. The latest round of funding may result in Grofer’s valuation dropping by 20-30% from $400m in 2015.
- Flipkart has lost an appeal against the tax department that had asked them to categorise its marketing expenses and discounts as capital expenditure. Flipkart has been reducing these from the revenue for tax calculations. The ruling may hit other e-players as well.
*News as published in Business Standard, Live Mint and Economic Times.