India Business News Headlines 23rd November 2017 –

Here are the India Business News Headlines 23rd November 2017:


  • Supreme Court has restrained Independent Directors and Promoters of Jaiprakash Associates and their family members from transferring any property or personal assets without court’s permission. The aim is to safeguard homebuyers’ interests and in case of any violation of Court order, they will be held for criminal prosecution or contempt of courts order.


  • Peter Thiel, Facebook Inc.’s first major investor, has sold three-quarters of his remaining stake in Facebook as part of a previously established trading plan. Thiel, a member of Facebook’s board, has sold his stocks of more than $1 billion. Thiel co-founded PayPal and is known for funding Hulk Hogan lawsuit leading to shutdown of online news site Gawker. He became a Facebook investor in 2004 with an initial investment of $500,000 at a $5 million valuation.


  • CX Partners, an Indian private equity firm, has raised about $250 million for its second sector-agnostic fund. They are targeting a corpus of $400 million for the fund and the final close is expected by mid-2018. Launched in 2009 by Ajay Relan, former India head of Citi Venture Capital, CX Partners had raised its first fund in 2010 of $500 million .


  • Sequoia Capital has sold 636,349 shares of Just Dial, bringing down its shareholding in the firm to 3.16% from 4.11%.


  • Amrita Pandey will now head media distribution, OTT for Walt Disney, South Asia. She will be responsible for all digital and OTT partnerships, content licensing and broadcast network distribution across Indian subcontinent and SEA markets.


  • IKEA has opened a ‘Hej Home’ experience centre in Hyderabad to give visitors an idea of the kind of products the store will have. Ikea will launch its first store in Hyderabad in 2018 in around 400,000 square feet area with over 7,000 products on display.


  • Board of Thomas Cook India has approved to sell its 5.42% shares in Quess Corp to raise Rs.600 crore. The move is to meet Sebi regulations of bringing down promoters stake to 75%.


  • Eyeing the acquisition of Essar Steel and Bhushan Steel, a delegation of 25 people from ArcelorMittal visited their plants for due diligence. Luxembourg-based ArcelorMittal is among the top industry players, including Tata Steel, which have submitted bids to acquire these steel companies going through the insolvency resolution process.


  • Even after raising tariffs in July, Reliance Jio is going strong with ever increasing subscriber additions. Jio added 5.9 million customers in September, the highest among all telecom operators.


  • Microsoft would be investing more on cyber-security in India. It had last year started an India Cyber-security Engagement Center and has so far reached out to 126 companies assisting them keeping their data safe and help reduce malware and digital risk.


  • Tiger Global is set to sell its shares in Ola and Flipkart to SoftBank for about $1.5 billion. The deal is expected to fetch Tiger Global about three times of its investment in Flipkart and around five times it invested in Ola.


  • Uniqlo, Japan’s fashion brand, has applied to Government of India for opening single brand retail stores and has started scouting for space in India for the stores.


  • Paytm’s founder Vijay Shekhar Sharma and its parent company One97 communications have invested Rs.122 Crore in Paytm bank. This investment takes total fund infusion in Paytm Bank to Rs.400 Crore.


  • Facebook has set up digital and startup training hubs in India to offer online learning to individuals and small businesses on social and content marketing training.


  • The government is planning to partly finance private sector expenditure on promoting tourism in India and may offer as much as 50% of the marketing budget of hotels, travel agencies, online travel portals and airlines. Amount will depend on star rating and size of the private companies.


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