India Business News Headlines – 24th August 2017 –

Here are the India Business News Headlines as on 24th  August 2017:

  • Infosys co-founder Nandan Nilekani is likely to return to Infosys as non-ex Chairman to act like a bridge between the Board and Murthy. Nilekani, who quit Infosys as CEO in 2007 to head UIDAI, had been maintaining his distance from Infosys.
  • Sebi to conduct fresh probe into Infosys-Panaya deal. It had given a clean chit to Infosys after a preliminary inquiry in June this year.
  • The battle between McDonald’s and Vikram Bakshi is expected to intensify further, with Bakshi alleging that the two nominee directors of McDonald’s on the board of Connaught Plaza Restaurants were aware that the royalty payments were not being made to McDonald’s Corporation and the cash was being used to pay for a steep increase in loan repayment approved by nominees.
  • Amazon Prime Video will venture into reality shows, launching three by the first quarter of 2018. The move is significant since it raises the content game on VOD platforms in India, opening a new front in the battle between players such as Netflix, Amazon Prime and Hotstar.
  • Airports Authority of India has tied up with Ola and Uber to allow cab bookings from airport kiosks. Passengers will be able to directly book cabs from booking kiosks at Chennai, Kolkata, Pune, Lucknow and Bhubaneswar airports.
  • Ezetap, an Enterprise payments solutions firm, has raised $16 million in a growth round led by JS Capital Management.
  • Kuvera, a wealth management platform, has partnered with Uber to offer investment products and financial planning services to Uber’s driver partners. Kuvera lists “direct only” mutual fund plans, allowing its users to create and monitor their portfolio on the platform. The service will initially be available to Uber drivers in Bengaluru.
  • Sequoia India has agreed to acquire Faces Cosmetics Canada, with its international subsidiaries and the ‘Faces’ brand, for an undisclosed amount from Indivision India Partners, managed by private equity firm Everstone Capital.
  • B9 Beverages, makers of ‘Bira 91’ have raised around $8 million from Sequoia Capital India Advisors. It has so far raised around $30 million. With the new funds, the company is planning to enter five new markets – UK, Singapore, Hong Kong, Thailand and UAE by next summer. The company entered the US market in April 2016.
  • Shailesh Tulshan, the personal investment adviser to Flipkart’s Bansals, is starting a new fund, 021 Capital. The fund will have a corpus of about $50 million and invest upto $2 million each in startups across sectors including biotechnology, agriculture and internet.
  • KWAN Entertainment and Dream Theatre have joined hands to create Mojostar, a celebrity driven house of brands. Mojostar will focus on partnering with celebrities in entertainment and sports to co-create retail brands in fashion, fitness and personal care. The investment target for the nest 2-3 years is about $30-40 million.
  • Singapore-based Ascendas-Singbridge Group and sovereign wealth fund GIC Pte. Ltd. have bought a 16-acre land parcel in Pune’s Kharadi suburb for around Rs200 crore from Kohinoor Group.This acquisition is the second investment under the Ascendas India Growth Programme, which has a target asset size of 600 million Singapore dollars and made its first investment in the 60-acre International Tech Park, Gurgaon.
  • Rajiv Bansal, additional secretary and financial advisor in the petroleum ministry, will be the new chairman of Air India as Ashwani Lohani joins Railway Board. He will be holding additional charge for three months and the government will then take a call on who the regular person should be.
  • Tata Sons have appointed Banmali Agrawala as President for the infrastructure, defence and aerospace businesses. He will report to the executive chairman N. Chandrasekaran. This will be his second stint with the Tata group. In his previous assignment, Agrawala was the president and chief executive of GE South Asia. Prior to that he was the executive director on the board of Tata Power.

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

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