Here are the India Business News Headlines 24th October 2017:
- Amazon India is now aggressively pursuing partnerships with large offline fashion brands and is also looking to invest in some of these brands and offline retailers. Amazon is attempting to revive sales in its fashion business by forging alliances with popular brands that have high recall among urban consumers.
- Reliance Jio has hiked tariffs for its flagship scheme by about 15%. The move suggests that things are likely to improve on the profitability front.
- Jaypee Associates have submitted proposal to Supreme Court to sell the 165km Yamuna Expressway. The company needs to raise funds to deposit Rs2,000 crore by 27 October to cover its liability towards those who bought homes in projects developed by Jaypee Infratech. They also submitted that they have a prospective buyer willing to pay Rs2,500 crore for the expressway.
- Rakyan Beverages, the maker of organic cold-pressed juices and other beverages under the brand name ‘RAW Pressery’ has raised around $6 million (Rs40 crore) to fund expansion entirely from its existing venture capital investors Sequoia Capital, Saama Capital and DSG Consumer Partners.
- Cisco Systems Inc. is set to buy BroadSoft Inc., a software company which specializes in software used by major cable and telecommunications networks for $1.71 billion. The purchase gives Cisco a stronger foothold in selling products to big telecom firms.
- Indian drug makers have sought intervention of PMO against a recently floated government proposal to replace widely used animal parts-based gelatin capsules with those derived from cellulose. Currently, 98% of the Indian pharmaceutical industry uses animal parts-based capsules and government has been pitching for ‘vegetarian capsules’ for the past two years.
- Supreme Court has denied bail to Sanjay Chandra of Unitech and held that he would have to deposit at least Rs1,000 crore, which could be used to refund home buyers. A total of 4,688 home buyers are claiming a refund of Rs1,865 crore from Unitech in various projects.
- DoT has cleared merger of Sistema Shyam Teleservices with Reliance Communications. Under the deal, all wireless business assets of SSTL will come under RCom and SSTL will get 10% stake in RCom.
- Infosys is likely to name its next CEO today. Among the probable candidates are B G Srinivas and Ashok Vemuri, who had quit before N R Narayana Murthy hired Vishal Sikka in 2014.
- Suresh Sethi, former MD of Vodafone M-Pesahas been named as the MD and CEO of India Post Payments Bank.
*News as published in Business Standard, Live Mint and Economic Times.