India Business News Headlines 26th December 2017 –

Here are the India Business News Headlines 26th December 2017:

  • Finance ministry has asked Public sector banks to discuss consolidation of overseas branches and close loss-making branches. This is a part of the reform process to strengthen financials of PSBs.
  • Myntra is planning to sell its AI platform ‘Rapid’ as a service and outsource it to big brands both in India and abroad. Rapid is Myntra’s new in-house AI platform capable of doing a wide variety of functions including helping Myntra’s designers come up with designs for clothes, help shrink the manufacturing process for fast-fashion products.
  • KKR-backed Avendus Capital is working on a plan to take its subsidiaries – Avendus Absolute Return Fund and Ocean Dial Asset Management to US and Europe investors. Absolute Return Fund is a long-short equity fund and Ocean Dial gives out long-only equity funds. Avendus Capital has raised close to $1.3 billion in India under its public equities alternative asset management business.
  • Almost all of McDonald’s outlets (84) in east India have been shut while the ones in the north are also fearing closure due to supply crunch. Radhakrishna Foodland, the logistics partner of the Mcdonald’s India, discontinued supply chain services citing uncertainty of the future and complexity in operations.
  • Piramal Finance Ltd, which mostly funds residential and commercial real estate projects, is now planning to invest in the hospitality sector. They have already started talks with a few branded hotels as well as individual owned hotel properties to explore investments.
  • The Cummins Group, one of the world’s largest manufacturers of engines and power generation products, is in talks to acquire a controlling stake in Kirloskar Oil Engines. The deal is valued at over $500 million. The acquisition will be made through one of Cummins’ Indian subsidiaries. The acquisition, if materializes, will be second such between Kirloskar and Cummins since 2013 when Cummins India had acquired a majority stake in Kirloskar. Cummins has eight legal entities in India and its turnover in 2016 was Rs.10,880 crore .
  • Ever since the exit of UB Group from wine business, homegrown vineyards have strengthened their grip over India’s growing wine market. According to market research firm GlobalData, Sula Vineyards and Grover Vineyards now rank No. 1 and 2, respectively, among top five wine makers by volume.
  • Due to less margins in low-income homes and not having enough takers of luxury homes, builders are now focussed on middle-income housing projects, where buyers are willing to spend up to Rs25-50 lakh for a home of their own. Hiranandani Group, Shapoorji Pallonji and Puravankara Projects are among those who have launched middle-income projects to tap this market.
  • Appario Retail, the JV between Amazon and Patni group has received a fresh capital infusion of Rs.100 Crore. The firm had earlier received about Rs.40 Crore as capital.
  • SoftBank executive Lydia Jett, who recently stepped down from Snapdeal as a Director, has joined the Board of Directors of Flipkart.
  • Huawei Technologies, the Chinese gear maker, has cut its direct workforce in India by one third. The employees were asked to leave on the basis of non-performance, network shutdown and reclining telecom business.
  • Chennai based optical retail chain Specsmaker has raised $10 million in funding. Funds will be used to expand operations in other cities and develop the company into a national Brand.

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