Here are the India Business News Headlines as on 28th August 2017:
- Taking advantage of the ongoing battle between McDonald’s India and Vikram Bakshi, franchisees of competing brands are working on plans to poach McDonald’s employees. Rivals are also in talks with real estate owners of the 43-odd McDonald’s outlets that have been shut for over a month and hoping to get possession of its key locations.
- After US investors Blackstone and Goldman Sachs, now Canadian investors — CPPIB, CDPQ’s arm Ivanhoe Cambridge and others are courting developers based in South India to invest in real estate sector. The investors have approached RMZ, Prestige Estates, DivyaSree Developers and Bagmane group to benefit from stable income and the rental appreciation in the Bengaluru office market.
- To combat local rivals due to their growing influence, Coca-Cola India will soon launch two carbonated flavoured-water drinks under the Kinley brand. The new range of the flavoured-water drinks will be the third line of products in the Kinley portfolio after its bottled water and soda variants.
- Infrastructure Leasing and Financial Services (IL&FS) is working on plans for issue of Bonds to refinance its Rs6,000 crore debt. The debt was taken to finance the 9.2km Chenani-Nashri tunnel in Jammu and Kashmir, the longest road tunnel in India.
- Acme and Inox Group are exploring possibilities to exit from renewable energy projects won at record low tariffs. A rise in prices of Chinese solar modules and shift to tariff-based competitive auctions are affecting solar power and wind power projects in India.
- DLF promoters have sold 33.34% stake in DLF Cyber City to GIC’s affiliate Reco Diamond for Rs10,000 crore to form the joint venture. DLF stake sale to GIC will lead to Rs13,000 crore capital infusion by November.
- Financial services firm ASK group will invest over Rs1,000 crore as private equity in housing projects this fiscal despite demand slowdown and uncertainty in the market after the new realty law came into effect.
- Under constant pressure from Court and Sebi, Sahara group is in talks with a large Middle-Eastern enterprise for sale of its majority stake in two prime New York hotels—including the iconic The Plaza, having an estimated valuation of approx. $ 1 billion valuation. Sahara holds 85% in New York’s Dream Downtown hotel and 70% in The Plaza.
- Abercrombie & Fitch, US based youth brand, is in talks with Myntra and other Indian companies to open standalone outlets of Abercrombie & Fitch and Hollister. The idea is to tap the growing market for global fashion in India.
- Medlife has planned an internal investment of $30 million to scale up its epharmacy business. The company has largely been funded by the capital from founders only.
- Doxper, a health tech startup has raised $750,000 funding in a seed round led by Health insurance company Vidal Healthcare and early stage investment firm Grow X Ventures. Doxper has created a digital pen and coded paper system for doctors to record patient information.
- Mobikon, a marketing and customer engagement platform for restaurants, has raised about Rs.45 Crore in its third round of funding. The latest round takes total capital raised by the company so far to about $12 million.
*News as published in Business Standard, Live Mint and Economic Times.