Here are the India Business News Headlines 28th December 2017:
- Flipkart and Amazon India have defended their platforms and denied that they were shipping fake products. The Economic Times had reported a few days back that footwear maker Skechers had filed cases against Flipkart and its four sellers for allegedly selling counterfeit products carrying Skechers brand. A report from the Network18 media group also alleged that over 60% of products sold under the sports category of leading e-commerce websites were fake, while at least 40% of all apparel listings online have been produced by duplicate manufacturers.
- As per a report by RedSeer Management Consulting, India’s e-commerce market has finally picked up sharply in the second half of the year, after nearly 18 months, driven by strong growth at Flipkart, Amazon and Paytm. The report says that online retail grew by 23% to $17.8 billion in 2017, up from $14.5 billion in GMV last year.
- Sebi has asked Axis Bank to conduct an internal inquiry into the suspected leak of its June quarter financial results. The financial results of Axis Bank for the quarter ending June 2017 were circulated on WhatsApp groups a day after the results had been finalised by the Bank internally.
- Mitsubishi-led Japanese consortium including East Nippon Expressway and Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development, is to buy 20% stake in Cube Highways. Cube Highways is a platform set up by global infrastructure investor I Squared Capital and IFC. The platform currently owns and operates over 1,700 lane-km of highways in India across a diverse portfolio of toll and annuity-based roads.
- Mumbai-based K. Raheja Corp, a commercial property developer, is investing around Rs1,200 crore in building around 3 million sq. ft of office space in Chennai. The move is part of its plan to ramp up its business in the southern part of the country. The company had recently sold 15% stake to Blackstone Group Lp.
- CPRL, the north and east India licencee of McDonald’s, has partnered with a new logistics firm and has started reopening some of the 84 closed restaurants. Though the company has not identified the new logistics partner, but they plan to re-open all McDonald’s restaurants by the end of 2017.
- Tata Steel Ltd has appointed a bunch of domestic investment banks , including Axis Capital, Kotak Mahindra Capital, ICICI Securities and SBI Capital Markets to manage its proposed rights issue of about $2 billion. The board of Tata Steels had approved the plan to raise up to Rs12,800 crore on December 19, 2017.
- Rabobank-sponsored PE fund has picked up about 40% stake in Olive Bar and Kitchen with an investment of Rs100 crore. Olive Bar & Kitchen Private has 33 outlets with a revenue of around Rs 200 crore.
- Air Deccan has partnered with Air Odisha to share each other’s network and resources to minimise costs. Air Deccan received DGCA nod last week allowing it to fly on designated routes under the government’s regional connectivity scheme. Air Odisha is expected to receive its flying permit some time mid-January next year.