Here are the India Business News Headlines 28th November 2017:
- China Development Bank has filed insolvency case against Reliance Communications, which owes close to $2 billion in syndicated loans to China Development Bank.
- L&T is planning to sell some of its assets by March 2018 to fund acquisition spree. Schneider Electric is in exclusive talks to buy L&T’s electrical unit while L&T is in talks with a few investors on an IPO.
- CBDT has eased stand on resolving disputes over valuation of cross-border deals. Tax authorities in countries such as Germany, France and Italy will now be able to do bilateral deals with India’s I-T dept on valuation of cross-border transactions of MNCs. This would avoid double taxation and other related disputes.
- Amazon.in is set to launch a special contest to identify and support product start-ups in India. One successful company will receive funding and mentorship to scale its offerings in India as well as markets in Europe and the US. Amazon has partnered with funds – HAX and Kickstarter for the programme which is starting from 5 December in Bengaluru.
- Stanza Living, the student accommodation platform, has raised an undisclosed amount from Matrix Partners and Accel. The funds will be used to expand into new cities, upgrade technology platform and for hiring. Stanza Living currently offers accommodation for students in NCR and is planning to expand into educational hubs across the country.
- An FIR has been lodged against Flipkart founders Sachin Bansal and Binny Bansal and some other company officials for allegedly cheating a businessman for Rs9.96 crore. Flipkart has dismissed the complaint as false and baseless. As per the complaint, C-Store had supplied Flipkart 14,000 laptops, out of which Flipkart returned about 1,480 units and did not pay for the remaining.
- Epsilon, a global data-driven marketing and loyalty solutions provider, is getting ready to formally enter the Indian market. Epsilon has had a back-end office in Bengaluru since 2015 and is now looking at leveraging its team to also cater the Indian companies.
- Carlson Rezidor Hotel Group, the Global hospitality major, has so far signed 12 new hotels in India in 2017. The group currently holds a portfolio of 140 hotels in India including those in operation and under development across 60 cities. Carlson Rezidor Hotel Group currently has 1,440 hotels globally in operation and under development.
- Flipkart is reported to be working on a pilot programme to get exclusive sellers on its platform to prevent poaching by other rival e-commerce companies.