Here are the India Business News Headlines 28th September 2017:
- Patanjali Ayurved is planning to borrow about Rs 5,000 crore to fund its mega food and herbal parks across the country. As per Baba Ramdev production capacity of Patanjali would be worth Rs 1 lakh crore by 2021.
- Amazon has launched marketplace for small and medium enterprises to buy products from its online platform. It will have competition from Metro AG and Power2SME. The platform will allow any business with a GST number to register itself as a buyer. The products sold will come with GST compliant invoices so that buyers can claim input tax credit.
- Petroleum Minister Dharmendra Pradhan said that soon every petroleum product would be available on e-commerce platforms and that they have already got required permissions in place.
- Big Bazaar is now eyeing home decor, kitchen segments to achieve its Rs 2,000 cr target and have started a new campaign focused on these segments.
- Modi govt wants private players to develop small Indian airports. Government policy has been tweaked to ensure return on investment for private players and revenue for AAI.
- After Indigo, two more firms have shown interest in Air India’s subsidiary. Menzies Aviation Dubai and Mumbai-based Livewel group have shown interest in Air ground-handling operations of the company.
- Piramal Finance has set up a housing finance company to offer home loans through realty developers and direct lending to retail customers. Necessary licence has already been obtained.
- US-based venture capital firm Lightspeed Venture Partners is trying to acquire a minority stake in Freight Commerce Solutions, which operates Freight Tiger. Founded in 2014 by Swapnil Shah, the firm operates a mobile application for truck-owners, brokers and logistics companies, helping them boost truck utilisation. Shriram Transport Finance also invested Rs7 crore to acquire a 17% stake in Freight Tiger earlier this month.
- Transerve Technologies has raised $1.6 million from IL&FS Investment Managers and Omidyar Network in a Series A round. The firm provides a cloud-based software to help municipal authorities map geographic locations and structures in city limits. This eases revenue and tax collection process by managing a centrally stored database.
- Apparel maker Zara is starting online retail throughout India starting 4th October through its website and app. Zara will sell its entire collection available in their 20 stores in India.
- To promote sale of air tickets from its own website, Vistara has allowed 5 kg more baggage if tickets are booked through its website. Vistara will also allow one free change or cancellation within 24 hours of ticket booking, complimentary fast-track priority handling at the airport, and double air miles.
- e-commerce industry is launching an industry body to represent interest of local ventures. The group, called Indiatech.org will be led by Sachin Bansal of Flipkart.
- Paytm Mall is selling two wheelers on its platform, a service which is not being given by Flipkart and Amazon. It has over 2000 brand authorised dealerships across 500 cities on board.
*News as published in Business Standard, Live Mint and Economic Times.