Here are the India Business News Headlines as on 29th August 2017:
- The government will sell up to 10 per cent in NTPC for Rs 13,800 crore in two-day offer for sale. It will be the third-biggest divestment deal ever by the government.
- Loss-making Tata Teleservices is planning to invest an additional Rs 4,000 crore in its listed arm, Tata Teleservices (Maharashtra) to meet lender commitments. Funds would be raised from its own shareholders, mainly Tata Sons.
- After a substantial increase in advertising spends during the FY16, top automobile companies have slowed down expenditure on expanding visibility. Some have also cut down spends. The trend is expected to continue in FY18.
- WhatsApp monetises its service, offers business profiles to reach customers. This will enable communication with the two billion odd users on its platform. The verified businesses will have a ‘check’ mark next to its name, just like Facebook. WhatsApp has not divulged any details yet on when the service would make it to non-beta versions of the app and in which geographies would it be rolled out first.
- New FDI policy, released by the government on 28th August, also mentions start-ups for the first time. Start-ups can now issue equity, equity linked instruments and debt instruments to foreign venture capital investors in accordance with FEMA rules. They can also issue convertible notes to persons residing outside India under certain conditions.
- Enterprise software firm Freshworks has acquired Zarget, a website analytics start-up, backed by marquee investors including Sequoia Capital, for an undisclosed amount. This is the ninth acquisition by Freshworks in less than three years.
- Lenders to Jindal India Thermal Power Ltd, led by consortium leader Punjab National Bank, have sought bids from interested investors to sell their 51% stake in the company.
- Uber has rolled out two new features—‘in-app chat’ and ‘multi- destination’ to improve experience for its riders in India. Using the in-app chat feature, riders can provide information like their exact location without sharing their phone number with the driver and also without incurring any call charges.
- HSBC India’s vice chairman and investment banking head Sunil Sanghai quit the banking giant and joined hands with the Dinesh Kanabar-promoted tax and regulatory firm Dhruva Advisors to start a merchant banking division.
*News as published in Business Standard, Live Mint and Economic Times.