India Business News Headlines 2nd November 2017 –

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Here are the India Business News Headlines 2nd November 2017:

  • Centrum Microcredit, a subsidiary of Centrum Capital, has received licence from RBI to start microfinance business. It has already entered into an agreement to acquire Indian microfinance business of FirstRand Bank, which currently has around 70,000 customers in the Maharashtra.
  • Skylark Mansions, a real estate developer Pvt. Ltd has raised Rs105 crore in structured debt from Xander Finance, primarily to give an exit to existing investor Motilal Oswal Real Estate in a housing project.
  • Huda has sold 9.82 acres of commercial land in Sector 47 of Gurugram to Ikea for Rs842 crore. The site was put up for e-auction on three occasions but found no takers until Ikea placed a successful bid for it on 31 October.
  • Specialty online retailers are hastening their offline expansion to survive from biggies like Flipkart and Amazon India amid a broader slowdown in the growth of the e-commerce market and lack of interest among investors towards funding e-commerce businesses. Over the past one year, the likes of Lenskart, Urban Ladder, FirstCry and others are investing heavily in offline stores to improve sales.
  • DHL is planning to introduce internet-connected trucks and emulate Rivigo’s driver relay model to improve customer experience and increase efficiency. Rivigo currently owns a fleet of over 2,000 internet-connected trucks and operates through a unique driver relay model, where multiple drivers are employed on one route and each one typically drives for four to five hours before handing over the truck to another driver at a pit stop, returning home with another truck.
  • Deloitte Digital, the global creative digital consultancy, which claims to offer the best of both consulting as well advertising services, is being launched in India this year.
  • Union Cabinet has approved sale of its entire stake of 73.47% in the 41-year-old mini ratna firm Dredging Corp. of India. The stake sale is likely to fetch around Rs1,400-1,500 crore to the state. Dredging Corp. is involved in maintenance dredging for various major ports, beach nourishment, land reclamation, shallow water dredging and project management consulting.
  • For companies and partnerships, the government has extended last date for filing returns and tax audit reports for the previous financial year to 7 November.
  • Foreign portfolio investor First Carlyle Ventures Mauritius has sold its entire holding in IT firm Cyient through an open market transaction for an estimated value of Rs604 crore.
  • Adani Transmission has completed acquisition of operational transmission assets of WRSS Schemes of Reliance Infrastructure Ltd for Rs1,000 crore.
  • Bharti AXA Life Insurance has appointed Vikas Seth as CEO. Seth was earlier with Aditya Birla Group for nearly 10 years.
  • Paytm Payments Bank has appointed former ICICI Bank executive Sudhanshu Jain as CFO. He was earlier AGM and head of borrowing at the foreign exchange desk at ICICI Bank.
  • India Today group has named Vivek Khanna as CEO. He was earlier serving as CEO of Hindustan Media Ventures.

*News as published in Business Standard, Live Mint and Economic Times.

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