Here are the India Business News Headlines as on 30th August 2017:
- As per a recent CB Insights report, US-based investors have been the most active foreign participants in India’s start-up ecosystem over the past five years, racking up over 800 equity deals during the period. At the first spot comes their counterparts based in India or Mauritius. Tiger Global and Japan-based SoftBank are among the largest investors in India’s start-up ecosystem.
- During a call with the company’s investors, Narayana Murthy lauded Nandan Nilekani’s appointment as the non-chairman of Infosys and said that he was sure that Infosys would regain its stature as a globally respected firm under Nilekani.
- IT Dept. has slapped a Rs 32,320-crore demand in tax, interest and penalty on Hong Kong-based Hutchison for alleged capital gains it made on the $11-billion sale of its India mobile business to UK’s Vodafone Group in 2007.
- Online travel company, MakeMyTrip is yet to see any profits even after being huge fundings and being in business for a long time. It’s promotional expenses continue to increase as it doles out offers and discounts to shift offline buyers to online. It spent $142.3 million on marketing and sales promotion during the April-June quarter of FY18.
- RBI has sent commercial banks a second list of around 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. Videocon Industries Ltd and Jaiprakash Associates Ltd (JAL) are the two large companies among the list of 26 defaulters, accounting for over Rs1 trillion of debt.
- After getting huge success in the Ayurveda products business, Patanjali is all set to launch its packaged drinking water called ‘Divya Jal’ this Diwali. Bottling of drinking water shall be done at Patanjali’s factories in Haridwar and Lucknow. Sales target for 2018-19 has been kept as Rs1,000 crore.
- Dixon Technologies, backed by Motilal Oswal Private Equity, a contract manufacturer of electronic products, will be launching its Rs600 crore initial public offering on 6 September.
- Private equity firms Samara Capital and Norwest Venture Partners have sold their shares in RBL Bank worth Rs495 crore through open market transactions.
- IKEA, world’s biggest furniture retailer, also a top restaurateur, is preparing to open its first store in Hyderabad. The shopping area would be spread over 400,000 sq.ft. Menu in restaurant will have chicken and veg products replacing its trademark beef and pork meatballs.
- Some stakeholders of Practo are looking to sell their stakes in the Company. Practo has raised nearly $180 million in funding till now.
- MedGenome Labs, a Genomics Research and Diagnostics startup, has raised $30million in series C funding from a clutch of investors led by Sequoia India and Sofina.
- Orkla Group, the parent company of MTR Foods, has set up a Rs.50 Crore venture fund to make early stage investments in startups. It will mainly invest in food tech-related startups.
- Indian Hotels, which runs the Taj chain of hotels, has appointed Puneet Chhatwal as CEO. He is currently CEO of Deutsche Hospitality, a Frankfurt based company, which owns Steigenburger chain of hotels in Europe, Middle East and Africa.
*News as published in Business Standard, Live Mint and Economic Times.