Here are the India Business News Headlines 30th November 2017:
- SoftBank Group has offered to buy shares from investors and former as also the existing employees of Flipkart @ $85-89 per share, valuing the company at $9-10 billion. The price range values Flipkart little lower than its pre-money valuation in previous two different funding rounds of $1.4 billion each, one from SoftBank and the other from eBay Inc.,Microsoft Corp. and Tencent Holdings.
- As per a report, Amazon Seller Services has clocked 105% revenue growth in FY17, although regulatory filings by the company showed an increase of 41% only.
- AirAsia is planning to fly on international routes in the second half of 2018. As of now, it has 4% domestic market share with a fleet of 13 Airbus and A320 aircraft.
- CleanMax Solar , a Warburg Pincus-backed rooftop solar company, has raised $15 million in equity capital from International Finance Corp. , a World Bank arm. CleanMax Solar focuses on providing clean energy to corporates through rooftop and grid-connected solar installations. CleanMax founded in 2011, has installed more than 200 projects for over 50 leading corporate clients till now.
- The recent amendment in India’s Insolvency and Bankruptcy Code may shut out several global private equity funds who have tied up around $10 billion to invest in Indian non-performing assets. As per the amendment, any person or entity who has guaranteed debt of any firm under insolvency or liquidation under any jurisdiction, is barred from bidding for assets. Any undischarged insolvent under any jurisdiction is also barred from bidding for insolvent assets.
- Over-the-top players such as Truecaller have opposed any move to regulate communication apps which once again brings them in conflict with telcos demanding a level playing field. As per OTT players, any move to bring them under a licensing regime will kill smaller players and hurt innovation, as also regulations will increase cost of operations allowing larger, moneyed apps to survive, while killing the smaller ones.
- Indian Railways has urged banks to waive or sharply reduce charges on digital payments for train ticket bookings. The aim is to help railways reduce the cost incurred on window bookings thereby reducing ticket cost in the long run.
- Bengaluru-based Zinka Logistics Solutions, which operates online logistics startup BlackBuck, has appointed Dinesh Ajmera as CTO. Ajmera was earlier CTO at Souq.com, a Dubai-based e-commerce firm owned by Amazon.com Inc., and has worked with companies like CommonFloor, Walmart Labs and Oracle.