Here are the India Business News Headlines as on 31st August 2017:
- McDonald’s India has told National Company Law Appellate Tribunal (NCLAT) that it does not want an out-of-court settlement with Vikram Bakshi. NCLAT had last week asked both the parties to consider settling the dispute among themselves and ordered to file replies on cross petitions filed against each other, within a week.
- Singapore-based Sembcorp Industries’s wholly-owned subsidiary Sembcorp Utilities has entered into an agreement to acquire the remaining stake of IDFC Private Equity Fund III in Sembcorp Green Infra for Rs 1,410.2 crore.
- Domestic arm of German automotive and industrial major Schaeffler (formerly FAG Bearings India) has merged its two arms—INA Bearings and LuK India—to improve cost and supply-side efficiency.
- CDC Group Plc, the development finance institution owned by the UK government, has sold a part of its stake in Ujjivan Financial Services Ltd for around Rs.212 crore. CDC sold a total of 5.9 million shares of the lending firm, bringing down its shareholding in the company to 1.91% from 6.84%.
- Gurugram-based travel firm Bird Group has expressed interest in bidding for Air India’s ground handling subsidiary as part of the state-owned airline’s proposed privatisation. This is the second formal interest for Air India received, first being from IndiGo.
- Airtel and Idea have raised concerns over SIM locked handsets (hinting at Jio) stating that these violate the principles of net neutrality. These handsets offer limited apps under a tariff plan.
- GST on luxury cars is set to be revised after the Cabinet approval. The expected hike is from current 15% to 25%. Exact rate shall be decided by the GST Council.
*News as published in Business Standard, Live Mint and Economic Times.