Here are the India Business News Headlines 31st January 2017:
- Kolkata’s Dhunseri Group and Mumbai’s MK Shah Exports are in discussions with Tata Global Beverages to buy their 41% stake in Amalgamated Plantations, India’s second largest producer and supplier of tea with estates in the Dooars region of Assam and West Bengal. Tata Global is expecting an enterprise valuation of around Rs.1,300 crore for its 25 estates, which produce 26 million kg of tea.
- Working on its soon to be launched long-haul international operations, IndiGo has appointed Wolfgang Prock-Schauer as the COO. Prock-Schauer has over 36 years of experience and worked in senior leadership positions with some of the major airlines across Europe and Asia, including British Midland International, Austrian Airlines, Air Berlin, Jet Airways and Go Air.
- Saudi Aramco, the state oil company of Saudi Arabia, is planning to enter India as part of its Asian expansion and is already in discussion with some companies for the same.
- Piramal Enterprises is planning to bid for companies undergoing insolvency proceedings across six to seven sectors including auto ancillary, cement and textiles. It has already submitted bids for Bhushan Steel Ltd.
- Scapic, a Virtual Reality platform which allows users to create both VR and augmented reality content without coding, has raised $500,000 in seed funding from Axilor Ventures, Newfort Capital and Speciale Invest. Funds will be used for product development and research. The company is promoting itself as the WordPress for VR and AR content creation, using its web-based content creation tool.
- Indian Angel Network (IAN) and TAN Advisors, a network of angel investors in Punjab, have invested $400,000 in 6Degree, a fashion technology start-up. IAN had invested $200,000 in the firm last year. 6Degree manages a community of designers, bloggers, photographers and other fashion professionals who engage on the platform to showcase their work and find work assignments.
- Wal-Mart Stores is in advanced talks to buy a minority stake in Flipkart. Reportedly, a deal could be finalised in early March and may involve primary and secondary sales by longstanding Flipkart investors.
- Paytm will soon launch online gaming content on its platform to take on Amazon. Its online marketplace subsidiary Paytm Mall is also expanding its grocery line to take on both Amazon and Flipkart.
- Mezi, an AI powered travel app, has been acquired by American Express in an all dash deal, expected to be for around $125-150 million. Mezi uses AI and human expertise too personalise online travel discovery and booking experience. It currently has more than 100,000 users.
- BrowserStack, a web-testing platform, has raised $50 million from Accel India and Accel Growth. The company helps software developers visualise what their code will look like and how will it perform across browsers and various operating systems.
- Alibaba has put Rs.224 Crores in XpressBees, the logistics arm of FirstCry. This is Alibaba’s 6th investment in the Indian market.
*News as published in Business Standard, Live Mint and Economic Times