Here are the India Business News Headlines 31st October 2017:
- Bharti Infratel is aiming to buy stake it doesn’t own in Indus Towers from Vodafone India, Idea Cellular and a private equity firm with the aim of making it a subsidiary or wholly owned subsidiary of Bharti Infratel. Indus Towers is a joint venture between Vodafone India, Bharti Infratel and Idea Cellular. Indus Towers is the world’s largest telecom tower operator with more than 123,000 towers.
- IDFC and Shriram have finally called off merger talks on differences over valuation. The firms were not able to reach a common ground on a mutually acceptable share swap ratio.
- Edge Networks, an HR tech start-up, has got $4.5 million funding from Kalaari Capital, Ventureast and others investors. The funds will be used to strengthen company’s core product of workforce optimization and talent acquisition solutions.
- Ola has added Wi-Fi connectivity to its autorickshaws. Ola piloted ‘Auto-Connect Wifi’ feature for Ola Autos in major cities like Jaipur, Hyderabad, Pune, Ahmedabad, Chandigarh and will extend it to 73 cities over the next few weeks.
- Warehouses of e-commerce companies based in other countries like Australia, Japan, Italy, Spain and Russia may no longer be exempted from paying the income tax in India once the multilateral instrument (MLI) comes into force. BEPS refers to the reporting framework by Organisation for Economic Co-operation and Development and signed by over 100 countries, including India, to prevent exploiting gaps and mismatches in tax rules to shift profits by MNCs artificially to save taxes.
- WhatsApp is in talks with e-tailers over business messaging. If this goes through, updates by e-commerce companies would land in your WhatsApp inbox.
- Anil Ambani-led Reliance Communications has asked its lenders to convert part of their debt to equity for 51 per cent control of the company. Lenders will convert Rs 7,100 crore worth of debt into equity and post debt monetisation through sale of real estate assets, RCom would have only Rs 6,000 crore of debt left.
- Bain Capital, the US Fund, is in advance talks with Axis Bank to invest around $750m to $1b. This could be one of the largest private equity investments in the Indian banking sector.
- Tourism Ministry will soon be rating Motels and Legacy Vintage properties. This will offer better marketing and funding support to these properties.
- Both Public and Private Indian banks are set to bring their digital payment solutions under Bhim. This will help promote Bhim as the single means of payment for smartphone based small value retail transactions.
*News as published in Business Standard, Live Mint and Economic Times.