Here are the India Business News Headlines 3rd January 2018:
- Trai has issued new guidelines under which telecom operators have to sign an interconnection agreement on a non-discriminatory basis within 30 days of receipt of a network connectivity request from a rival service provider. The rules also provide for a penalty of a maximum of Rs.1 lakh per day per circle for operators for violation of these rules. Reliance Jio had complained to Trai that a majority of calls on its network were failing as Idea, Vodafone and Airtel and others were not providing sufficient points of interconnection.
- ChrysCapital Advisors is in advanced talks to buy a significant minority stake in Thirumeni Finance, a Bengaluru-based NBFC that operates under the name Varthana. The investment will be around $50 million. Varthana supports more than 2,000 schools with 38,000 teachers and 1 million students. Till date it has disbursed more than $35 million to schools serving lower- and middle-income groups.
- CDC Group Plc, UK government’s development finance institution, has launched Ayana Renewable Power, a renewable energy platform for India and neighbouring countries. Ayana will develop hundreds of megawatts of generation capacity for underserved Indian states and neighbouring countries in South Asia including Nepal, Bangladesh, Myanmar and Sri Lanka.
- In its report, NITI Aayog has said that it was “unviable” to provide financial support to Air India, which has a debt of Rs.51,890 crore. The government has initiated a process for strategic disinvestment of Air India.
- Dentsu X, the media planning arm of Dentsu Aegis Network, has appointed Arabinda Ghosh as its Chief Strategy Officer. Ghosh was earlier working with WPP Plc. owned Kantar, where he was the key consultant to Coca-Cola and Anheuser-Busch InBev SA, the world’s largest brewer, for their branding and communication development strategy.
- As per a report by RBI, transactions through digital means rose 6.05% to 1.06 billion in December from 997.1 million in November. This is the first time that the transaction volume has crossed the 1 billion mark.
- The corporate affairs ministry has given permission for penal action against 196 companies for violating CSR norms in 2014-15 fiscal. Under the Companies Act, 2013, a certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities.
- Deliveroo, one of the best funded European startups, is preparing to launch Indian operations. The $2bn company is in the process of hiring India team. The company shall compete with local players Zomato, Swiggy, UberEats and the likes.
- Future Group is in talks to buy Snapdeal’s logistics arm, Vulcan Express for about Rs.50 Crore. Vulcan Express manages about 50% of Snapdeal’s delivery.