Here are the India Business News Headlines 3rd November 2017:
- Ruchi Soya Industries has agreed to sell its 51% stake along with its entire branded oil distribution business for Rs4,000 crore to Devonshire Capital, a private equity firm. Funds will be used to part repay its over Rs12,000 crore debt as of 30 June.
- Airtel will now invest Rs25,000 crore instead of Rs.20,000 crore as announced earlier in expanding and strengthening its 4G network during the ongoing fiscal year.
- Hershey India, the Indian arm of US confectionery giant, The Hershey, will invest $50 million in India over the next five years.
- Wipro Ventures has invested an undisclosed sum in Headspin Inc., a San Francisco-based mobile app testing start-up. Headspin offers a mobile testing platform for an application developer or a start-up to test and fix bugs, without writing any code, before the app is released to the public.
- Piramal Group is in the race to buy controlling stakes in Binani Cement and Electrosteel Steels as their lenders asked the group to bid for distressed assets that have been referred to NCLT following default on bank loans.
- Arpwood Partners, a private equity fund has bought out small business loan portfolio of Karvy Group for $200 million.
- New India Assurance IPO was fully subscribed on the back of a $1 billion bid by LIC. Rs9,600 crore NIA IPO was subscribed 1.04 times on the first day of the share sale.
- Five Indian women have featured on the Forbes list of the world’s 100 most powerful women led by ICICI Bank CEO & MD Chanda Kochhar and includes Priyanka Chopra, HCL Corp. CEO Roshni Nadar, Kiran Mazumdar-Shaw, founder and chairperson, of Biocon.
- Jubilant FoodWorks, which operates Domino’s Pizza and Dunkin’ Donuts outlets in India, has appointed Anand Thakur as chief digital officer to lead a newly created digital team. Thakur is currently CTO at Koovs.com.
Business Trade Show : World Food India 2017 – 3-5 November at India Gate Lawns, Vigyan Bhawan
*News as published in Business Standard, Live Mint and Economic Times.