Here are the India Business News Headlines 3rd October 2017:
- As part of consolidation, Tata group is likely to shut down Tata Teleservices, which operates wireless, wireline and broadband services, by the end of this month. Senior executives have already been told about the possible closure. Subscribers are also being informally told to migrate to other service providers.
- Ola is in talks with SoftBank and Tencent to raise up to $2 billion in fresh funding. Deal on the first $1 billion is expected to be closed soon without SoftBank, Ola’s largest investor. Deal with Tencent for a funding of about $400 million has reportedly been closed and awaiting approval from CCI.
- With its December 2017 exit plan from India in place, General Motors has cleared its inventory. Its dealers, however, reportedly still have an unsold inventory of around 800-1,000 vehicles. They are betting on the festive season for a bailout. GM would use its local manufacturing base at Talegaon near Pune to focus on export markets.
- UK’s SSP Global, a £2 billion company listed on London Stock Exchange, is set to launch coffee, bakery chains in India by the first quarter of 2018. SSP Global has its presence in over 30 countries. The company earns 90% of its revenue from food outlets at airports and railway stations.
- As per the data from Tracxn, a start-up tracker, so far just 800 internet and technology start-ups have been launched in 2017 as compared to 6000 in 2016. Several closures, struggles of large start-ups such as Snapdeal and a slowdown in e-commerce growth are likely to be the reason for this.
- Reliance Communications has expanded its Board and elevated Punit Garg, currently President of telecom business as Executive Director and CFO Manikantan V. as Director.
- Flipkart Board has approved plan of about $100 Million to buy back employee ESOPs. The buyback process is expected to be completed by December 2017.
*News as published in Business Standard, Live Mint and Economic Times.