Here are the India Business News Headlines 4th October 2017:
- After years of negotiations and feasibility studies, Gujarat Mineral Development Corporation and National Aluminium Company have decided to drop the Rs 5,400 crore alumina refinery for reasons it being “unviable”.
- Paytm Bank incurred losses of Rs 30.7 crore between August 2016 and March 2017 with a revenue of Rs 2.4 crore. Paytm, however, is considering this as operational costs and not losses. Paytm is planning to expand to 31 branches and 3,000 customer service points by end of first year.
- Amazon India is set to stop its special introductory price for ‘prime’ membership of Rs.499 and start charging Rs 999 as yearly fees within the next few days. Prime members enjoy unlimited free one day and two-day delivery, free standard delivery without a minimum purchase, exclusive deals on bestselling products and instant access to latest movies and TV shows.
- Amazon India is preparing to increase its investment in Amazon Pay India by around five times to Rs2,000 crore from Rs400 crore. Amazon Pay India is the digital payments arm of Amazon India.
- Zomato has decided not to charge commissions from restaurants for table reservations made on its platform. It plans to expand its restaurant network using the zero commission model. As per a statement released by Zomato last month, the company turned profible on Ebitda.
- MedGenome Labs, a Genomics research and diagnostics startup, is raising another $10 million from a clutch of investors led by Sequoia to fund its expansion plans. It had earlier raised $30 million.
- IndiGo is likely to debut its regional operations in South India later this year using a new seating plan on its smaller aircraft. It will use a 74-seater ATR turboprop where the first row seats will face each other, meaning that if there’s a family of four they can sit facing each other.
- The Rise Fund, founded by TPG Growth founder and managing partner Bill McGlashan, U2 lead singer and activist Bono and Jeff Skoll, an entrepreneur and film producer, has closed the largest impact investment fund raised so far with a total corpus of $2 billion. It’s the largest private investment impact fund ever raised. The fund has invested in two projects in India, one of which is $50 million in Hyderabad based Dodla Dairy.
- Vijay Mallaya was arrested by British Police in London in the money laundering case and later released on bail.
*News as published in Business Standard, Live Mint and Economic Times.