Here are the India Business News Headlines as on 4th September 2017:
- In a fresh clampdown on shell companies, IT department has identified 2,138 firms, both listed and unlisted, that deposited unaccounted cash during the demonetisation period. Tax officials have found deposits of Rs 1,321 crore so far, and expect the amount to swell to Rs 5,000 crore. These companies are suspected to be associated with some big corporate entities, which used these firms to deposit their unaccounted cash in banks.
- For the first time since it started its operations in the country 93 years ago, GlaxoSmithKline (GSK) Pharmaceuticals is scouting for acquisitions in the domestic market. Government’ increasing price control over branded generic medicines has affected GSK’s profitability. The company has a history of mergers and acquisitions for seeking growth, which got its current identity with the merger of Glaxo Wellcome with SmithKline Beecham in 2000.
- For the upcoming festive season, Paytm Mall will invest about Rs 1,000-crore in marketing, cash backs and promotional spends. Being it’s first festival season sale since launch, the Company is aggressively trying to get more and more shopkeepers and brand authorised stores on board to offer better buying experience and faster deliveries. Paytm Mall has brought in over 1,000 brand stores and 15,000 brand-authorised retailers selling over 65 million products.
- Infosys promoters, including N R Narayana Murthy and Nandan Nilekani have offered to sell as many as 1.77 crore shares, worth up to Rs 2,038 crore, in the company’s Rs 13,000 crore buyback offer. The founders and families held 29.28 crore shares (12.75%) in Infosys at the end of June 2017.
- Mahindra Finance is preparing to raise about Rs2,000 crore equity capital. The company provides auto loans primarily for purchasing tractors, utility vehicles and cars. Mahindra Finance is exploring various routes for the proposed fund-raising including QIP and private placement of shares with private equity investors or other institutional investors.
- Aahaa Stores, an online office supplies platform, has raised $1 million in the second round of funding from investor group led by YourNest Angel Fund.The company plans to use funds for expansion across new verticals and geographies, strengthen its technology platform iPOS, mobilizing top talent and reaching out to new customers.
- Chinese communications firm Transsion Holding has picked up 80% stake in Spice Mobile. With this deal, Transsion is handling manufacturing, sourcing and marketing Spice brand phones in India.
- TCS is working on to establish its AI product, Ignio, as a standalone company with a separate website with minimal TCS branding. It is also in the process of making Ignio as a cloud based product.
- Printing Solutions Company, Printo, has acquired Print Retail Delhi which owns Print Bazaar. The deal is estimated to be valued at around Rs.8-10 Crores.
- Essel Finance, owned by Subhash Chandra, has acquired Bimadirect for an estimated amount of Rs.25-30 Crores. This acquisition has given Zee group an insurance broking license, an important key component for wealth management services.
*News as published in Business Standard, Live Mint and Economic Times.