Here are the India Business News Headlines 5th February:
- Mahindra and Mahindra has won an order to supply 1,000 electric vehicles to Baghirathi Travel Solutions, a Bengaluru-based fleet operator, the order value exceeding Rs.100 crore. This is Mahindra’s largest EV order so far. Baghirathi owns and operates a fleet of 2,000 vehicles in Bengaluru and primarily caters to companies, schools and inter-city demands.
- Shell India, the operator of the Panna-Mukta-Tapti fields, has shelved its plan to sell its 30% stake in the Panna and Mukta oil fields as they couldn’t find a buyer. Shell and Reliance Industries hold 30% stake each in the Panna-Mukta-Tapti joint venture and ONGC holds the remaining 40%.
- Assam Co. India Ltd, India’s oldest surviving and one of the most prized tea company is set to go under the hammer. Even though bids for company’s asset will be invited by the end of February or early March, several companies including MK Shah Exports Ltd, Warren Tea Ltd and the Dhunseri Group are showing keen interest. Assam Co. has 14 tea estates and tea of some of its estates is unique and cannot be produced anywhere else in the world.
- Reliance Industries has emerged as the sole contender to acquire a part of polyester maker JBF Industries Ltd’s operations in a transaction which will include its entire overseas operations and an upcoming plant in Mangalore. If the transaction goes through, RIL will acquire a controlling stake in the firm.
- Aditya Birla Fashion and Retail Ltd, the licensee of Forever21, is downsizing the brand’s stores and cutting costs as sales from the fast fashion business have declined. The firm reported a loss of Rs.23 crore in the quarter ended December 2017.
- Reliance Communications has sought withdrawal of a Trai directive asking it to refund unspent balance of mobile subscribers due to discontinuation of its services. Trai is of the view that the demand on customer refunds is fully justified as it pertains to premature closure of services by an operator, and hence, cannot not be equated with general network port outs cases.
- Pre-2016 startups may get breather from the Angel Tax. The finance ministry has started discussions with Deptt. of Industrial Policy and Promotion on certification of genuine startups to help with this.
- Pratilipi, a self-publishing platform, has raised Rs.28 Crores in a series A round of funding led by Omidyar Network. The funding will be used for building more features in the product and tech hiring.
- The government will soon offer incentives to startups and venture funds which undertake application-oriented research on artificial intelligence across key sectors including banking, insurance, education, health, retail and transportation. Financial allocation under the Atal Innovation Mission will be used to fund the program.
*News as published in Business Standard, Live Mint and Economic Times.