Here are the India Business News Headlines 5th October 2017:
- Amazon is in a rapid expansion mode in India. Amazon IT Services, the oldest arm of Amazon India, is looking to raise fresh funds to grow its business and increase efficiency through latest technology.
- As per a report from KPMG, Movies, TV series are now gaining favour among Indian mobile viewers. 4G services have proved to be an important driver in the growth of digital videos, specifically OTT market.
- Gucci and Daiichi Sankyo, have decided to apply for insolvency of their Indian subsidiaries. Earlier, Gucci India was intended to operate as a wholly-owned subsidiary in India, but now it operates through into local partnerships in India.
- Rajnish Kumar has been named as the new chairman of State Bank of India. Presently one of the four MDs at SBI, looking after the National Banking Group, he would take over from Arundhati Bhattacharya, who will complete her four-year term on 6th October.
- To grow its online presence, Zara is strengthening logistics for its online store. It has tied up with Blue Dart Express and Gati for quick delivery of its products. H&M is also planning to launch an online store next year.
- SpiceJet has entered into an agreement with Japan’s Setouchi Holdings to explore opportunity of bringing Seaplanes back to Indian skies. Aim is to increase its reach in areas which do not have air strips. Seaplane is a fixed-wing aircraft, which can take off and land on water as also land on airfields.
- After Blackstone Group, now Kotak Realty Fund has shown interest to buy IL&FS India Realty Fund I that manages real estate assets worth $525 million. The deal is likely to be struck for around $200 million.
- Flipkart has launched its private label for large appliances category – ‘MarQ’. The products under this brand are expected to be priced around 15-20% lower than products by other brands.
- Gozefo , the used furniture start-up, has raised $9 million from Sequoia, others. Funds will be used to widen its operations, improve customer care, expand the used furniture inventory and hire fresh talent.
- Provenance Land, builder of Four Seasons and Hyatt Regency hotels in India, is planning to raise around Rs1,000 crore from private equity funds. Most of this money will be used to build a 600,000 sq. ft premium office tower at Worli in Mumbai and buy land for future mixed-use projects.
- Tata Cliq, the e-commerce arm of Tata group, will create a separate website for the luxury brands including Armani, Michael Kors, Brooks Brothers, etc. currently being sold on its existing platform alongwith local brands.
- PhonePe, the payments arm of Flipkart, has got an infusion of Rs.254 Crore from its Singapore arm. PhonePe is largely focused on UPI.
- Future Retail is set to buy HyperCity, a chain of premium hypermarkets launched by ShoppersStop. The deal is expected to be closed at around Rs.700 Crore.
*News as published in Business Standard, Live Mint and Economic Times.