India Business News Headlines – 5th September 2017 –

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Here are the India Business News Headlines as on 5th September 2017:

  • Supreme Court has stayed NCLT order initiating insolvency proceedings against Jaypee Infratech. The decision has brought some relief to over 30,000 homebuyers, Though a huge number of buyers are in the process of filing Court cases against Jaypee.
  • TVS Emerald and ASK Property Investment Advisors have partnered to set up a Rs 400-crore real estate investment platform. Money shall be infused by both the partners and the company would invest in affordable mid-income housing projects.
  • Zomato is in talks with China’s payments giant Ant Financial (Alibaba payment affiliate) to raise funds of about $200 million. The yet to be finalised deal may value Zomato between $900 m to $1.1b.
  • American private equity fund, Marigold Capital, is buying over Leela Palace Chennai for about Rs.700 Crore. Leela group has been under debt after expanding to cities like Delhi, Chennai and Goa.
  • Datasigns Technologies, operator of lending platform Shubh Loans, has raised $1.5m funding from SRI Capital, BeeNext and Pravega Ventures. Funds shall be used to expand to more markets and technology.
  • Altran Technologies, a French multinational, is buying over GlobalEdge Software in an all cash deal of approx. Rs.65-80 million. Cafe Coffee Day owns about 25% stake in GlobalEdge.
  • Paytm is in advanced talks to acquire two deals platforms, Nearbuy and Little. The acquisition will allow Paytm to boost its presence in the hyperlocal space.
  • Global pharma major Novartis has appointed Vasant Narasimhan as its new CEO. He is currently Global Head (drug development) and CMO of the company.
  • Karur Vysya Bank has appointed P.R. Seshadri as its new MD and CEO. An IIM Bengaluru alumnus, Seshadri has over 25 years of experience in Retail and Commercial banking.
  • Shital Mehta, CEO of Pantaloons’ has resigned from the company.

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