Here are the India Business News Headlines 6th November 2017:
- Indian regulatory agencies have found that Rs.17,000 crore was deposited into 58,000 bank accounts and withdrawn after demonetisation, indicating possible tax evasion and money laundering.
- Private equity funds Bain Capital LP, Swiss fund Partners Group AG, Advent International Corp. and Carlyle Group are trying their best to acquire Sutures India, the surgical equipment company. The deal is valued around $425 million.
- A JV between Swedish defence giant Saab and Adani group is looking at producing a broad portfolio of products including UAVs and helicopters for the Indian armed forces. The company is also expecting a billion-dollar deal for supplying fighter jets to Indian Air Force.
- Mutual fund investor Valic Co. has trimmed valuation of Flipkart to $7.9 billion just months after Flipkart raised a fresh funding of nearly $3 billion. The step seems like an indication that some smaller investors in Flipkart are still divided over its valuation.
- More than 60 global food and beverage brands are planning to enter India by joining hands with local partners, investing an estimated $1 billion and opening as many as 5,000 outlets over the next five years. These brands include theme restaurant chain Planet Hollywood, pizza chain Little Caesars, Singapore-based gourmet pizza brand Sarpino’s Pizzeria, Dubai-based Ice Cream Lab and Finland’s fast food chain Hesburger among others.
- Tata Global Beverages has completed sale of its two Russian subsidiaries, Sunty and Tea Trade for Rs41 crore. The move is part of a business restructuring exercise announced by Tata Group in August.
- Amul has decided to invest about Rs250 crore in the dairy sector of Odisha. As per estimates, there’s currently a supply gap of 30 lakh litres of milk per day in Odisha, which is the second biggest market for Amul in India in terms of business.
- Looking for funds from various corners, Air India is in advanced discussions with SBI for sale of two residential properties that could get them around Rs50 crore.
- To further reduce the costs, the government is negotiating a VRS with its non-tech employees aged 55 years and more who are close to retirement age (58 years). Together with Air India and its five subsidiaries have around 22,000 employees.
- Govt is planning to sell 60% stake in ONGC fields to private firms. The fields would be auctioned and any firm committing the maximum capital investment within 10 years shall be awarded the contract.
- Food delivery sector is now the fastest emerging sector in terms of investments. Most of the major e-commerce companies are aggressively looking to invest in the sector.
- Telecom department is expected to make re-verification of mobile nos. with Aadhaar easier. Once implemented, consumers will be able to verify their aadhaar numbers by obtaining an OTP rather than visiting the telco retail outlets.
*News as published in Business Standard, Live Mint and Economic Times.