India Business News Headlines 7th March 2018

India business news headlines 7th March 2018

Here are the India Business News Headlines 7th March 2018:

  • Delhi high court has upheld a May 2017 arbitral award against DMRC, directing it to pay Rs2,950 crore as compensation to Delhi Airport Metro Express (DAMEPL), a unit of Reliance Infrastructure for breach of provisions of a ‘concession agreement’ for construction, operation and maintenance of the Airport Metro Express Line project. The agreement was terminated by DAMEPL after DMRC failed to correct certain defects in the civil structure of the project.

  • Anaek, a start-up developing chatbots, has raised an undisclosed amount in seed funding from Matrix Partners India, anticipated to be around $1 million. Anaek has a suite of conversational bots for managing office functions like HR and expense filing.

  • Hotelogix, a cloud-based hotel property management solutions provider, has raised $5 million from Vertex Ventures, Accel Partners and Saama Capital. Funds will be used for customer acquisition in India and Indonesia. Hotelogix solution helps small- to mid-size resorts and hotels to manage their daily operations.

  • Facebook has hired Matthew Henick, former head of BuzzFeed Studios, to lead its global video content. It has also hired Mike Bidgoli, a former Pinterest executive as in charge of its video content platform.

  • To scale up business with strategic partners and drive more volumes, General Electric is planning to halve the number of its suppliers in India from the existing 300 within the next three years.

  • Sebi has directed Tata Motors to conduct internal probe into an alleged leak of its financial results ahead of their formal release through WhatsApp as also strengthen processes and controls to prevent any leakage of unpublished information in future.

  • Airports Authority of India will start monetizing 5% of its land assets beginning April to boost its non-aeronautical revenue, which could fetch them around Rs17,000 crore.

  • As per the data released by RBI, digital transactions in February fell from the previous month both in terms of value and volume. There were digital transactions worth Rs115.5 trillion in Feb., down by 12.5% from Rs131.9 trillion in January.

  • Cisco has invested in IDG Ventures India Advisors’ third fund, which closed commitments of $208 million last year. Cisco’s entry as a limited partner in IDG’a third fund will help IDG portfolio companies in enterprise software get access to a potential customer as well as a potential investor and acquirer.

  • Airtel has acquired India leg of Gulf Bridge International submarine cable. The acquisition will boost its data carrying capacity as Submarine cables are considered to be the backbone of internet. Under the agreement, Airtel will acquire ownership of India leg of GBI’s India-Middle East-Europe submarine cable and will also pick up a significant capacity of GBI’s cable system on its Middle East-Europe leg.

  • Piramal Realty has appointed Naaman Atallah as its CEO. Atallah was formerly CEO of Dubai Properties, leading a portfolio of 144 projects worth $30 billion.

  • Mega telecom deal between Ambani brothers is facing legal hurdle, which may delay the deal past a March deadline. A local arbitration tribunal has barred RCom from selling its assets while the court examines a dispute over unpaid dues with the Indian unit of Ericsson AB. R Com has appealed in the High Court against the order.

  • Amazon has infused another Rs.195 Crore into its payment arm, Amazon Pay. It had also infused Rs.260 Crore in September last year.

*News as published in Business Standard, Live Mint and Economic Times.
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