Here are the India Business News Headlines 8th November 2017:
- Future Retail has laid out detailed plans for newly acquired retail chain Hypercity to improve its gross margin by 3.4% to 27% in different verticals. Future retail group had bought Hypercity from Shoppers Stop for Rs.655 crore.
- Altico Capital shall invest Rs3,000 crore in realty projects over the next five months. It has already received board approval to raise and extend its debt limit by Rs2,000 crore.
- Belgian beer brands Chimay and Delirium are set to enter India. Both Chimay and Delirium will be imported, distributed and marketed in India by New Delhi-based Hema Connoisseur Collections.
- Henkel AG, the German consumer goods firm has called off talks to acquire 26% stake in Indian soaps and detergent maker Jyothy Laboratories. However, Jyothy Labs will continue to sell Henkel’s products Pril and Fa through a licensing agreement.
- Kedaara Capital-backed Spandana Sphoorty Financial, a Hyderabad-based microfinance institution, has raised Rs400 crore in debt from Aditya Birla Sun Life Mutual Fund. Spandana has a portfolio of over Rs.2,400 crore spread across 620 branches in 14 states having 1.2 million borrowers and an employee strength of 3,500.
- The government has decided to appoint Niti Aayog CEO Amitabh Kant as part-time member of the National Highway Authority of India. The move is to strengthen implementation of infrastructure scheme Bharatmala Pariyojana. Bharatmala Pariyojana is a new umbrella program for highways sector focusing on optimizing efficiency of freight and passenger movement across the country.
- Fisdom, a Wealth management start-up helping customers manage their mutual fund investments, has raised Rs.25 crore in a Series B round led by Quona Capital. The fresh funds are planned to be used to add new financial products like insurance schemes and National Pension System, improve technology, expand team and accelerate customer acquisition.
- Telecom companies like Airtel, Reliance Jio and Vodafone and private equity funds are said to have shown preliminary interest in buying various assets as well as a stake in RCom, which company is selling under a debt restructuring plan.
- Private telecom majors have all shown interest in providing last-mile connectivity in about 43,000 gram panchayats through the BharatNet project. To make the scheme more attractive for telcos, the government has announced a rate structure wherein operators may take the optic fibre on lease and provide broadband connectivity to customers.
- IT Department has started cracking down on benami assets and those who deposited huge amounts in banks during demonetization but have not filed tax returns till date. It has already seized 541 properties and frozen various bank accounts holding funds of approx. Rs.1800 Crore.
- Qatar’s sovereign fund is planning to sell its 5% stake in Bharti Airtel through a block deal in stock market to raise around $1.5 billion. The fund had invested in Airtel in 2013.
*News as published in Business Standard, Live Mint and Economic Times.