Read the latest India business news 1st November 2018:
– National Investment and Infrastructure Fund of India has acquired IDFC Infrastructure Finance, an infrastructure debt fund.
– Tata Teleservices and IDFC have offered to sell their half and full stake respectively in ATC’s India mobile tower arm for Rs 2,940 crore. ATC TIPL is India’s second-largest private telecom tower firm having around 78,000 mobile towers.
– Airtel has decided to dump customers buying recharge plans of less than Rs.35 per month and focus on improving services for better-paying users.
– WhatsApp has partnered with Invest India for a programme to focus on start-ups, promoting economic growth and generating employment opportunities. It would invest $250,000 as seed funding in the top five winners of the ‘WhatsApp StartUp Challenge’ and an additional $250,000 will be given to few for promoting their WhatsApp business number on Facebook.
– NBFCs and home financiers are approaching private equity funds and overseas debt markets to raise long-term capital due to liquidity crunch and rising cost of capital.
– As per World Bank’s ‘Doing Business 2019: Training for Reform’ report, India is now at 77, jumping 23 spots.
– Coca-Cola has created a new international group called Global Ventures to focus on getting maximum value from acquisitions and investments. The company has been on an acquisition spree.
– Sixth Sense Ventures, an early stage consumer-focused VC firm, has closed its second fund at Rs.500 Crore in just 10 months. The fund has deployed around one-third of fund’s capital so far in 2018.
– Alibaba.com India Ecommerce reported an 88% drop in profit in 2017-18 but posted its highest revenue (Rs.27.39 Crore) in four years.
– In response to an RTI, RoC has said that Tata Sons and TCS violated rules in sacking Cyrus Mistry abruptly.
– WhatsApp shall appoint its India head by the year-end, who will then build a team to cater to Indian customers, partners and government leaders.
News credit: Livemint, Economic Times, Business Standard