Read India business news headlines 14th September 2018:
– I Squared Capital is in the process of setting up its credit business in India through NBFC or Alternative Investment Fund. They recently closed a $7-billion global infrastructure fund, out of which I Squared is likely to invest around $1 billion in India.
– Indian Railways is expecting to earn around ₹15,000 crore in the next 10 years using the non-fare revenue model. They shall award contracts for 3 to 5 years for services like ads on trains, offering digital content to passengers, etc.
– Trai has decided to reduce the scope of consultation for OTT communication platforms like Skype and WhatsApp in the proposed regulatory framework as it is now seeing rising data consumption due to these kinds of apps.
– Voltbek Home Appliances, a joint venture between Voltas and Turkey-based Arçelik, restricted so far to ACs and air coolers, shall launch 100 products in home appliances segment over the next 3 months. The firm is aiming to generate ₹10,000 crore in revenues by 2025. In the next few years, India’s home appliances market is projected to grow at 10-12% annually, from around an estimated ₹43,000 crore last year (excluding ACs).
– Shivinder Singh has withdrawn petition in NCLT against his elder brother Malvinder due to the intervention by their mother and other family members.
– For the first time, Cognizant may replace its CEO with an outsider. Francisco D’Souza, the current CEO may step down next year. Till now Cognizant’s president Rajeev Mehta was considered to succeed D’Souza.
– As per a PE Roundup report by EY, PE and VC firms invested in India only around $1.6 billion in August, the lowest since February last year’s $1.4 billion worth of investments.
– With the launch of Savlon pen sanitizer spray, ITC has entered the hand sanitiser segment, pegged at around Rs.70-80 Crore.
– Patanjali is now planning to sell packaged cow milk and milk-based products like paneer, curd, etc. Indian dairy market of around ₹90,000 crore has been dominated by co-operatives till now.
– Diageo India is looking at small towns to grow its premium scotch portfolio. The firm has around 45% volume share in the Indian scotch whisky market of three million cases per year.
– Vijay Mallya case – CBI has opened a probe to file a fresh charge sheet on the involvement of finance ministry officials in disbursal of bank loans to Vijay Mallya. Key to the probe are emails recovered during the search of Mallaya’s residence.