Read India business news headlines 17th September 2018:
– BigBasket and Grofers have revived talks for a merger. Their investors Alibaba Group and SoftBank are willing to invest in the merged entity to take on Flipkart and Amazon in the groceries segment.
– As per a report by EY, Indian financial services sector got investments worth $4 billion in the first half of 2018. This has been the highest ever half-yearly investment.
– SBI is now looking to sell defaulting companies to asset reconstruction companies instead of initiating bankruptcy proceedings against them. The companies include Essar Steel, Jai Balaji, Impex Ferro Tech, Rohit Ferro Tech, and Ballarpur Industries.
– Directors shall lose DINs for default on disclosure norms required to be complied with till 15th Sept. The process of deactivating non-compliant DINs is in progress and is likely to be completed by 17 September 2018.
– Flipkart is said to be in talks to pick up a stake in Hotstar to enter Amazon Prime Video, Netflix and attract more internet consumers and shoppers. It already has some ties with Hotstar as it launched a new video ad platform with Hotstar in July.
– Mumuso, the global lifestyle retail brand, has opened its flagship store in Kolkata and plans to open another 14 outlets in cities like Delhi, Chennai, Mumbai etc. by the end of 2018. Mumuso is currently present in 30 countries and has manufacturing base in Thailand, China, Korea, Japan and Singapore.
– TCS has won a contract worth Rs.500 Crore from Thomson Reuters for providing infrastructure management and application development services.
– Reliance Infrastructure is entering into composites manufacturing for supply to aircraft makers. The firm shall make an initial investment of Rs 85 crore and targets exports of Rs 315 crore over the next five years.
– Brookfield, the Canadian investor, is ready to buy East West Pipeline, earlier known as Reliance Gas Transportation Infrastructure, for an enterprise valuation of Rs 14,000 crore. CCI has approved the transaction and Brookfield has also filed an application with Sebi.
– A consortium of Micromax and Reliance Jio has bagged a Rs 1,500 crore order from the Chhattisgarh government to distribute 50 lakh smartphones to women and students in the state.
– Amazon has slashed seller fees in five categories and also reduced storage charges to encourage vendors to store more products.
– Tech Mahindra has sacked its Chief Diversity Officer, Richa Gautam, for discrimination and harassment of one of its employees.
News credit: Livemint, Economic Times, Business Standard