Read latest India business news headlines 3rd July 2018:
- Facebook confirmed to sharing user data with 52 companies, including Apple, Amazon, BlackBerry, Samsung, Alibaba, Qualcomm and Pantech and said that it shared data to improve integrations and user experience across various platforms and devices.
- Hindustan Unilever is aggressively suing smaller consumer goods makers for trademark violation to safeguard its brands. It has so far filed around 30 cases since the beginning of 2018, to restrain copycats from manufacturing and marketing identically packaged products.
- Godrej Appliances is pushing for sales through its exclusive outlets in small towns to drive growth. It currently gets around 3-4% of its revenue from exclusive brand outlets in tier-II, III and IV cities, which it is now targetting to push up to 10%.
- Four companies – Chalet Hotels, The LaLiT hotel chain owner Bharat Hotels, Milltec Machinery and IndiaMART InterMESH, have filed draft share sale documents with Sebi to raise a total of around ₹4,300 crore.
- Everfoods, the packaged foods platform of Everstone Group, has entered into an agreement to acquire Australian Foods India, selling fresh baked cookies under the Cookie Man brand through its network of 50 plus stores/kiosks in malls and airports in over 20 cities across India, for an undisclosed amount. Everfoods had earlier acquired Modern brand, the bread and bakery business of HUL.
- Volkswagen group shall invest Rs7,900 crore (€1 billion) under its India 2.0 plan through its sister brand Skoda. The two brands are targetting to have a combined market share of 5% by 2025.
- Traders and shopkeepers have threatened to move Supreme Court against Flipkart Walmart deal arguing that the deal would drive small and medium-sized offline retailers and traders out of business. However, the Walmart says the Flipkart acquisition will boost manufacturing in India by providing thousands of local suppliers access to consumers through the marketplace model. Most of the analysts and experts expect that despite traders’ protests, the Flipkart-Walmart deal will go through.
- Binani case: SC has directed NCLAT to adjudicate upon all issues and transferred the matter from NLCT Kolkata bench to the insolvency appellate authority in Delhi.
- Competition Commission of India has given its approval to the proposed merger of Bharti Infratel and Indus Towers, the tower arm of Bharti Airtel. This approval was the first step among several other requirements for the merger.
- Nestle has now entered into the packaged breakfast market with its brand – Nesplus offering cereals in four multigrain variants. India’s breakfast cereal market is projected to touch ₹2,610 crore by 2020.
- Paytm has acquired NightStay, a hotel booking platform for around $20 million signaling their entry into the hospitality sector. NightStay is a members’ only app selling the unsold inventory of hotels at huge discounts.
- As per the reports, Tencent is working on to bring its could service – Tencent Cloud, to India. To differentiate itself from competition, Tencent will initially focus on niche offerings for video and live streaming products.
- Fortis case – Prospective bidders are unlikely to bid aggressively for Fortis due to the ongoing investigation into its financial irregularities. Fortis is running on an emergency cash infusion as of now. The last date for bidding is today.
- As per a study carried out by security experts from the Horst Görtz Institute at Ruhr-Universität Bochum, all 4G mobile phone users are at the risk of hacking. Hackers can identify the web pages you visit and re-route them to a scam website.
- Swiggy has appointed Vivek Sunder, ex MD of P&G’s East Africa operations, as its first Chief Operating Officer.
- Essar Steel update – NCLT has sought an explanation from the insolvency resolution professional of Essar Steel Ltd for rejecting the first round of bids. ArcelorMittal had challenged disqualification for rejection on the grounds that it had exited Uttam Galva before submitting Essar Steel bid.
- Everstone Capital has now put off its plan to acquire Kenstar, a Videocon Group-owned home appliances brand. Insolvency proceedings against Videocon are said to be the reason for PE’s decision to back out.
*News as published in Business Standard, Live Mint and Economic Times.