Latest India Business News Headlines 8th May 2018
Read latest India business news headlines 8th May 2018 :
- Flipkart-Walmart deal – As per the latest reports Sachin Bansal will sell his entire stake of 5.5% to Walmart and exit Flipkart. Binny Bansal may be appointed Executive Chairman of the new entity.
- Vodafone tax dispute case – The HC has rejected the plea of Central Government to stay Vodafone’s UK Arbitration in the case of a tax dispute and have asked them to plea to UK Arbitration tribunal for any objections.
- Britania’s dairy division has not been able to contribute more than 5% of group’s total revenues despite changing executives and investing money, leaving a massive challenge for Britannia’s new dairy head, Venkat Shankar who joined the company in April.
- As per a report published by JLL, a global property consultant firm, Delhi has topped the list of cities in terms of office space intake by Chinese companies, especially for smartphones.
- Big Basket is in talks with investors for raising around 500 million dollars. They claim that they do not need additional funds as of now, but would need more capital since grocery will be a top priority for both Amazon and Walmart. It last raised $300 million from Alibaba Group and others in February.
- Infibeam is set to buy Snapdeal’s Unicommerce for Rs 120-crore through convertible debentures on preferential basis.
- Ola has introduced a donation option in its app, through which riders can contribute Re1 per ride to a pool of funds to support cancer care initiatives in India. The funds will be managed by Alamelu Charitable Foundation of Tata Trust.
- N/Core has tied up with Omidyar Network to support non-profit startups that deal with land and property inclusivity. Initially, five start-ups will be taken in for a six-month incubation program and will also be given an innovation grant of Rs10 lakh each.
- Bira 91 has raised Rs.335 Crore funding, led by Sofina, a Belgian family fund. The latest round of funding values the firm at around $120 million.
*News as published in Business Standard, Live Mint and Economic Times.
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