Here are the Business Headlines as on 11th May 2017:
- Tech Mahindra has laid off 1000+ employees this month on the pretext of annual process of weeding out bottom performers in appraisal. Tech Mahindra is the 3rd IT Giant to lay off employees after Wipro and Infosys.
- PepsiCo India has decided to revive its citrus project in Punjab, which was stalled by the Akali government, after a gap of more than a decade. PepsiCo may invest Rs 500 crore through a partner to set up a juice concentrate and soft drink production plant in Pathankot.
- Indian Drug Manufacturers’ Association is sharing their concerns with the Government against government’s decision to make it mandatory for doctors to prescribe medicines using their generic names. IDMA explained that the move might pose serious problems as chemists are not adequately qualified to dispense the right product as also there will be a huge loss of employment.
- SoftBank has written off nearly $1 billion in the value of Snapdeal. With the write off in the value of taxi aggregator Ola to the extent of $400 million, the total loss in India for SoftBank investments amounts to approx.Rs.9,000/- crores
- To acquire more market share, Airtel will invest $2.5 billion in India in 2017-18, with the biggest chunk of this being used to build the telco’s 4G capacity.
- World Bank’s investment arm, International Finance Corp. (IFC) is planning to invest $200 million in Housing Development Finance Corp. Ltd (HDFC). The investment shall be made by buying five-year non-convertible debentures (NCDs) or masala bonds.
- Solar power tariffs in India touched a low of Rs.2.62 per unit at the latest auction in Rajasthan. The fall in prices is attributed to availability of cheaper solar modules and solar inverters.
- Policy Bazaar, an online and digital platform to sell insurance policies, is expecting to raise another Rs.400 Crores from existing investors within six weeks. The valuation of now profitable Policy Bazaar for this deal shall be Rs.2600 Crores.
- Car Makers of various brands have charted out plans to invest Rs.50,000 – 65,000 Crores in manufacturing facilities in India over the next 3-4 years. This shall create 20000-25000 new jobs and give a boost to production by approx. 1.5mn units.
- Short-term loans start-up EarlySalary has raised $4 million from IDG Ventures, DHFL. Funds shall be used for product development, customer acquisition and expanding the team.