Here are the Business Headlines as on 12th May 2017:
- Flipkart Snapdeal Merger : Nexus Ventures, an early stage investor in Snapdeal, has finally given its nod to the merger of Snapdeal with Flipkart. Deal has been done with Snapdeal valued at around $1 billion, a steep fall from its peak of $6.5 billion last year.
- Reliance Infrastructure (R-Infra) won a Rs 2,950 crore arbitration award against Delhi Metro for alleged breach of the agreement on the Airport Express line. Commercial operations of the Airport Express started in February 2011 and the contract was suspended when a faulty civil structure was detected in July 2012 and the project was handed over to DMRC in July 2013.
- Registration for GST enrollment would be reopened for 15 days on June 1.
- It has turned out that the Company which bought non-convertible debentures of Jindal Steel is Franklin’s own Asset Management Company. Before credit rating agencies downgraded the instrument in January 2016, the debentures were valued at around Rs 1,700 crore.
- Seven IT Giants —Infosys, Wipro, Tech Mahindra, HCL Technologies, Cognizant, DXC Technology and Cap Gemini SA, plan to give pink slips to about 4.5% of their workforce in 2017. The number is expected to be around 56,000.
- As per the report from EY, Private equity and venture capital exits worth $1 billion were recorded in April 2017, up 270% from April 2016. A total of 31 deals were recorded during the month, up 117% from last April.
- InterGlobe Technology Quotient (ITQ), the travel reservation arm of InterGlobe Enterprises that owns IndiGo Airlines, is in advance talks to sell a controlling stake in the company to Capital International for about $300-350 million.
- Randstad India, HR Service Provider, has appointed Paul Dupuis as its new CEO. Paul is taking over from Dr. Moorthy K. Uppaluri.
- Hospitality majors like Indian Hotels, Hyatt, Starwood, Marriott are offering cheaper rates, complimentary services and loyalty points on direct bookings through their own websites to save margins being paid to travel agents and online booking portals.