Today’s Business Headlines – 24th April 2017 –

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Here are the Business Headlines as on 24th April 2017:

Business Standard
  • Google ads get pricey for Indian start-ups. In last 5 years, prices for keywords on Google’s AdWords platform have gone up three to five times.
  • Govt’s generic push will dent Rs 90,000-cr branded pharma market. To make medicines cheaper, in another measure, govt added 200 drug formulations to NLEM list.
  • Infosys, TCS cheat in H-1B lots to corner lion’s share of visas, alleges US; workers are often brought in well below market rates to replace American workers.
  • Net neutrality choke on telecom service providers.Content providers such as Netflix and mobile phone operators, Telcos want a free and fair regulation.
  • DHL to invest $268 million in India 2020 to expand its logistics business and tap demand as the GST is introduced that is set to boost movement of freight in the country.
Economic Times
  • Ikea to double India sourcing to Euro 600 million by 2020. May generate 1400 jobs.
  • Kent RO System drags Amazon, two of its sellers to Delhi High Court for allegedly selling products and styles similar to those sold by the Noida-based water purifier company.
  • Railways eyes Rs 10,000 crore revenue in the next 10 years  boost via 2 lakh screens at stations.
  • CPPIB, the Canadian Pension Plan Investment Board, is in the process of buying India’s largest warehousing company Indospace. Indospace is owned by private equity fund Everstone and shall see 1st round investment of US$700 million by CPPIB which will further invest US$1.2 billion to expand the business.
  • L&T Finance, which was earlier planning to sell a minority stake in L&T Mutual Fund, has now decided to find a buyer for complete takeover of the Company at a valuation of Rs.2000 Crores.
  • Ballarpur Industries, controlled by Gautam Thapar, is making renewed efforts to deleverage its balance sheet. Efforts are on to sell their Malaysian arm Sabah Forest Industries to Nine Dragons paper group of China for approx. $350 million.
  • Patanjali Amla Juice has been reported by Canteen Stores Deptt. to have failed a test at Central Food Lab, Kolkata and was declared unfit for consumption. Amla juice was Patanjali’s first consumer launch and its success helped the Company enter many other categories.
Startup world
  • MobiKwik is trying to raise approx. Rs.1000 Crore for its expansion plans that include the likely acquisition of FreeCharge. MobiKwik had raised the last round of $50 million in 2015 at a valuation of $200 million.
  • SoftBank, the largest stakeholder in Snapdeal, inches closer to selling Snapdeal to Flipkart by getting Kalaari Cap’s consent. Now it needs to bring Nexus Venture Partners on board to clinch the 2 stage deal. Once Snapdeal is sold to Flipkart, SoftBank is expected to invest $1-1.5 billion in Flipkart.
  • UrbanClap, home services market places, raises Rs.20 Crore venture debt from Trifecta Capital.
  • Faasos, a cloud kitchen model company, has raised approx. Rs.42 Crores from its existing investors.
  • MyDidi, a cleaning services company, has suspended its regular cleaning services which formed majority of its B2C business.

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