Here are the Business Headlines as on 27th April 2017:
- Udan: PM Narendra Modi will flag off first Regional Connectivity Scheme (RCS) flight from Shimla today. Government is working to link unconnected towns under RCS with affordable fare. Himachal govt is yet to approve viability gap funding demand made by Alliance Air of Rs 1.4 lakh/flight.
- In response to claim of Daiichi, the Japanese pharmaceutical major’s claims of misrepresentation of critical information about Ranbaxy, Singh brothers told HC that Daiichi Sankyo had full knowledge of Ranbaxy affairs at the time of stake purchase.
- PE veteran, Renuka Ramnath, has been appointed chairperson of Tata Communications. She is the first woman outside Tata family to be appointed chairperson of any major Tata group firm.
- Indian Angel Network has raised Rs.350 Crore, the highest fund raised by any network under the Angel Group across the globe. Investors in the fund include Sidbi, IIFL, YES Bank, marquee family offices, and industry heavy weights like Infosys’ Kris Gopalakrishnan, Hero Corporate Services Sunil Munjal, Inventus Capital Partners’ Kanwal Rekhi, and Google India’s Rajan Anandan, among others.
- WhatsApp, owned by Facebook, is set to debut its digital payments service in India.The company is looking to hire a digital transactions head in the country.
- HDFC is in talks with Quikr to sell its brokerage business HDFC Realty and digital business HDFC Red in an-all stock deal valued at Rs.350-400 crore.
- Kalyan Jewellers, which raised Rs.500 crore from private equity firm Warburg Pincus, is acquiring online jewellery firm Candere to increase its e-commerce presence.
- PVR Cinemas has signed a 5 screen deal with Canadian entertainment technology company IMAX; to invest Rs.10 Crore in each screen.
- Reliance Industries has signed up with German Company Resysta International to exclusively make and sell its natural fibre polymer-composite in India, a raw product used in wooden building materials.
- New York based private equity firm, Blackstone, has sold its entire stake of 14.84% in Allcargo Logistics.
- Global Payment Company, PayPal is working to get Prepaid Payment Instrument (PPI) licence to enter mobile wallet space.
- After some of its expensive initial investments in India did not yield the expected results, SoftBank is making another attempt at finding attractive investments in India’s internet business by selling its also-ran portfolio companies to bigger rivals. SoftBank is pushing for a Snapdeal sale to Flipkart, and Grofers merger with BigBasket.
- Banks pull back car loans to Ola, Uber taxi drivers on falling income due to lack of incentives by the cab companies.
- On demand delivery company, Scootsy has raised $3.6 million from Agnus Capital. It plans to launch service for Corporates.
- BigBasket has partnered with retail tech company SnapBizz to scale up its B2B business. BigBasket supplies to Kirana stores at wholesale prices irrespective of order size.