Today’s Business Headlines – 3rd May 2017 –

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Here are the Business Headlines as on 3rd May 2017:

Business Standard

  • Nexus Venture Partners, an early stage investor in Snapdeal, has till now not agreed on the proposed terms for selling Snapdeal to its rival Flipkart at the board meeting held yesterday. SoftBank, the largest investor in Snapdeal, has been trying to make Nexus agreeing to its sale to Flipkart.
  • Tata Sons and NTT DoCoMo, the Tata Teleservices board has cleared a plan to raise another Rs 2,000 crore from parent Tata Sons to meet its commitments to banks. Funds will be raised via non-cumulative preference shares issued to Tata Sons on rights basis.
  • Virtuous Retail South Asia (VRSA), a joint venture between Xander and Dutch pension fund APG, has bought a 2 million sq ft mall in Chandigarh called North Country Mall from Sun Apollo-Gumberg for Rs 700 crore. In an earlier deal, Xander has closed a deal for purchase of SEZ in Chennai from Shriram Properties for Rs.2290 Crores.
  • Tata Teleservices has laid off 500-600 employees to tide over difficult times in the hyper-competitive telecom market. Most of the employees have been laid off from sales and its related functions.

Economic Times

  • 95 lakh tax payers added to tax pool after operation clean money. The development shows that India Inc. is moving towards a better and cleaner business environment.
  • Rs.2200 Crore is the budget that retail mobile brands Oppo and Vivo shall spend on their advertising this year. People in the know say that it would exceed the marketing budgets of Samsung, LG, Videocon and Sony.
  • Lyf brand of handsets devices and accessories, supported by Jiofi devices, has helped Reliance retail to clock 29% share in revenues in consumer electronic business.
  • Amazon India has added 60% more space to reach 4m sq.ft. area under its fulfillment centres. Amazon is gradually creating a very large footprint within India.

Startup world

  • Deyor Camp, a camp site aggregator, has attracted funding from Reapra along with Venture Catalyst. The earlier round had seen Nasper’s backed Travel Boutique Online and others pickup stake.
  • Sajan Raj Kurup has set up an investment firm “Ventureland Asia” with a kitty of about $10 million to invest in Infrastructure, Lifestyle and Retail businesses.
  • Uber EATS rolls out its food delivery service in Mumbai. It has partnered with over 200 restaurants on a commission model.

Trade Shows

India Integrated Transport & Logistics Summit 2017 starts today at Vigyan Bhawan, Delhi. The summit shall be held between May 3-5, 2017.

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