Here are the Business Headlines as on 5th May 2017:
- Patanjali group has become third-largest fast-moving consumer goods (FMCG) player in the country, surpassing firms like Nestlé, Godrej Consumer, Britannia, and Dabur. They have done Rs 10,216 crore turnover in FMCG and ayurveda sales during 2016-17, a jump of over 100 per cent from Rs 5,000 crore the previous year.
- General Motors India will accept new applications for a separation scheme from employees who have been impacted by the decision to cease manufacturing at the company’s Halol plant in Gujarat. This has been done at the request of employees.
- Drug maker Abbott will reimburse its trade partners for losses arising due to changes in the tax rate with GST implementation. The move has been taken as stockists and distributors are keeping inventories to a minimum which may cause shortage of medicines in the market.
- The stressed loans resolution package being prepared by the government will empower RBI to directly intervene in settling bad loan cases. RBI will be able to ask banks to reach a settlement with the loan defaulters. The move is aimed at accelerating a resolution for Rs9.64 trillion stuck in bad loans.
- Patanjali Ayurved is working on ‘an extensive plan’ to start a restaurant chain.The firm will compete with McDonald, KFC in food retail business.
- Flipkart, Myntra and Amazon shower goodies on consumers in May. Both e-tailers have ‘Sale’ planned between May 11 to 18.
- Blackberry and Nokia shall re-enter India with investments of Rs.200 Crore each for Smart phone market.
- Dubai based DP World, one of the global majors in Marine and Inland terminals, announced their commitment to invest USD 1billion in Indian infrastructure at the India Integral Logistics and Transport Summit.
- Express Wi-Fi, part of Facebook’s global initiative to spread internet connectivity, has tied up with Airtel to deploy 20,000 wifi hotspots in India.
- Housejoy reduces workforce by 50% and pulls back operations to five cities to turn profitable. Urbanclap, LocalOye and Zimmber are the other funded ventures operating in the same space while Taskbob shut its operations early this year.
- Square Yards, the online real estate portal, is building towards growth with new revenue streams, namely, Square Connect and Square Care. The business has shown 103% growth in gross transaction value of over USD 184 million.
- i-lend, peer-to-peer lending startup, has raised money from early stage venture capital firm ’50K Ventures’.
- UACTIVE.com, a social networking and discovery platform for sports and fitness enthusiasts, has raised funds from Hinduja Family Fund.
- Rs.965 Crores startup capital is going to be available through “The Three Sisters”, the family office of Billionaire Rana Kapoor managed by his 3 daughters; Radha, Raakhe and Roshini. They have identified Education, Tourism, family entertainment centres and Agri logistics as the sectors of interest.
- Quikr acquires home services start-up Zimmber in a $10 million all-stock deal. It is Quikr’s fourth in the home services segment after Zalosa, Zapluk and Stayglad.