Here are the Business News Headlines as on 29th May 2017:
- With the permission from Court to auction, Bankers have valued Hotel Taj Mansingh at Rs 1,000 crore. The actual bids for the luxury property are expected to reach around Rs 3,000 cr.
- IT Sector Job Cuts : FITE, Union for employees in IT Sector, has filed cases with the Labour Departments in Bengaluru, Pune, Hyderabad and Chennai against firms such as Wipro, Tech Mahindra and Cognizant, saying engineers were wrongly terminated by these companies.
- New York-based investment firm Berggruen Holdings Inc., which owns Keys hotel chain in India, shall invest around Rs200 crore to expand its presence in the country. It has so far invested $80 million in Berggruen Hotels Pvt. Ltd, which runs 21 hotels and operates only in India.
- Anil Ambani owned Reliance Communications has been marked SMA (Special Mention Account) by the Banks for non-payment of interest on loans given to the Company. The account may be marked NPA after 15 days. Shares of Rel Comm have already fallen by 20% in the last 2 weeks.
- To ramp up its payment play, Amazon Pay is working on tying up with Government Institutions and Insurance Companies. It has already launched payments on online food delivery players like Faasos and Box8 and home services application – Housejoy .
- ePayLater, a Mumbai-based fintech company, has tied-up with IRCTC to offer the ‘buy now, pay later’ service. This will allow eligible customers to purchase railway tickets without making a payment at the time of the transaction and pay within the next 14 days.
- Rahul Chandra, co-head at VC firm Helion Venture Partners, is launching an early-stage fund, Unitary Helion to raise $100 million (almost Rs 650 crore) from investors. Many other partners of Helion; Kanwaljeet Singh, Ritesh Banglani, Alok Goyal, Rahul Chowdhri & Sanjeev Agarwal have also launched their own funds.
- Oyo Rooms will hire 5,000 people over the next eight months as it shall soon run on a full-stack hotelier model.
- The Fund of Funds (FoF) created by the Government for pumping money into startups requires fresh infusion and asked for an additional allocation of Rs 1,600 crore.