Here are the India Business News Headlines as on 11th July 2017:
- Flipkart is all set to revise its bid to buy Snapdeal after Snapdeal’s Board of Directors rejected the first offer of nearly $800 million. The new bid is expected to be close to Snapdeal board’s demand of a billion dollar.
- Working on its plan to aggressively expand its retail presence, Patanjali has decided to go the channel distribution way rather than opening more of its own branded outlets. Patanjali has set a target of increasing the number to 25,000 in two years.
- Airtel, will be investing Rs 2,000 crore over three years in the launch of various digital offerings. Airtel is also gearing up to launch Voice over LTE across the country by the end of this year.
- Grasim Industries, a flagship company of Aditya Birla Group, has entered into a share transfer agreement for the divestment of its 100 per cent holding of Grasim Bhiwani Textiles to Donear group of Mumbai.
- Amazon has received approval from GOI to open fully-owned brick-and-mortar stores to sell food products in India. Amazon had proposed to invest $515 million in food retail over the next five years.
- Flipkart’s fundraising in April, which saw Tencent Holdings Ltd become a shareholder and a proposed deal with SoftBank Group Corp., is expected to result in return of Sachin and Binny Bansal to more prominent positions.
- Ogilvy India has named Sonal Dabral as Group Chief Creative Officer and VC, a new designation created at the ad agency owned by WPP Plc. He will report to Piyush Pandey, executive chairman and creative director, Ogilvy South Asia.
- As Jet Airways is looking to raise capital to fund its operations, various big names in aviation industry as also VCs have shown keen interest in investing in them. The names include Lufthansa, Air France-KLM, Blackstone Group, KKR & Co. and TPG Capital.
- Paytm Mall is in talks with BigBasket to invest about $200 million for buying out a minority stake.
- Uber and Amazon are all set to adopt UPI through BHIM app launched by National Payment Corpn. of India (NPCI). NPCI is also set to launch multi-bank UPI for Google and WhatsApp soon.
*News as published in Business Standard, Live Mint and Economic Times.