Here are the Business News Headlines as on 16th June 2017:
- Ascendas-Singbridge Group, Singapore-based property investor and developer, is setting up a joint venture with Firstspace Realty, an industrial properties developer, for building logistics and industrial facilities in the country. Over five to six years, the JV plans to develop close to 15 million sq ft of space and invest $600 million (Rs 3,800 crore).
- Flipkart is all set to merge e-bay India with Flipkart as it has received approval from Competition Commission. The fair trade regulator has also given nod to eBay Singapore’s subscription of compulsorily convertible preference shares issued by Flipkart.
- GST in Textile: Due to huge difference in GST applicable on purchase of raw material (18%) and sale of finished product (5%), Textile Industry is expecting huge losses. Powerlooms may lose market share to cheap imports.
- Reliance Industries and BP Plc. will invest a combined Rs40,000 crore over the next 3-5 years in D6 gas field in the Krishna-Godavari basin, off India’s eastern coast to boost production.
- In order to raise funds to reduce mounting debts, Tata Motors and two other group entities will sell a 43% stake in Tata Technologies Ltd to an affiliate of US-based private equity firm Warburg Pincus Llc for $360 million (Rs2,231 crore).
- To put a stop to Reliance Jio’s free offers and low tariff plans, Telecom firms have asked Trai to fix a minimum floor price for voice and data services. Since its launch in September, Reliance Jio has managed to sign on over 100 million subscribers.
- MoneyTap, a lending app, has raised $12.3 million (about Rs80 crore) in a round led by Sequoia Capital India Advisors to expand its consumer credit line.Through the MoneyTap app working professionals can avail instant loans. The loans range from Rs3,000 to Rs500,000 at 15-19% interest pa.
- To generate more revenues, Foodpanda will now offer its delivery services to third parties. Restaurants will be able to use Foodpanda’s logistics services even if the order is not done through Foodpanda.
- GST Network plans to start registration of new taxpayers in the next one week to ensure no disruption in online commerce. All vendors on e-commerce platforms have to register for GST.