Here are the India Business News Headlines as on 1st August 2017:
- Snapdeal and Flipkart have called off their merger talks. As per the statement issued by Snapdeal, the company has terminated all strategic discussions and would now pursue an independent path. With $60 million from the sale of FreeCharge in their kitty, Snapdeal is all set to run independently. Major job cuts, however, are expected.
- Snapdeal would be changing its business model from a pure-play marketplace to a Taobao — a consumer-to-consumer e-commerce marketplace. Taobao, founded by the Alibaba in 2003, does not charge transaction fees and is free for merchants. It allows merchants the option to buy advertising and earns revenues from the advertisements posted by them.
- The biggest expected merger in life insurance industry, between HDFC Standard Life and Max Life, has been called off by Max Life.
- India is expected to reject Shanghai Fosun Pharmaceutical Group’s proposed $1.3-billion takeover of drugmaker Gland Pharma. The Cabinet Committee on Economic Affairs chaired by PM Narendra Modi has decided to block the Chinese firm’s purchase of an 86 per cent stake in Gland Pharma due to increasing cross border tensions.
- Promoters of Innoventive Industries, which was the first case to be admitted for insolvency, have offered to turn around the company as well as pay the debt to creditors. Some private equity players have also shown interest in buying the firm.
*News as published in Business Standard, Live Mint and Economic Times.