Here are the India Business News Headlines as on 21st July 2017:
- Job cuts : In a cost-saving exercise Jet Airways has asked its 150 junior-most pilots to take 30 per cent salary cut or leave the organisation.
- Tata group has exited pharmaceutical contract research business by selling Advinus Therapeutics to Eurofins Scientific for an undisclosed amount. Advinus Therapeutics was established in 2005 for new drug discovery and development of pharmaceutical and agrochemical products.
- IDBI Bank has decided to sell its entire 5% stake in Clearing Corp. of India to strengthen its weak capital base through sale of assets which are not central to their main business.
- IFC, investment arm of World Bank, has invested Rs130 crore ($20 million) in Jaipur-based Aavas Financiers Ltd. Funds will be used to extend housing loans to low-income consumers in rural and semi-urban areas who have little or no access to mortgage finance.
- Enterprise software firm Freshworks has acquired Joe Hukum, a Gurugram-based chat-bot start-up to launch its own chat-bot powered solutions for an undisclosed sum.
- Urban Ladder has appointed Ajit Joshi as president, COO. Ajit Joshi was earlier working as CEO and MD at Croma.
- Devendra Chawla, CEO, Future Consumer, a part of Kishore Biyani-led Future Group, has resigned from the company. No reason has been announced as of now.
- RIL is buying 25% stake in Balaji Telefilms for approx. Rs.413 Crores.
- Flipkart has given ESOPs to about 24 of Jabong’s senior executives based on Flipkart’s valuation of $10.2 billion.
*News as published in Business Standard, Live Mint and Economic Times.