Here are the India Business News Headlines as on 24th July 2017:
- ITC Infotech plans to acquire smaller companies worth about $50 million (Rs 332 crore) to boost its digital technology capabilities.
- To scale Tata group to the next level, the group shall prune smaller companies under its umbrella, from which it is not getting returns.
- Mobile apps seeking blanket access to phone users’ information, even if irrelevant to their functions, have come under the lens of Trai, which will start consultation on data privacy and security in the telecom sector. Trai feels that there should be a link between what an application does and information the application is asking for.
- Jet Airways has asked junior pilots to furnish surety bonds worth up to Rs 1 crore and serve the airline for at least five to seven years. The development comes right after many of its junior pilots were asked to take 10 days off every month, resulting in 30 per cent pay cut.
- Private equity funds KKR and Co. and Warbug Pincus have also expressed interest in acquiring Air India’s businesses. They both have sought details of the proposed privatisation process.
- Flipkart Snapdeal merger : Snapdeal Board is divided about the Company’s proposed sale. Snapdeal co-founders Kunal Bahl and Rohit Bansal are pushing for a sale to Infibeam or getting Snapdeal to survive as an independent company by cutting jobs and size of the business. SoftBank on the other hand, continue to push for a sale to Flipkart. Infibeam had made an offer of roughly $700 million in stock for Snapdeal last week.
- Amazon has offered $80m to buy FreeCharge, digital payment platform owned by Snapdeal. Airtel Money, Paytm and Axis Bank are already in the discussions to buy FreeCharge.
*News as published in Business Standard, Live Mint and Economic Times.