Here are the India Business News Headlines as on 26th July 2017:
- Snapdeal-Flipkart merger is now stuck over deal clauses and conditions set by Flipkart. Indemnity, non-compete clauses are making Snapdeal shareholders ‘uncomfortable’ in signing the deal.
- Air India privatisation: Government is unlikely to demerge Air India as it fears such a move could erode value of the Company.
- As per a recent CRISIL report, mobile data subscription will cross 900 million users by 2022 in the next five years, with penetration doubling to 80 per cent. Further disruption is expected after launch of a low-priced feature phone supporting 4G services by Reliance Jio. This would give internet access to over 500 million users, who at present use mobile phones only to make calls.
- The Supreme Court has asked Sahara Group to deposit Rs1,500 crore in a dedicated Sebi account by 7 September if they want to stop Amby Valley auction process.
- Flipkart outpaced Amazon India in June sales. Flipkart sale was Rs2,600 crore compared to Rs2,400 crore done by Amazon.
- Alibaba and Paytm are in talks to invest about $200million in Bigbasket. They have signed up an exclusive 60 days pact with Bigbasket for due diligence.
- Yuvraj Singh has invested an undisclosed amount in Delhi-based co-working start-up Gurukul. He will also be brand ambassador of the company for the next four years.
- RBI has stopped printing Rs 2000 notes for the last five months now and has stepped up printing of other denominations including Rs 200 notes which are likely to be introduced next month.
- US based Ebix, which recently bought 80% stake in ItzCash for about Rs.800 Crore, has committed another $100 million for investments and acquisitions in India. The company is in advanced talks with companies in lending, international remittance and travel sector for investment.
- Paytm has delisted its 6 Logistics partners and 30 Courier aggregator centres reducing its delivery to 17000 pincodes from 26,000 pincodes earlier to improve customer experience.
- Bengaluru-based online tutoring firm BYJU’s has raised an undisclosed amount of funding from Chinese internet firm Tencent. So far, BYJU’s has raised over $200 million in equity funding from investors.
- Budget hotels chain FabHotels has raised $25 million in a Series B funding round led by Goldman Sachs.
*News as published in Business Standard, Live Mint and Economic Times.