Here are the India Business News Headlines as on 28th July 2017:
- Tata group Chairman Emeritus Ratan Tata, Temasek, BlackRock and Foxconn, all high-profile stakeholders of Snapdeal have reportedly given in-principle approval to its merger with Flipkart.
- To beat Flipkart, which is expected to launch its own grocery offering over the coming weeks, Amazon is planning to aggressively invest in growing its grocery and food business, launch more categories and products and forge alliances with large offline grocery and supermarket chains.
- Ola and Zomato have entered into a strategic alliance that will allow them to cross-sell services on each other’s platforms.Ola’s recently launched in-car infotainment system called Ola Play, will allow its riders to browse and order from restaurants from within the cab. This will be done through a native Zomato feature on Ola Play tablets.
- British liquor giant Diageo has asked Vijay Mallya to return $40 million paid to him as part of the $75 million (Rs515 crore) deal for his exit from United Spirits Ltd. Diageo has already stopped payment of $7 million a year to Mallya which was part of the deal and sought compensation for the losses incurred by it.
- Advent International, the leading US-based private equity investor, has acquired Dixcy Textiles Pvt. Ltd, the South Indian firm which sells leading inner-wear brand Dixcy Scott. Dixcy’s founder and MD Prem Prakash Sikka will retain a stake in the company and continue as the chairman. Advent is expected to invest approx. Rs.700-800 Crores in the Company to professionalize the systems and drive growth. The transaction is Advent’s fourth investment in India since 2015 following its purchase of equity stakes in Crompton Greaves Consumer Electricals, QuEST Global Services and ASK Group.
- NYSE listed, Azure Power has raised $500 million from sale of bonds to overseas investors.
- Netmagic Solutions, managed hosting and cloud service provider, is targeting 350-odd Japanese companies in India as part of its expansion plan. Netmagic had launched national long distance (NLD) services last year. It now plans to take on lease the fibre laid by existing telecom operators and not lay its own.
- Suresh Vaswani , who helped build Dell’s IT services arm and led its sale to Japanese NTT Data, shall be joining IBM in August 2017. He will replace Peter Lynt, GM – delivery, solutions and transformation of global technology services, who will retire later this month.
- Shikha Sharma has been re-appointed as MD&CEO of Axis Bank for a three-year term from June 2018.
*News as published in Business Standard, Live Mint and Economic Times.