Here are the India Business News Headlines as on 28th June 2017:
- Indian garment manufacturers are setting up manufacturing in Ethiopia as it gives duty-free access to Europe and US markets. The companies include Raymond, Arvind Ltd, Best Corporation and JJ Mills among others and investments of around Rs.600 crore have already been lined up.
- M&M’s tractor business is giving out more profit than their SUVs, CVs. Their profit before tax from the farm equipment segment rose 31% last year to Rs 2,562 cr.
- Bankruptcy proceedings have been started against Essar Steel and Monnet Ispat and Energy Ltd. These are among the 12 big bad loans cases identified by RBI.
- Promoters of Jagran Prakashan, publisher of Dainik Jagran, have purchased the entire stake (12.82%) held by private equity investor Blackstone Group in the company.
- Sony Corp. has joined Google, Facebook, Amazon in chase for AI developers. It has opened up access to its deep-learning software tools to attract AI developers. Under this free licence programmers can distribute, modify and use the software for any purpose without paying royalties.
- Niki.ai, Bengaluru based e-com company which runs AI based personal assistant, have raised $2 million in Series A funding from SAP.iO and existing investor Unilazer Ventures.
*News as published in Business Standard, Live Mint and Economic Times.