Here are the India Business News Headlines as on 29th June 2017:
- Flipkart Snapdeal merger : Even after completion of due diligence process, Flipkart is yet to give a final number for Snapdeal acquisition. If the deal is not closed in the next few days, Snapdeal board would have to extend the timeline or put the company on the block again.
- Alliance between Tata Motors and Volkswagen is likely to be called off. VW is now sceptical about the cost advantage of Tata’s platform. VW was to invest Rs 1,000 crore in the platform.
- Banks have also initiated bankruptcy proceedings against Amtek Auto Ltd, Electrosteel Steels Ltd and Jyoti Structures Ltd on, taking the total number of cases filed under the Insolvency and Bankruptcy Code (IBC) to five.
- Job cuts : Tesco Plc, Uk grocery leader, will cut about 1200 jobs in its offices in UK and India.
- After Mumbani, now Uber has started its food delivery service UberEATS in Gurugram. The service is expected to be expanded to other NCR regions soon.
- Union Cabinet formally approved privatisation of Air India Ltd and five of its subsidiaries on 28th June. Finance minister Arun Jaitley would be heading a group to work out procedures for the disinvestment.
- Due to ongoing fight between Vikram Bakshi and McDonald’s, Connaught Plaza Restaurants board has decided to shut 43 out of total 55 outlets in Delhi.
- Amazon is preparing to launch Alexa Voice Services by the end of this year through which people would be able to book orders just by speaking. To be launched initially in English, it will soon expand to receive commands in various regional languages.
*News as published in Business Standard, Live Mint and Economic Times.