Today’s India Business News Headlines – 2nd August 2017 –

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Here are the India Business News Headlines as on 2nd August 2017:

  • SoftBank Vision Fund, the $100-billion fund floated by SoftBank Chief Masayoshi Son to invest in technology companies, is in talks with Flipkart to invest $2 billion. $1 billion will go to investor Tiger Global, which has been looking for a partial exit from Flipkart. The remaining amount will be used to build a $2.5-billion war chest to fend off attacks from Amazon.
  • Paytm is planning to launch a messaging service by the end of this month to counter WhatsApp. The messaging service will be embedded in Paytm app.
  • Apple Inc has asked the Indian government to extend tax breaks to its suppliers if India seeks to become a manufacturing hub for iPhones and its components. Meeting this request would require a new policy that applies fairly to other device makers too.
  • Delhi High Court has directed IT department not to take any coercive step against NDTV in connection with a Rs 428 crore demand raised by them and has sought their response to NDTV’s challenging plea.
  • BookMyShow has acquired video-on-demand platform Nfusion for an undisclosed amount in an all cash deal.This will help them to enhance their audio streaming offerings.
  • Leverage Edu, an online platform for higher education services, has raised an undisclosed amount in seed funding. Angel investors include Kashyap Deorah, founder of HyperTrack; Anand Sankeshwar, MD of VRL Logistics, Sadashiva NT, former chief financial officer of Babajobs and some others.
  • Azim Premji’s two philanthropic arms, Azim Premji Philanthropic Initiatives Pvt. Ltd and Azim Premji Trust shall get approx. Rs5,000 crore from Wipro Ltd’s proposed Rs11,000 crore share buyback. Both APPI and APT have additionally sought approval from Sebi to sell more shares than other promoters back to the company for advancing their philanthropic objectives.
  • Analjit Singh-controlled Max Ventures has entered into realty sector with three projects in NCR, Dehradun.
  • With the completion of merger of ebay India with Flipkart, consumers will soon be able to buy global inventory of e-bay.
  • Bata India has hired Sandeep Kataria as its country manager. Sandeep was formerly Chief Commercial Officer at Vodafone India.

*News as published in Business Standard, Live Mint and Economic Times.

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