Here are the India Business News Headlines as on 31st July 2017:
- US private equity firm Blackstone, largest owner of office properties in India, is on its way to become the largest owner of malls. Its negotiating with L&T to buy its two malls in Hyderabad. Currently, Mumbai-based Phoenix Mills is the largest owner of malls, with an area of 6m sq ft while Blackstone has 4-5m sq ft.
- Clearing a major hurdle in its proposed merger with Sistema, RCom has provided a bank guarantee of Rs 390 crore to government for transfer of spectrum in the 800 MHz band to it. Under the deal, Sistema Shyam Teleservices will merge into RCom and get a 10 per cent stake in the company in return, valued at Rs 650 crore in current prices.
- Infosys is hiring more locals and investing heavily in Europe as it looks to tap into “greenfield” opportunities in its second largest market. The company is yet to see any impact of Brexit on tech spends and is witnessing a broad-based growth across sectors in Europe.
- Sahara group would approach court against Irdai order directing transfer of its life insurance business to ICICI Prudential and alleged that the insurance regulator has “wrongly concluded” that the promoter was no more ‘fit and proper’ and a sum of Rs 78 crore was siphoned.
- Air India privatization : The government is looking to leverage Air India’s assets to lighten its debt burden to make it attractive to potential buyers. However, the new owner of Air India may need to absorb around Rs 6,000 crore of the working capital debt.
- The proposed Snapdeal sale to Flipkart has been put on hold and may be called off as the founders and shareholders of Snapdeal have not yet agreed on the terms of the deal. Snapdeal and Flipkart cancelled a key meeting scheduled for Monday to continue negotiations over the deal.
- Flipkart has launched a new brand called “Billion” across categories such as home appliances and fashion.The idea behind the brand is to offer products designed specifically for Indian shoppers.
- Sembcorp Industries is in talks with SBI and Union Bank of India to raise Rs3,000 crore to refinance existing long-term debt of Sembcorp Gayatri Power.Sembcorp Gayatri Power owns a coal-based power plant with a capacity of generating 1,320 MW of power.
- Nepal-based CG Corp. Global, makers of the popular Wai Wai noodles, along with three other partners, have launched a $100 million venture capital fund to invest in start-ups in India, Sri Lanka, Bangladesh and Nepal. The fund is looking to invest in tech-enabled companies in sectors such as hospitality, consumer, financial services, rural product and services, typically in ‘pre-series A’ deals of approximately $2-3 million.
- Anirban Dey, Global Head and Chief Business Officer of Edge products at EdgeVerve, resigned last week, making it fourth senior-level exit at Infosys in past 40 days. Dey was heading sales, marketing, services and operations for EdgeVerve products. EdgeVerve business, which includes its core banking platform Finacle, accounted for $143.1 million or 5.4% of Infosys’s $2.65 billion revenue for the quarter ended June 2017.
- Aye Finance, a startup focussed on giving loans to small and medium enterprises has raised Rs.10 Crore by selling a part of its business to M&M Financial services.
*News as published in Business Standard, Live Mint and Economic Times.