Here are the India Business News Headlines as on 3rd August 2017:
- NCLT has approved proposed merger between Bharti Airtel and Telenor India. Airtel would take over Telenor’s spectrum in all seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. It would also acquire Telenor’s licences and operations, including its employees and customer base of 44 million.
- Bajaj Finance has entered into a subscription agreement with Mobikwik to pick up nearly 11 per cent stake in the Company for about Rs 225 crore.
- Bharti Airtel is planning to sell about 3% stake in its tower unit through an institutional share sale.
- Oyo has managed to trim losses by one-third to Rs 325 crore in FY17. The company’s annual revenue is close to Rs 2,500 crore. Currently with 7,000 hotels, Oyo rooms is country’s biggest branded hotel company.
- Snapdeal is expected to reduce its workforce from the current 1,200 employees to about 500-600 people over the next 2-3 months.
- After food, medicines and cosmetics, Patanjali Ayurved is preparing to launch its ‘swadeshi’ line of branded clothes, including jeans, by April and has set a sales target of Rs5,000 for the first year.
- Amazon India will set up three more ‘fulfilment centres’ at Hyderabad, outer areas of Gurgaon and Ahmedabad as part of its expansion programme by Diwali.The company currently has 38 fulfilment centres across India.
- Zoomcar has launched one-way self-drive car service, Hop. This will allow a customer to pick up car from a Zoomcar location from one city and drop it off at a Zoomcar location in another city.
- Ajay Hattangdi and Vinod Murli, former senior executives of InnoVen Capital, are planning to launch a Venture debut fund, Alteria Capital, of Rs.1000 Crore. This is expected to be India’s biggest venture fund.
- To reach untapped online customers, Patanjali has tied up with Google and Facebook for advertising and is spending huge amount of money to increase its customer base.
*News as published in Business Standard, Live Mint and Economic Times.