Here are the India Business News Headlines as on 7th August 2017:
- Cognizant said its 400 senior employees have accepted a voluntary separation package (VSP) launched in May this year.The move will help company save nearly $60 million this year. Employees, both in the US and India, were offered nine months’ salary as severance package.
- IndiGo is planning to bring smaller towns into its orbit with ATR-72 planes. It has sought DGCA’s approval to operate 170 daily flights with its new ATR-72 planes to Tier II cities, which can act as a feeder to its main routes.
- A trial court has dismissed complaint filed by Reliance Jio against Airtel and broadband speed testing company Ookla around the ‘fastest network’ advertisement campaign. Ookla had named Airtel the country’s fastest mobile network.
- Private equity funds General Atlantic (GA) and True North are in advanced talks to jointly invest around $200 million in MedPlus Health Services Pvt. Ltd, the second-largest pharmacy retail chain in India.
- Bhushan Steel Ltd, which has been referred to NCLT for insolvency proceedings, is seeing interest for purchase of stake from Special situations investors Piramal-Bain, Aion, Oaktree, Lone Star, SSG Capital.
- International Finance Corp., the private sector investment arm of the World Bank Group, said it will continue to back VC firms and invest in Indian start-ups directly. As of 30 June 2016, IFC’s exposure in India was $5 billion, largely in sectors such as infrastructure, financial services, logistics and healthcare.
- MobiKwik is looking at raising over $100 million from investors this year for expansion. MobiKwik recently signed up an agreement with Bajaj Finance under which the latter invested Rs225 crore (about $35 million) for a 10.83% stake.
- Bombay House, the iconic building of Tata Group located at Fort, is going in for a renovation and shall be closed for about a year. The building will undergo a Rs 80-crore makeover, with hi-tech features such as a digital lobby and space for collaborative meetings. The lobby would showcase the group’s legacy.
- Oaktree Capital Management has hired former JP Morgan executive Gaurav Parasrampuria as vice president to look into the Indian market.
- IPG Mediabrands, one of the top media agency networks in India, alongwith international tech company MediaMath, has launched a new data management platform. It will help advertisers to activate and adapt communication on a real time basis to match speed of target audience.
- Amazon has expanded its ‘Local Find’ platform for C-2-C sales to Mumbai, Hyderabad and Chennai. So far the platform has seen 30,000 transactions since launch.
- Paytm is launching digital postcards on the occasion of Raksha Bandhan. This will enable customers to offer digital version of Shagun and go cashless during such occasions. The postcards can be customised with messages based on the occasion.
*News as published in Business Standard, Live Mint and Economic Times.