Here are the India Business News Headlines as on 9th August 2017:
- Airtel has sold 67.53 million shares in its tower subsidiary, Bharti Infratel, for Rs 2,570 crore. It had earlier sold 10.3 per cent stake in Infratel for Rs 6,190 crore in March this year.
- Tata Steel chairman N Chandrasekaran has defended acquisition of Corus Steel in the UK and said all allegations were incorrect as the decision was one of the long-term strategies to grow through international acquisitions. Cyrus Mistry had raised issues regarding acquisition of Corus.
- Construction major Shapoorji Pallonji has tied up with the Abu Dhabi Investment Authority to invest in commercial properties in India. This is third such alliance for Shapoorji Pallonji after tie-ups with CPPIB, Germany’s Allianz group. They are targetting to invest in large office properties in big cities. One of the investments could be in a 800,000 sq ft business park, owned by Adani Realty, in the Bandra-Kurla Complex area of Mumbai.
- Sebi has directed stock exchanges to immediately restrict trading in 331 companies identified as “shell companies” by the Ministry of Corporate Affairs. This decision has hit several investors including mutual funds and small investors who hold shares worth nearly Rs 9,000 crore in these companies.
- Sydney-based LOGOS Group and Singapore-based Assetz Property Group have formed a $400-million platform to set up logistics and industrial parks in India. The platform, named LOGOS India, is based in Mumbai and is led by CEO Mehul Shah, a supply chain and logistics expert. LOGOS India will invest in the development of high quality, modern logistics assets across LOGOS India’s initial target markets of Mumbai, Pune, Chennai, NCR, Bangalore, Hyderabad and Ahmedabad.
- Crompton Greaves has offered to pay around Rs1,440 crore to buy home appliances brand Kenstar from Videocon group. The deal has a “sustainable sales guarantee” clause.
- Boeing Co. is in talks with Indian companies to collaborate on drones, digital technology and aerospace services. Boeing is already making fuselage of its Apache attack helicopters and floor beams for some of its planes in collaboration with the Tata group in India and has also invested in an engineering unit in Bengaluru.
- Titan has partnered with Amazon to enter US watch market. Titan watches will be sold through Amazon’s global selling programme that allows local merchants from India to sell in other countries.
- PVR and Major Cineplex Group have agreed to sell their bowling joint venture bluO entertainment to Smaaash Entertainment, co-owned by Sachin Tendulkar, in an all cash deal for Rs86 crore.
- Jubilant FoodWorks Ltd, which operates Domino’s Pizza and Dunkin Donuts outlets in India, will spend about Rs100 crore to refresh products for Domino’s Pizza chain, change its packaging and go for a new marketing campaign in the ongoing financial year 2017-18. They may also close some outlets for cost cutting.
- Online travel agents, providing online ticketing and other services, are liable to deduct 1% TDS under GST as they have been classified as e-commerce firms.
*News as published in Business Standard, Live Mint and Economic Times.