The business wrap: Flipkart acquires eBay's India operations, and six other top stories
In other headlines: Snapdeal founders reassured employees about jobs amid takeover talks, and Netflix and Amazon Prime Video stepped up their India operations.
A look at the headlines in this sector right now:
- Flipkart acquires eBay’s India operations as part of $1.4-billion fund-raising deal: The e-commerce major said it has raised its largest amount in 10 years from Tencent, eBay and Microsoft.
- ‘Your well-being is our #1 priority,’ Snapdeal founders tell employees amid reports about takeover: We will ensure that there are positive professional and financial outcomes for the team as the way forward becomes clear, wrote Kunal Bahl and Rohit Bansal.
- Netflix, Amazon Prime Video set aside Rs 2,000 crore each with eye on Indian market: Both video streaming services aim to boost their original content and acquire material from various production houses.
- Rushing to roll out GST could be detrimental, push deadline to October 1, says P Chidambaram: In an interview to ‘The Indian Express’, the Congress leader said the four Bills would need amendments in the next two years because they were ‘imperfect’.
- Religare to sell its stakes in health insurance arm: A consortium of investors, led by private equity fund True North Managers, will buy the stakes for Rs 1,040 crore.
- Central Bank of India customer wins Rs 1 crore under government scheme to promote digital payments: The lucky winner had made a transaction of Rs 1,590 using the RuPay debit card facility.
- Airtel, BSNL tie up with Nokia to bring 5G connectivity to India: The two telecom companies have signed MoUs with the phone manufacturing firm, reports said.