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Flipkart India Registers A Manifold Jump In Losses At Rs 2,063.8 Crore

New Delhi: Flipkart India has registered a manifold jump in losses at Rs 2,063.8 crore during 2017-18 compared to the previous fiscal as the Walmart-backed company fights a bruising battle against rival Amazon. Flipkart India is the B2B arm of e-commerce major Flipkart.

The company’s total loss stood at Rs 245.04 crore in 2016-17. Its revenue from operations, however, saw a 40.4 per cent jump to Rs 21,438.65 crore in FY2017-18 from Rs 15,264.42 crore in the previous fiscal, as per regulatory documents filed with the corporate affairs ministry.

Flipkart India’s employee benefit expenses grew to Rs 331.54 crore in the said fiscal from Rs 166.66 crore in 2016-17, the documents provided by business intelligence platform Tofler showed.

14

Paytm’s Parent Company One97 Communications Reported A Higher Net Loss Of Rs 1,490 Cr

New Delhi: Paytm’s parent company One97 Communications has reported a higher net loss of Rs 1,490.4 crore for the year ended on March 31, 2018, compared to Rs 879.6 crore in the previous fiscal. One97 Communications’ revenues from operations, however, grew manifold to Rs 2,987.41 crore in FY2017-18 as against Rs 624.76 crore in FY2016-17, according to the company’s filings to the Corporate Affairs Ministry provided by business intelligent platform Tofler.

Its employee benefits expenses during the fiscal under review were at Rs 540 crore. The filing stated that the company has a number of subsidiaries including Paytm Entertainment, Paytm Money, Mobiquest Mobile Technologies, Little Internet, Xceed IT Solution, Nearbuy India and Acumen Game Entertainment among others.

991

ArcelorMittal Wins Bid To Acquire Debt-Laden Essar Steel For Over Rs 42,000 Crore

New Delhi: Lakshmi Mittal-led ArcelorMittal said that it has won a bid to acquire debt-laden Essar Steel for over Rs 42,000 crore, a deal that will help fulfil the world’s largest steel maker and NRI billionaire’s long-time ambition of having an India mill.

A committee of Essar Steel creditors picked ArcelorMittal on October 25, a day when the Ruia family offered to pay lenders Rs 54,389 crore including Rs 47,507 crore in upfront cash to clear all their dues in a last-ditch effort to avert losing their flagship company.

In a statement, ArcelorMittal said its resolution plan for Essar Steel, which the lenders auctioned to recover over Rs 49,000 crore of unpaid loans, includes “an upfront payment of over Rs 42,000 crore” to settle debt and “a further Rs 8,000 crore of capital injection into the company to support operational improvement, increase production levels and deliver enhanced levels of profitability”.

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IATA Says, India Will Become World’s Third Largest Aviation Market Around 2024

New Delhi: Global airlines’ body IATA said that India will become the world’s third largest aviation market around 2024 surpassing the United Kingdom. It projected total air passenger numbers to touch 8.2 billion in 2037.

Releasing the latest update to IATA’s 20-year Air Passenger Forecast, the grouping also cautioned that growth prospects for air transport and the economic benefits driven by aviation could be curtailed if protectionist measures are implemented by governments.

The present trends in air transport suggest passenger numbers could double to 8.2 billion in 2037, the International Air Transport Association (IATA) said.

943

Kraft Heinz To Sell Part Of Indian Business And Brands Like Complan And Glucon D For Rs 45.95 bn

New Delhi: At a time when Indian consumers are demanding healthier, sugar-free alternatives, Kraft Heinz Co will sell part of its Indian business, including brands such as malt-based drink Complan and energy drink Glucon-D for Rs 45.95 billion ($627.18 million).

Indian pharmaceutical and consumer products company Zydus Wellness Ltd and its parent Cadila Healthcare Ltd will jointly buy the assets to expand their portfolio to also include brands such as talcum powder Nycil and clarified butter, Sampriti Ghee, the companies said in a statement.

Complan, along with GlaxoSmithKline’s health drinks brands Horlicks, was very popular until about a decade ago, when consumers used these products for supplemental nutrition along with milk. Their popularity has since waned, with sales growth slipping, as consumers grew wary of the sugar content in these products and the health claims made by these brands.