Newsmakers: Zomato closes ops in 4 cities, Citigroup on India GDP and more

Key business news events for the day

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Birla Corp among top contenders to buy Reliance Infra's cement businessReliance Infrastructure is in advanced stage of negotiations to sell its cement business in an about Rs 5,000-crore deal and MP Birla Group firm Birla Corporation is one of top three potential buyers. Besides Birla Corp, private equity firms Blackstone and Baring are the other top contenders, people in know of the development said.

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GDP seen at 7.7% on global headwinds in FY17 India's GDP will grow marginally to 7.7 per cent in the next fiscal from an estimated 7.5 per cent in FY 2016 as the economy is going through a "painfully gradual cyclical recovery" process, even as the external headwinds are also posing challenges, says a Citigroup report.

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Plan to install 2,500 wi-fi hotspots by FY17: Prasad The Indian government is targetting to reach the 50-crore internet subscribers mark in the next 6-7 months, besides installing 2,500 wi-fi hotspots at 256 places by the next fiscal, Telecom Minister Ravi Shankar Prasad said.

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Sebi clears exit route for dissenting investors at listed cosMarkets regulator Sebi on Monday approved a new set of norms to provide an exit route to the dissenting shareholders in case of a listed company diverting from its stated objective of raising funds from the public.

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Zomato shuts down operations in four citiesFood ordering app company Zomato announced on Monday it will be shutting down its online ordering service in Lucknow, Kochi, Indore, and Coimbatore, as the size of the markets are small in these cities now. "We are shutting down the ordering business in Lucknow, Kochi, Indore, and Coimbatore. The size of the market is in these cities is small right now and is growing with time. We will re-launch when the time is right," co-founder Pankaj Chaddah said in a statement.