Weekly India Business News from 16th July to 20th July 2018

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Read Weekly India Business News from 16th to 20th July 2018.

india business news from 16th to 20th july

– Ola has signed an MOU with the employment department of Haryana government to create 35,000 entrepreneurial opportunities in the state.

– Aurobindo Pharma has entered into an agreement to acquire Apotex’s commercial operations across five European countries, including Spain and Poland for €74 million. The acquisition is in line with their strategy to strengthen and grow European business as also to expand in Eastern Europe.

– Apple is stressing on selling products at MRP to rebuild brand’s marquee stature. It has kicked off a sales revamp that involves blacklisting retailers if they pick up stock from wholesalers that sell at a discount, ensuring that the product is sold at MRP as in the US. It has also created a new sales audit team under CFO Gaurav Duggal which will randomly pick up products from the market to ensure compliance of its sales processes.

– To facilitate cross-border growth of startups, Blume Ventures has teamed up with two US-based funds to launch a B2B accelerator platform-cum fund.

– TCS has set up a steep climb for Infosys to catch up with itself as the revives large outsourcing deals from US banking and financial services industry. TCS is seeing revenue flow from nearly $7 billion deals it signed over the last few months reflect in the quarter.

– IKEA has postponed opening its first store at Hyderabad by almost 20 days to 9 August as it needs some more time to fulfill quality commitments.

– Unacademy, an online education startup, has raised $21 million from Nexus Venture Partners, Sequoia India, SAIF Partners and other existing investors at a valuation of more than $100 million. It plans to utilize the capital to get around 10,000 educators monthly and to grow and invest in technology.

– Tata Steel is planning to raise around $3.1 billion via overseas loans, before its merger with ThyssenKrupp in order to repay the high-cost debt held by its Europen businesses.

– ICICI Bank has postponed its Annual General Meeting to September 12 as it is in the midst of two independent probes.

– TRAI has suggested bringing all the entities of telecom service providers that deal with consumer data, under a license condition, until a general data protection law is put in place by the government. It further said that the current framework for the protection of personal information is “not sufficient” and that the issue of data ownership, privacy, and security is complex and multi-dimensional.

– GoAir is planning to lease out some of its A320neo Planes as there is a shortfall in the hiring of pilots by the time the planes are inducted into its fleet.

– The telecom tribunal on Monday directed the DoT to return bank guarantees to Aircel. The bank guarantees, worth more than ₹450 crore, were given by Bharti Airtel on behalf of the Aircel in 2016.

– Amazon has made a fresh investment of Rs 230 crore in its payments unit, Amazon Pay. Amazon is looking to strengthen its operations and compete head-on with Paytm and PhonePe.

– In order to increase customer visit, Flipkart has added two new tabs on its mobile application — ‘Recharges’ and ‘Travel. ‘Recharges’ redirects the customers to PhonePe while ‘Travel’ redirects them to MakeMyTrip to book travel tickets. MakeMyTrip had announced about the association some time back.

– NCLT has approved resolution plan of Liberty House for Adhunik Metaliks’ Odisha plant. The firm has offered around ₹500 crore to take over the assets of the Adhunik Metaliks.

– Cars24 has completed an investment raise fo Rs.340 Crores to fuel its expansion plans. The funds have been raised from Sequoia Capital and two of their existing investors.

– Reliance Industries is planning to raise Rs 40,000 crore in fresh debt during the current fy to expand its consumer businesses. Its total debt has tripled during the last five years.

– DoT is considering on the plea of Vodafone and Idea for recomputing dues as they have pointed out “some difference of opinion”.

– Cabinet Committee on Economic Affairs has reduced ONGC’s burden of levies in pre-NELP oil blocks. Also, income tax benefits have been extended to all the 28 oil and gas fields awarded before the advent of the New Exploration Licensing Policy in 1999.

– As per the data submitted by the civil aviation regulator, Indigo retained its position as a leader in the domestic airline, by carrying 46.73 lakh local passengers in June, achieving 41.3% market share. Jet Airways became the second largest domestic airline carrying 15.12 lakh, amounting to 13.3% market share.

– Delhi High Court has asked Malvinder and Shivinder Singh, the former promoters of Ranbaxy Laboratories to give full disclosure of their bank accounts and assets overseas. They have also been ordered not to transfer or create any third party shareholding in Ranbaxy.

– Standard Chartered Private Equity has agreed to acquire Naspers Ltd’s stake in Travel Boutique Online Group, an online B2B Travel distribution company. TBO is a travel technology company providing a wide range of travel services to travel agents and tour operators globally.

– Engie SA, the largest foreign investors in India’s solar power space, has asked Rothschild to find a buyer for picking up a significant stake in the Indian solar business.

– Sebi is examining a communication of Yes Bank sent last week directing the UBS Group’s Indian arm to drop coverage of the bank for potential violation of Securities laws. The move was a result of the UBS research report on eight Indian banks for its clients which claimed that Yes Bank had the highest credit exposure to the troubled power sector.

– BookMyShow, owned by Bigtree Entertainment, has raised $100 million in a series D round of funding led by TPG to fuel its expansion plans.

– Bharti Airtel is trying to raise $1.5 billion from Warburg Pincus by divesting up to 15% in its holding company for African operations. It will be followed by the listing of the company which will help it to repay some of its debts and push away the competition in the Indian market.

– ED has filed a charge sheet against Sterling Biotech director in a bank loan fraud case. It has accused Sterling Biotech of taking loans of over ₹5,000 crore from a consortium of banks led by Andhra Bank, which have turned into NPAs. The agency has already frozen firm’s assets worth around ₹4,700 crore.

– Snacks and beverage makers are under pressure to shape up due to consumers switching to organic and wholesome foods. Cadbury’s and PepsiCo are responding to the consumer preferences by cutting on sugar, salt, and fats in their products.

– India plans to continue to import solar cells from China in the next two years as according to ICBC International Research, imports will remain cheaper than production in the domestic market, even with the tariffs.

– IOCL, BPCL and Adani group were the top bidders to acquire the gas retailing license in the gas distribution bid which includes  174 districts in 22 states and Union Territories and was clubbed into 86 permits.

– Bharat Innovation Fund, which is a deep-tech and Intellectual property focused venture fund, has made the first close of $50 million for its fund which has a target of $100 million.

– Suzuki Motorcycle India is working on to finalize the location for setting up a plant and invest ₹600 crore in its first phase. The plant will have an installed capacity of 3-5 lakh units per annum to start with and may go up to 10 lakh units.

– Broadband India Forum has asked the government to allocate spectrum in 700 MHz, 850 MHz for 5G. The Forum plans to kickstart trials for 5G soon in partnership with the industry. The first trial will be done with Nokia to test a public safety network.

– JSW Cement will make an investment of $150 million to set up a 1 mtpa clinker unit in Fujairah, UAE. Part of the investment will also be used to set up a captive power plant which will help meet the energy required for the clinker unit.

– TRAI has asked the Telcos to adopt blockchain technology so that only registered telemarketers have access to phone databases and user’s consent to receive such communication can be recorded.

– Temasek Holdings has bought shares worth around $30 million from former and early employees of Ola as part of a secondary share sale. Ola is also in talks with Temasek to raise funds in a separate deal with a combination of primary and secondary capital.

– Infosys is finding it difficult to sell Panaya even at Rs 582 crore, about 59% less than the Rs 1,398 crore Infosys paid for it in February 2015 when it found the Israeli firm’s offerings “an awesome piece of technology.”

– Canada’s Brookfield Asset Management has invested $100 million in a clutch of residential projects of real estate firm INCOR. Investment has been made from Brookfield’s $4.5 billion global PE fund.

Policies & Practices:

– The ministry of corporate affairs has set up a 10-member committee to review the penal provisions in the Companies Act as it tries to decriminalize certain offenses & resolving most cases without approaching courts.

– Jaiprakash Associates has told the Supreme Court that it is ready to deposit postdated cheques for ₹600 crore and sell its cement plant at Rewa, Madhya Pradesh to settle its ongoing legal battle with homebuyers and creditors.

– Ahead of an e-commerce launch by Google, Flipkart and Amazon India have both slashed their advertising spending on Google by around 30%. They both now view that as a serious threat. Flipkart has also called off talks to raise fresh capital from Google.

– CleanMax Solar is planning to expand in the Middle Eastern and South-East Asian markets. It’s also working on to raise $100 million.

– The Government is not satisfied with WhatsApp’s response to its warning to curb the spread of “explosive messages filled with rumors” and has asked WhatsApp to identify specific technical measures which can be implemented.

– The government has set up a committee which shall identify measures to prevent defaulting promoters from leaving the country. This has been introduced to avoid high-profile repeat of departures such as those of Nirav Modi and Vijay Mallya.

– Insolvency and Bankruptcy Board of India and Interim Resolution Professional have urged the Supreme court to constitute a fresh Committee of Creditors in Jaypee Infratech case as the homebuyers have also been included as financial creditors.

– As per the new amendments in the Insolvency and Bankruptcy Code, lenders will now be required to seek prior approval of CCI before finalization of the resolution plan by the committee of creditors.


– The board of LIC shall meet in Mumbai, today to finalize the acquisition of 51% stake in IDBI Bank.

– Board of Directors of LIC has approved to raise its stake to 51%. Currently, it has a stake of 7.5%.

– PhonePe, a payments company has bought the point-of-sale business of Zopper. It is said to be part of their strategy to expand the firm’s offline business. The PoS arm of Zopper currently has several million small and medium-sized businesses as customers on its platform.

– Walmart has entered into a partnership with Microsoft to leverage its cloud solutions for making shopping faster for its customers worldwide. Walmart is already using Microsoft services for critical applications and workloads.

– DoT rejects the appeal of Vodafone Idea to recalculate their dues, saying that they should pay up to get a final seal of approval on their merger at the earliest.

– HT Media and Next Mediaworks will merge their radio businesses. HT Media and its shareholders will own 74% in the merged entity, while Next Radio and Next Mediaworks will hold the rest.


– OfBusiness, a startup lending to SMEs, has raised Rs.200 Crore in a series-C round of funding from Creation Investments and Falcon Edge.

Ongoing cases:

– ICICI Bank has launched a second external probe by hiring a white-collar crime specialist law firm Panag and Babu, to investigate the allegations of irregularities in 31 loan accounts which were raised by a whistleblower. This is the third whistleblower complaint against ICICI Bank.

– Essar Steel update- NCLAT has told Numetal Ltd and ArcelorMittal to fix its irregularities before putting their revised bid for Essar Steel. The matter is set up to be heard on Wednesday.

– PNB update- The government may infuse Rs 2,000 crore in PNB Bank, to help it pay around Rs135 crore to cover the 8.98% annual interest on Rs 1,500 crore of AT1 bonds sold in July 2017. The bank will issue preferential shares to the government.

– ICICI Bank- The Audit Committee of ICICI Bank has hired a law firm Panag & Babu to investigate the irregularities in the alleged 31 bad loan accounts.

– After the approval of the Board of Directors of Fortis for a Rs4,000-crore offer from IHH Healthcare for a 31.1% stake, the company would now seek shareholder’s approval in its EGM to be held on 13th August.


– The Board of Tata steel, which acquired Bhushan Steel, has approved the appointment of T.V. Narendran as chairman and non-executive additional director of Bhushan Steel. Koushik Chatterjee too has been appointed as non-executive additional director.

– LinkedIn user base in India has crossed 50 million. With that, India becomes the second market outside the US where it has expanded its user base to such an extent.

– PNB update- The government may infuse Rs 2,000 crore in PNB Bank, to help it pay around Rs135 crore to cover the 8.98% annual interest on Rs 1,500 crore of AT1 bonds sold in July 2017. The bank will issue preferential shares to the government.

– Airbus SE has appointed its Vice president of Airbus India, Ashish Saraf, as the head of the helicopter division. The firm is competing for several military helicopter projects in India.

– Walmart is planning to appoint foreign expats as CFO, legal counsel and compliance officer at Flipkart once it completes the Flipkart acquisition, to ensure it follows the anti-corruption laws. It is also looking to shift its key people from Gurugram to Bengaluru, where Flipkart is based.

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