India business news headlines 5th April 2019
As per a report from Thomson Reuters, the total number of M&A deals struck in India during Jan-Mar were valued at $25.8 billion, falling 12.9% compared to the same quarter in 2018.
As part of its strategy to become a full-fledged hospitality chain, Oyo is planning to create cloud kitchen brands and has already started a pilot run. The core idea is to standardize food across Oyo properties.
Many lending startups in India are planning to raise fresh equity due to ease down of the liquidity situation.
Mukesh Ambani and Sunil Mittal are reportedly considering competing for a stake in Zee Entertainment. Bharti Airtel has started the due diligence process.
The central government has sold 4.3 crore seized shares of Wipro for Rs.1100 crores, a majority of which have been bought over by LIC. These shares belonged to Pakistani Nationals and were seized under the Enemy Property Act.
After the expiry of exclusivity period agreement between Medanta and Manipal-TPG, KKR has also launched its bid for taking over Medanta Hospitals.
After the recent Supreme Court ruling, RBI will issue a revised circular to Banks on how to deal with delinquent borrowers. SC ruled that a blank direction to start insolvency proceedings against defaults was ultra vires.
RBI will soon prescribe timelines for resolution of various issues related to digital payments including reverse failed transactions, customer disputes, etc.
The deal of sale of Uber Eats to Swiggy has reportedly hit a hurdle of tax and legal issues and may now proceed only after Uber’s IPO coming up in the next 2-3 months.
BSNL employee union has opposed the government’s proposal for VRS. They have also alleged that BSNL has not been allocated 4G spectrum needed for its business growth.
JSW Group has announced its entry into the furniture business to enter into the consumer-facing segment. The group will invest around Rs.250 crores over the next five years.
Cloudtail, the largest vendor of Amazon, is looking to exit the food segment. It is now enrolling independent vendors to sell imported food products.
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Oyo has entered into a JV with SoftBank to launch its hotel business in Japan. Oyo will have a 50% stake while SoftBank Corp and its Vision Fund will hold 25% each.
Jet Airways update- The banks will invite bids for a stake sale in the airline on 6th April which will be completed in a time-bound manner. In the absence of any satisfactory bids, lenders may explore initiating bankruptcy proceedings against the airline.