India business news headlines weekly roundup 01st to 05th July

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India business news headlines weekly roundup 01st to 05th July


  • Naresh Goyal has filed a petition seeking cancellation of a Look Out circular issued against him.
  • Dewan Housing Finance after delayed payments on some of its obligations is now planning to ask banks to lend them around Rs.1500 crores every month to help them revive the company.

India business news headlines weekly roundup 01st to 05th July

  • The government has pitched for using data and analytics for social welfare and its citizen’s empowerment. The Government also made a case for greater engagement with the private sector in processing no sensitive information.
  • The Government is optimistic that India will soon turn into ‘Detroit of Evs’, due to its potential to become the global manufacturing hub for EVs.
  • Ola has now got a license to operate in London.
  • The Srei Infrastructure Finance along with its wholly-owned subsidiary Srei Equipment Finance have tweaked their restructuring plan in order to brighten their chances of becoming a bank.
  • The Supreme Court issued a notice to R Venkataramanan, a former managing trustee of Tata Trusts, on Shapoorji Pallonji’s plea challenging the quashing of its defamation case against him.
  • Yes Bank invoked pledged shares, over 9.4 percent, of Eveready over payment default.
  • HDFC has moved NCLT to claim that a portion of Jet Airways office in Mumbai was mortgaged to the Bank a dhence should not be considered for sale among the assets of airline.
  • K Raheja Corp has reportedly been finalized by Citibank as the buyer for its headquarters at Mumbai Kurla Complex for Rs.395 crores.
  • Union minister Ravi Shankar Prasad said in Parliament that Indian entities supplying US-origin technology components to Huawei may face penal action under American regulations.
  • Union Cabinet, chaired by PM Modi has approved the proposal for leasing out airports at Ahmedabad, Mangaluru, and Lucknow to Adani Enterprises.
  • The central government has moved Supreme Court against TDSAT order staying DoT’s demand of Rs.1, 627 crores for allowing the merger of Bharti Airtel with Tikona Wireless.
  • Comcast, the US cable major, along with PE fund Blackstone and Lupa Systems, the family office of James Murdoch may bid for Zee Entertainment Enterprises.

Must read: Union Budget 2019 highlights – What’s in budget for you individually and as a Business

There’s more in India business news headlines weekly roundup 01st to 05th July

  • Blackstone Group LP has reportedly purchased an office building at L&T Business Park in Mumbai for Rs.650-700 crores.
  • The promoters of Dish TV will be exiting the business by selling their stake to Airtel Digital TV for around Rs.5000 Crores.
  • DPIIT has summoned Zomato, Foodpanda, UberEats, and Swiggy for a meeting over complaints from restaurants about them engaging in deep discounting and predatory pricing.
  • RBI has fined PNB and Allahabad Bank with Rs.50 lakhs each and Rs.25 lakhs to UCO Bank for non-compliance with KYC requirements and norms.
  • MobiKwik has partnered with DT One, a global B2B network, to venture internationally. It will now be able to offer mobile recharge, rewards and airtime credit services in more than 150 countries.
  • The state-owned banks classified Rs 1.5 lakh crores worth of loans as ‘wilful defaults’ in 2018-19, SBI accounting for nearly a third of the amount.
  • The Minister of State for Finance, Anurag Thakur said that people must be aware of the menace of fake GST invoices and has urged the GST officers to be sensitive for honest taxpayers.
  • HCL Technologies has completed its planned acquisition of selected IBM products, AppScan, BigFix, Commerce, Connections, Digital Experience, Notes Domino, and Unica, for security, commerce, digital solutions, and marketing.
  • Due to the stiff competition and low tariffs, BSNL has been facing fund crisis for months now. But, they said that they will not close down.  The Government is considering a bailout plan for BSNL and MTNL for about Rs.74000 crores.
  • As per an SBI report, the NBFC sector, after the series of defaults by IL&FS, is in a liquidity crisis and in need of urgent attention.
  • Creditors have rejected NBCC’s bid to acquire Jaypee Infratech after which NCLAT has directed the representatives of banks, allotters and other stakeholders to appear before them on 17th July.
  • CBI launched a massive crackdown with over 300 officers carrying out searches in 18 cities at over 61 locations for alleged bank loan default cases of around Rs.1139 Crores in 17 cases including one against absconding diamantine Jatin Mehta.
  • The Landmark Group has started shutting down outlets of its fashion brand ‘Splash’ in India.  The Group, based in the Middle East, operates several retail chains in India including Home Centre, Lifestyle, Splash, and Max.
  • Serious Fraud Investigation Office has filed a 70,000-page complaint in the case of Bhushan Steel. SFIO reportedly found “extreme misuse” of corporate structure by promoters thereby reducing corporate governance requirements to just paper formalities.
  • Rubique Technologies, an online lending marketplace for financial products backed by Kalaari Capital, has scaled down its operations. The employee count has reportedly been halved.
  • Lenders to Dewan Housing Finance have agreed to restructure its outstanding loans of more than Rs.38, 000 crores, which needs to be completed by September end to avoid NPA tag.
  • Credit rating agency Icra has sent its MD & CEO Naresh Takkar on leave due to a pending enquiry into “anonymous” allegations against him.
  • Delhi high court has dismissed a plea to stop South Africa’s Bidvest Group from selling its 13.5 percent stake in Mumbai International Airport Ltd to a third party. The move shall upset GVK’s plan to strengthen its defenses against a hostile bid for Mumbai intl airport.
  • IndInfravit Trust, sponsored by L&T Group, shall be acquiring nine operational road assets from Sadbhav Infrastructure Project for Rs.6, 610 crores.
  • Paytm has clarified that it has no plans to levy any convenience or transaction fee from its customers.
  • RBI has reportedly sent a proposal to the Government to strengthen its regulatory and supervisory powers so as to keep a check on NBFCs.
  • Airtel Payments Bank has received a fresh capital infusion from its parent firm of Rs.325 Crores.
  • A new scheme is reportedly being worked out by the Government to encourage employment generation by SMEs with a special focus on SC/ST.
  • Paytm will start passing on the Merchant Discount Rate for digital transactions charged by banks and card companies on to the users. Payment through Credit cards has a charge of 1 percent, debit cards 0.9 percent and for net banking and UPI payments the charge is anywhere between Rs.12-15.

Do read: Union Budget 2019 Live Updates: FM concludes the budget presentation

India business news headlines weekly roundup 01st to 05th July

  • ArcelorMittal has completed sale of Europe assets to Liberty Steel for €740 million.
  • Tata Realty is planning to ramp up its real estate portfolio as part of its strategy to create a balanced project mix of commercial and residential.
  • Sanjiv Mehta, MD HUL has said that HUL is aiming for full gender parity by 2022 and will fill at least 50 percent managerial positions with women.
  • True North’s third fund has sold its entire stake of 9.15% in Aster DM Healthcare for Rs.550 crores.
  • NBCC is reportedly no longer interested in acquiring Jaypee Infra and its stalled projects. NBCC’s bid had sought cancellation of approx. Rs.33000 crores worth of income tax liability due over a period of 30 years.
  • The committee of creditors of Asian Colour Coated Ispat have approved JSW Steel’s offer of acquisition which includes an upfront payment of Rs.1, 525 crore to lenders and another Rs.25 crores to operational creditors. Asian Colour Coated Ispat has a debt of over Rs.5, 000 crore.
  • The board of Eveready Industries has reportedly approved a proposal to enter into an agreement with Madhu Jayanti International for its loss making packet tea business to reduce stress on the working capital.
  • Grofers is working on to convert around 200 brick-and-mortar stores into its own branded outlets over the next few months. The firm is looking to expand and push its private label of products.
  • The pilots of Air India have reportedly asked the airline to settle their wage dues, claimed to be over Rs.1 Crore per pilot, before proceeding with the divestment. They have threatened to move NCLT in case of failure of clearance of dues.
  • As part of a strategy to reduce debt, Anil Ambani may reportedly be either leasing out or selling company’s headquarters at Santacruz. The deal may fetch around Rs.3000 Crores.

Must read: What is union budget and how it is prepared?

M&As and tie-ups

  • The Kalpataru Power Transmission has entered into a binding agreement with CLP India to sell their stake in 3 power transmission assets for an enterprise valuation of about Rs.3, 275 crores.
  • With an aim to help SMBs scale up their operations, Facebook has announced partnerships with VC funds in India. Facebook will work with VC funds to skill and mentor SMBs by sharing insights on best practices and proven solutions.

Start-up world, funds, funding and investments

  • SoftBank is looking to deploy another $2-4 billion in India over the next two years as new investments.
  • Bounce, the two-wheeler rental startup, has raised its final tranche worth Rs.10 crores in debt from BACQ Acquisitions led by Sachin Bansal.
  • Vedanta will invest $245 million for finding oil and natural gas over the next 3-4 years.
  • Ola Electric has raised $250 million from SoftBank in a series B round of funding. They were looking to raise funds to achieve their goal of operating around 1 million EVs by 2021.
  • Air India Assets is aiming to raise Rs.22, 000 crores of Bond sales to refinance their debts.
  • Atlan, a Ratan Tata-backed data democratization platform, has raised $2.5 million in a pre-Series a round of funding led by WaterBridge Ventures.
  • RenewBuy, a digital insurance firm, has raised Rs.130 crores in a fresh round of funding led by Lok Capital and IIFL Asset Management.
  • Droom is looking to raise around $200 million in its latest round of funding which may value the firm at over $1 billion.
  • L&T Finance has secured almost $550 million funding through external commercial borrowings anchored by the World Bank and 3 other investors.
  • Ola has raised $11 million in its ongoing Series J round of funding from DIG Investment, Deshe Holdings, as also individual investors, including Samih Toukan and Hussam Khoury, co-founders of Dubai-based technology investment firm Jabbar Internet Group.
  • Sajan Pillai, former CEO of UST Global, has announced plans to set up a $75 million VC fund to help start-ups. The fund is looking at concepts in areas like finance, healthcare, telecom, and retail.
  • Due to Sebi’s new rules aimed at protecting investors in liquid and debt funds from credit risks, MFs may not remain a preferred source of capital for corporates and NBFCs. New rules will make it tougher for borrowers to strike deals with fund managers to raise funds.
  • After the mega success of their first exit, Asia Healthcare Holdings is now planning to invest around $200 million. They are planning acquisitions in ophthalmology, urology, and gastrointestinal segments in the next 2-3 years.
  • Uniphore Software Systems, a speech recognition solutions company, is in talks to raise around $38 million in a Series C round of funding led by March Capital Partners of California.

Do read: Top 10 Delhi University Colleges

Some stats

  • The tourism sector faced a drop of 2.1% in 2018-19. The forex dropped down straight at -3.3% in the foreign tourist arrival in India.
  • The media and entertainment industry in India has grown by almost 82.4% in the past 5 years. The industry is now worth around Rs 1.67 lakh crores. India is the second largest pay-TV market after China now.
  • Helo app, launched by ByteDance, TikTok parent company, has reported reached 50 million users in India. The company is planning to take the numbers to 100 million by the end of 2019.


  • Mindtree CEO, Rostow Ravanan was asked to step down as the new acquirer L&T prepares for a top management recast.
  • Industrialist Basant Kumar Birla, the patriarch of Birla family, passed away in Mumbai yesterday. He was 98 years old.
  • Nabeel Mancheri, an economist and strategist from Kerala, has been appointed as Secretary-General of Global Rare Earths Industry Association, a European Commission supported organization in Brussels.
  • Vinod Kumar, MD & CEO of Tata Communications, has resigned citing personal reasons. His tenure was to end on Jan 31, 2021.
  • The government has appointed P.K. Purwar, MTNL CMD as the CMD of BSNL for a period of three months.  The government is working towards BSNL and MTNL’s survival through competition.
  • Vijay Mallya case
  • If Mallya is not granted leave to appeal in his hearing today at the London High Court he may be extradited to India soon.

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