India business news headlines weekly roundup 03rd to 07th June

India business news headlines weekly roundup 03rd to 07th June – News on Corporates, policies, budget, start-up world, funds, funding. Here’s a roundup of all the India business news that created the buzz in India this week:


  • Walmart US is planning to put Myntra brands on its US platform. Myntra is already being sold on Walmart Canada.
  • NCLT has given a 90 days extension till 7 Sept. to Kwality to complete the corporate insolvency resolution process.
  • PE investors in SRL, Jacob Ballas, Siguler Guff and IFC, which owns 31.5 percent, have started the process to exit the firm. The exit process is expected to be completed by Sept. end.

India business news headlines weekly roundup 03rd to 07th June

  • PM Narendra Modi has approved the re-constitution of Niti Aayog dropping Bibek Debroy as a member. PM will remain the Chairman while Rajiv Kumar has been re-appointed as the Vice Chairman. Amit Shah and Rajnath Singh have been appointed ex-officio members.
  • Tata Sons have offered to buy NCDs worth Rs.7520 Crores held by public and private insurers.
  • United Spirits earned more than 10 percent of its operating profit in fy 18-19 from Cricket.
  • The government is planning to reduce the lease period for toll-operate-transfer projects to 15-20 years from the current period of 30 years as the banks are reluctant to offer long-term loans.
  • PM Narendra Modi will head two separate Cabinet committees on investment & growth and employment & skill development.
  • RBI has approved the sale of DHFL’s stake in Avanse Financial to Warburg Pincus Group. DHFL board had on 16th March approved the divestment of the company’s entire 30% to Olive Vine Investment, an affiliate of Warburg Group.
  • Crisil has downgraded CP of Dewan Housing to D from A4+, while Icra cut its rating to D from A4.
  • The Government may infuse around Rs.4000 Crores in three Insurance PSUs.
  • Instagram has introduced a new opt-in feature that will allow users to view the content with reduced image loading time thereby using less data.
  • IRDAI has approved a third-party motor premium increase of 4.4 percent for bikes and 12 percent for cars.

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India business news headlines weekly roundup 03rd to 07th June

    • As per a report by TRA Research, Dell has emerged as the most trusted brand in India in 2019.
    • BPCL and HPCL have taken 25% stake each in IOC’s ₹9,000 crore LPG pipeline project.
    • Aurobindo Pharma has received 10 observations from the USFDA for its Unit in Hyderabad. The firm did not share any details about the observations.
    • Vistara may launch international flights in the second half of 2019.


  • IndiGo is close to signing a new engine deal, may drop Pratt & Whitney for CFM.
  • Airports Authority of India has signed a pact with Boeing to modernize air traffic management in India. Boeing will analyze current technologies and processes to identify efficiency improvements.


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There’s more in India business news headlines weekly roundup 03rd to 07th June

  • As part of a revamp of its India strategy, SoftBank is looking at smaller transactions and plans to invest in startups at an earlier stage.
  • Amazon is expanding its ‘packaging-free shipment’ program to nine cities including Delhi, Mumbai, Ahmedabad and Nagpur. The initiative is aimed to reduce the waste generated from the secondary packaging of customer orders.
  • Sebi has sent a notice to HDFC Mutual fund MD, Milind Barve, for MF’s decision to extend the tenure of some of its FMPs in view of Zee Group’s decision to delay repayment for some of its bonds.
  • Manipal Group will increase its stake in its insurance JV with Cigna Corporation to 51%
  • The apex consumer commission has held that a builder cannot forfeit the deposit amount of homebuyers in case they seek cancellation of allotment due to delay in project.
  • Zomato has introduced 26 weeks paternity leave to its employees. The new parents will also be given a onetime payment of $1000 per child.
  • BBNL is planning to take over operations and maintenance work of optical fibre-based infrastructure of BharatNet infra.
  • With a reported net profit of Rs.26, 716 Crores in fy 18-19, ONGC has regained its position of being the most profitable PSU. IOC reported a net profit of Rs.17, 274 crores.
  • Finance Minister Nirmala Sitharaman will push India’s proposal for taxing digital enterprises such as Google, Facebook, and Netflix in her first international engagement at the Group of Twenty (G20) ministerial on June 8-9 in Japan.

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M&As and tie-ups

  • NCLT has approved the planned merger of Bharti Infratel with Indus Towers.
  • The shareholders of GSK Consumers Healthcare have approved its proposed merger with HUL with 99.99 percent votes in favour of the merger.
  • Jaguar Land Rover and BMW Group will work together to develop next-gen electric drive units which will support both the companies’ overarching technology advancements.
  • Blackstone Group and Embassy Group are set to jointly acquire the stake of Sameer Gehlaut (39%), Chairman of Indiabulls Group, in Indiabulls Real Estate for around Rs.2700 Crores. The move will also mark Indiabulls exit from the real estate business.
  • Wipro will acquire US-based International TechneGroup Inc for $45 million. ITI offers Computer Aided Design and Product Lifecycle Management interoperability software services from its offices in the UK, Italy, Israel, and Germany.
  • Paytm is in talks to acquire Coverfox, an insurance marketplace, in an all-cash deal for $100-200 million.
  • Network18 Media has exited from HomeShop18 after a fresh round of funding saw Skyblue Buildwell acquiring an 82.64% stake. None of the existing shareholders in HomeShop18 took part in the funding round.

Start-up world, funds, funding and investments

  • NCLT has approved a resolution plan of Deccan Chronicle Holdings submitted by Srei Multiple Asset Investment to invest Rs.408 Crores in the firm. DCHL has a debt of around Rs.8180 Crores.
  • GIC Holdings and Abu Dhabi Investment Authority have agreed to invest $495 million in Greenko Energy Holdings at an enterprise value of around $6 billion.
  •, a brokerage-free real estate platform, has raised $51 million in a Series C round of funding led by General Atlantic. Its existing investors SAIF Partners and BEENEXT also participated in the round. The firm has so far raised $71 million.
  • Swiggy is in advanced talks to raise around $1 billion from its existing investors including $300-500 million from SoftBank.
  • Milkbasket has raised $10.5 million in a funding round led by Unilever Ventures.
  • Advent International has completed raising funds for its ninth global PE fund, GPE IX, with commitments of $17.5 billion, surpassing its target of $16 billion.
  • Avail Finance, a leading startup, has raised $9 Million in the second round of funding led by Matrix Partners India. It had earlier raised $17.2 million.
  • An informal ministerial group including Amit Shah reviewed Bharat Petroleum Corp’s $2.2-2.4 billion investment proposal in a gas field in Mozambique. The government is attempting to do deeper scrutiny of overseas investments.
  • Piramal Group and Lone Star Funds are in advanced talks to set up an investment platform to acquire operating road assets. They plan to invest $600-700 million in the platform.

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Some stats

  • In its Global Economic Prospects report, the World Bank has retained its forecast of India’s growth rate at 7.5% for the current financial year.
  • As per an Ipsos study, Google is India’s most influential brand for the fourth year in a row. Jio ranked 2nd while Paytm ranked third in the list.
  • As per the data released by Gems & Jewellery Export Promotion Council, the exports of Gems and Jewellery declined by 5.32 percent in 2018-19. The net value of exports in 18-19 was $30.96 billion.

Ongoing cases

  • Jet Airways update – The government’s investigations into the accounts of Jet Airways and Naresh Goyal could derail revival plans of the airline.
  • Air India divestment – The government will set up a nodel cell by 1st July to facilitate interaction between various advisers appointed by DIPAM. The two-stage bid process for selling the entire 100% equity stake in Air India could kickstart as early as 7 July.
  • IL&FS update – The Supreme Court has allowed the reopening of books of accounts of IL&FS and its two units for five years on a plea filed by the Serious Fraud Investigation Office and the new management.
  • Tata Steel – Tata Steel has completed the acquisition of Bhushan Energy. NCLT had approved the resolution plan of Tata Steel to acquire Bhushan Energy for around ₹800 crore.
  • Videocon case- ED shall be questioning some more officials of the bank and will also question Chanda Kochhar again. ED had recorded statements of Chanda and Deepak Kochhar last month also.
  • Essel group – Essel group has sold two transmission assets to a fund managed by Edelweiss. The group is trying to reduce its debt.


  • Azim Premji will be stepping down as Chairman of Wipro effective 31 July. He wants to devote more time to his philanthropic activities. His elder son, Rishad Premji, currently the chief strategy officer, will be the executive chairman of Wipro. Azim Premji will continue as the non-executive director and founder chairman.
  • Ajay Singh, Chairman, and MD of SpiceJet has been elected to the IATA board. Spicejet had joined IATA less than three months ago.
  • Google CEO Sundar Pichai and Nasdaq president Adena Friedman have been chosen for the prestigious Global Leadership Awards 2019 by business advocacy group USIBC. The award would be given during the next week’s ‘India Ideas Summit’ to be held in US.

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