India business news headlines weekly roundup 09th to 13th December

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Here is India business news headlines weekly roundup 09th to 13th December. News on Corporates, policies, budget, start-up world, funds, funding.

Corporates

  • Schall Law Firm, a Los Angeles-based firm, has filed a class-action lawsuit against Infosys to recover losses suffered by investors due to allegations of “unethical practices” at Infosys.

india business news headlines weekly roundup 09th to 13th december

India business news headlines weekly roundup 09th to 13th December

  • Audible, an Amazon-owned audiobooks platform, has launched a new service in India called Audible Suno. The company has tied up with celebrities like Amitabh Bachchan, Nawazuddin Siddiqui, Diljit Dosanjh, Karan Johar, Vir Das and many more to create content that people can listen to using the app.
  • ITC is expanding its portfolio and distribution network for its frozen foods brand ITC Master Chef and has launched many products with distribution networks across 60 cities in the last two months.
  • L&T has bagged an order worth Rs.1000-2500 crores from Rail Vikas Nigam for the construction of Rishikesh-Karnaprayag Tunnel.
  • ED has arrested Shivinder Singh, former Ranbaxy promoter from Tihar jail. He was arrested two months back by the Delhi police.
  • To strengthen its reach and distribution, Samsung has set up a separate division to sell air conditioners. Samsung holds a 5% share in India’s room AC market, while Voltas is the biggest market share holder.
  • IKEA India chief executive Peter Betzel has said that the firm will open much more than 25 stores in India.
  • Directorate of Foreign Trade has amended the trade policy and prohibited import clearance of goods as ‘gifts’ except for life-saving drugs/medicines and rakhi. Many e-comm firms like AliExpress, Shein and Club Factory were reportedly sending products to India marked as gifts to save on import duty.
  • TCS is on the verge of completing its target of hiring 1500 fresher’s from campuses in the US. They will complete the recruitment by the end of March 2020.
  • The former Indian cricket captain, Sunil Gavaskar bought a stake in Binca Games which is a board game startup.
  • The ED attached 2 floors of Ceejay House along with 6 other residential & commercial properties with a market value of Rs 600 crores in the Iqbal Mirchi case.
  • ReNew Power and GS E&C entered into a Joint Venture to develop a 300-megawatt solar power plant in Rajasthan.

India business news headlines weekly roundup 09th to 13th December

  • IKEA India’s chief executive, Peter Betzel said that they will be opening many more than 25 stores in India.
  • Oil India seems keen on taking full control over Numaligarh Refinery Ltd after the government in its strategy to divest stake decided to carve NRL out from BPCL.
  • Toyota Kirloskar Motor announced a restructuring of its senior management after which N Rajamight be seen as MD of Toyota Financial Services India.
  • Reliance Industries have signed an agreement with ADNOC to set up an EDC (chemical) facility in Ruwais.
  • Reckitt Benckiser India awarded its media business to dents of Dentsu Aegis Network.
  • The CCI allowed Piramal Enterprises to issue compulsory convertible debentures to Caisse de dйpфt ET placement du Quйbec.
  • The IDBI Bank will sell up to 49% of its shares in 2 of its subsidiaries- IDBI Capital Markets & Securities and IDBI Intech.
  • Virtuous Retail bought Tata Realty’s retail mall portfolio, Trilium shopping mall for around $100 million.
  • Vishal Sikka, who was earlier a top executive at SAP and the CEO of Infosys has now joined the board of directors at Oracle. He also recently launched his AI startup Vianai Systems.
  • The sale of Coffee Day Group’s Global Village Technology Park to Blackstone has hit the hurdle after Yes Bank is signaling reluctance in approving the Rs 2800 crore deal and has not issued a no-objection certificate for the same.
  • The Bombay High Court sought responses from RBI on a plea by Chanda Kochhar challenging her termination as the Chief executive and MD of ICICI Bank.
  • HP’s Anti-Counterfeiting and Fraud programme seized around Rs 80 crores worth of counterfeit products in India.
  • Hero MotoCorp announced upward revisions of up to Rs 2000 in prices of its products effective January 1, 2020.

India business news headlines weekly roundup 09th to 13th December

  • Zomato has partnered with ScoopWhoop to present the ‘Eat like a Girl’ food show.
  • Tata Steel introduced a new human resource policy which enables its employees from the LGBTQ community in declaring partners and availing all HR benefits permissible under the law.
  • Ola is aiming at doubling its scale of business by 2021 in New Zealand and Australia.
  • Reliance Life Sciences is now planning to start pathology labs across India through partnerships with local entrepreneurs.
  • The Union government is looking to allow select sectors to cut in monthly statutory deductions on account of employees’ provident fund.
  • The Karvy Stock Broking debacle has forced lenders (banks in specific) to review their exposure to brokerage firms.

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There’s more in India business news headlines weekly roundup 09th to 13th December

Start-up world, funds, funding and investments

  • One 97 Communications, the parent company of Paytm, has raised Rs.4, 724 crores from Alipay, SVF Panther, T Rowe Price Growth Stock Fund Inc., and others. It had raised $1 billion in November.
  • Ecozen, an Agritech startup, has completed its $6 million Series A fundraise from Sathguru Catalyser.
  • The Canadian Pension Funds are looking to tap on the private debt space in India.
  • Nippon Express got CCI’s nod to buy a 22% stake in Future Supply. It will now acquire a stake in Future Supply for Rs 641 crores.
  • Piramal Realty has entered into an agreement with Omkar Realtors to develop a residential project in Mumbai’s Mahim area with a total investment of approx. Rs.3000 crores.
  • Bharti Telecom has sought a nod from the government to infuse Rs 4900 crores in investment from Singtel and other foreign entities. This move will look to make Bharti Airtel a foreign entity.
  • MagicPin recorded an annual gross merchandise value of $1 billion in India.
  • The RBL Bank raised Rs 2025 crores from institutional investors via QIP.
  • Paras Healthcare is planning to spend around Rs 500 crores in capital expenditure in the next 2 years in order to double its capacity to around 2000 beds.
  • Tech Mahindra will provide Information and Communication Technology solutions for the Rs.500 crore smart city project in Pimpri Chinchwad, Pune. The project will be budgeted under the Prime Minister’s Smart Cities Mission.
  • Piramal and IIFL Wealth are set to co-invest in an AIF with a target corpus of Rs 2000 crores that will back realty projects that are at advanced stages and in need for last-mile funding.
  • Future Retail is looking to raise up to $400 million by selling dollar bonds to buy retail assets from Future Enterprises. The move is part of a planned group restructuring exercise.
  • Bombay Shirt Company has raised $8 million from Lighbox in a fresh round of funding. The firm has raised $1 billion to date in equity financing.
  • 3one4 Capital raised Rs 445 crores from 2 funds.
  • Qatar Investment Authority is planning to invest around $450 million in Adani Electricity Mumbai.
  • KredX raised around $26 million in a funding round led by Tiger Global.
  • Flipkart and Walmart invested in supply chain startup, Ninjacart.
  • The CDC group from UK invested $36 million in Ecom Express.
  • PhonePe raised about $82.5 million from its Singapore parent.
  • Stanza Living raised Rs 40 crores from Alteria Capital in debt financing.
  • Unacademy is in talks to raise $100 million in a Series E funding round.
  • Revenues from companies backed by Fireside Ventures saw a 6-fold growth with the firm announcing the first close of its second fund with a target of $100 million.
  • FableStreet raised Rs 21 crores in its Series a funding round led by Fireside Ventures.
  • Zomato’s CEO, Deepinder Goyal said that Zomato is planning to raise up to $600 million in their new funding round next month.
  • Dabur India is willing to acquire companies and expand in rural India through its $500 million cash reserve.
  • The board of Cholamandalam Investment and Finance has approved the issuance of equity shares worth Rs.1, 000 crore in tranches through QIP.

India business news headlines weekly roundup 09th to 13th December

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Ongoing cases-

People:

  • Ashok Leyland has appointed Vipin Sondhi as CEO & MD for 5 years. Its previous CEO, Vinod Dasari, had resigned in November 2018.
  • Rishi Vasudev, group head of fashion at Myntra and Flipkart, has resigned to pursue opportunities outside the group. He is the third top executive to quit Flipkart in the last one year after Dipanjan Basu (CFO) and Ananth Narayanan (CEO).
  • NSE received SEBI’s approval to appoint Girish Chandra Chaturvedi as the new CEO of NSE.
  • The CFO of Axis Bank, Jairam Sridharan has resigned.

India business news headlines weekly roundup 09th to 13th December

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Airlines updates:

  • Union Minister Hardeep Singh Puri has said that the government has decided to sell its entire 100% stake in Air India.

IL&FS:

  • National Financial Reporting Authority has indicted Deloitte Haskins for significant failures in the statutory audit of IL&FS during 2017-18. It is also considering whether disciplinary proceedings against it also need to be initiated.

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