India business news headlines weekly roundup 12th to 16th August

Here is India business news headlines weekly roundup 12th to 16th August. News on Corporates, policies, budget, start-up world, funds, funding.

Corporates

  • Zomato has asked some of its Gold partner restaurants to give 45 days’ notice if they wish to drop out of the program. The move comes a day after hundreds of restaurants in Delhi, Gurugram, and Mumbai pulled themselves out of schemes offering complimentary meals to end steep discounting by dining apps including Dineout, nearbuy, magicpin and Zomato.

india business news headlines weekly roundup 12th to 16th july

  • Cognizant is reportedly planning to lay-off a few hundred more employees to cut costs.
  • PE fund Invesco Oppenheimer reiterated its commitment to pick up an 11% stake in Zee Entertainment Enterprises. Essel group has to pay Rs.7, 500 crores to lenders by 30 September.
  • Google India has announced a continued long-term collaboration with Prasar Bharati to bring all live telecast on YouTube and Google Search for events of national importance like Independence Day and Republic Day. Google will also work on digitizing the old content of All India Radio and Doordarshan on Google Arts & Culture, and host digital archives of Prasar Bharti in over 12 Indian languages on YouTube.

India business news headlines weekly roundup 12th to 16th August

  • The government has initiated the process of disinvestment of Pawan Hans Limited and invited EoI to sell its entire 51 percent stake in the helicopter PSU.
  • Ola has acqui-hired Pikup.ai to develop deep tech solutions for mobility. Pikup.ai offers AI-powered solutions for businesses.
  • Supreme Court has told Noida authorities to start registration of flats in favour of Amrapali homebuyers and has warned that officers of Noida and Greater Noida authorities will be sent to jail if there is any delay on their part in handing over possession of flats to Amrapali homebuyers.
  • CARS24 has entered into a strategic partnership with MS Dhoni to be its brand ambassador in lieu of equity.

There’s more in India business news headlines weekly roundup 12th to 16th August

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  • Union Health Minister Harsh Vardhan has said that draft legislation has been finalized to punish people who assault on-duty doctors and other healthcare professionals with up to 10 years of jail and fines. The draft will be made public shortly for feedback.
  • KKR is set to buy EuroKids, Kangaroo Kids ad Billabong High from Gaja Capital for around Rs.1500-2000 Crores.
  • Oberoi Realty, currently into luxury homes, is set to enter into affordable housing segment with the launch of a new project during Diwali to build 2,000-3,000 apartments on a 60-acre plot in Thane.
  • CCI has imposed a penalty of around Rs.14 crores on Jaiprakash Associates for abusing its dominant market position by imposing unfair and discriminatory conditions on home buyers.
  • Saudi Aramco remains the world’s most profitable company. It paid out almost all its net income in dividends.
  • Reliance Industries is planning to produce only jet fuel and petrochemicals at its Jamnagar refinery complex in the near future.

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There’s more in India business news headlines weekly roundup

  • Reliance Capital is reportedly in talks with four firms to sell a majority stake in Reliance Home Finance. The deal may also include divesting ownership control.
  • Murali K Divi, CMD, Divi’s Laboratories is said to be the highest-paid executive of the Indian pharma industry with a remuneration of Rs.58.8 crores including salary and commissions he received in fy 2018-19.
  • As per Mr. Ram Venkataramani, President, Automotive Component Manufacturers Association, if the trend of less demand in the auto component sector continues, around 10 Lakh people could be paid-off in the industry.
  • Flipkart has partnered with National Skill Development Corporation to train its 20000 delivery executives in all aspects of customer experience and product delivery.
  • ITC Group has likely to roll out a bot buddy for all of its 8500 employees which will execute mostly mundane tasks to meet employee’s requirements.
  • Some delivery partners of Zomato in Kolkata will go on strike from 19 August as reportedly they are not willing to deliver beef and pork to customers.

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Start-up world, funds, funding and investments

  • Paytm will invest Rs.750 crores to nearly double its monthly active mobile user base to 250 million by March 2020.
  • ONGC is investing around Rs.83, 000 crores in 25 major projects to boost oil and gas production.
  • Yes Bank is planning to raise another $600 million from strategic investors to improve its capital buffer. The bank had raised around $270 million in August 2018.
  • Sanjay Mehta, a serial entrepreneur-turned angel investor, said that he will invest in 100 start-ups in one year from his 100X.VC fund. He is currently invested in over 130 companies including OYO, Box8, LogiNext, and Block. One.
  • Naspers is reportedly in talks to buy a stake worth around $100 million in Dream11 from Kalaari Capital, Multiples Alternate Asset Management, and Think Investments. Dream11 is seeking a valuation of $2.5 billion.
  • ShareChat has raised $100 million in its Series-D round of funding from Twitter and TrustBridge Partners.
  • Uniphore, a global conversational AI company, has raised $51 million in a Series C round of funding led by March Capital Partners.
  • Temasek is backing Manipal Hospitals to acquire Medanta Hospitals and shall pitch in additional money for the acquisition.
  • Tech Mahindra has agreed to buy a 65 percent stake in Mad*Pow, a US-based strategic design consultancy firm, for $70 million. Mad*Pow’s current year revenue is $17.5 million.
  • Fireside Ventures, an early-stage venture investment fund focused on consumer brands, is said to be in the process of raising its second fund of $100-million.
  • Meesho has raised $125 million in a round led by Naspers with participation from Facebook and its existing investors.

India business news headlines weekly roundup 12th to 16th August

  • Aye Finance, a small business lender, has raised $10 million in debt from responsibility Investments AG, a Swiss investor.
  • Dewan Housing Finance has reportedly asked for immediate funding of Rs.15, 000 crores from banks for on-lending to project developers and retail customers.
  • Zomato is looking to raise $500 Million and Ant Financial, its key stakeholder, is likely to have a critical say and may even push Zomato to forge a closer working relationship with Paytm. Ant Financial has some veto rights in Zomato’s operations.
  • AAI is planning to invest around Rs.19000 Crores to upgrade airport infrastructure, especially in smaller cities.
  • Rapido, a Bike taxi startup, is in advanced discussions to close a $50 million round led by Westbridge Capital and Shunwei Capital at a valuation of $200 Million.
  • Rupeek, operating an online marketplace for gold loans, has raised $30 million in a funding round led by Bertelsmann India.
  • To reduce debt and repay lenders, the Sintex group has entered into a definitive agreement to sell Sintex NP SAS, its European subsidiary to Xtech Invest SAS for €155 million.
  • Dharmesh Mehta, Former Axis Capital MD and CEO, along with other investors, shall reportedly be acquiring a 100% stake in IDFC Securities.

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  • People:
  • The consortium of lenders to Adlabs Entertainment, led by Union Bank of India, is looking to sell the entire exposure of over Rs.1, 200 crores and has appointed BDO India to seek EoI. Adlabs has been an NPA since June 2018.
  • Airlines updates:
  • Lenders to Jet Airways are said to have received expressions of interest from Panama-based fund Avantulo Group. Anil Agarwal’s family trust, and an undisclosed Russian firm
  • Air India is auctioning more than 60 real estate assets to raise funds.
  • Anil Agarwal’s Volcan Investment, which had submitted an EoI, has decided not to pursue the matter and pulled back.

India business news headlines weekly roundup 12th to 16th August

  • Air India has announced its inaugural passenger flight over the North Pole region from August 15 between New Delhi and San Francisco.
  • IL&FS update:
  • As per an RBI report, Risk Management Committee and Investment Review Committee of IL&FS did not meet for around 3 years and the firm did not disclose any NPAs for the last four years.
  • The group has proposed to NCLT to sell its wind energy business to Japan’s Orix Corporation for approx. Rs.4, 800 crores.

 

  • Announcements made at AGM of Reliance Industries:
  • -Jio GigaFiber will be available to the general public starting 5 Sept. with base subscription plan starting from Rs.700/month with 100Mbps speed and free lifetime voice calls.
  • -‘Jio First Day First Show’- A ‘disruptive concept’ of watching movies to be launched in mid-2020. Premium Jio Fiber users will be able to watch movies through the service the next day after they are released in theatres.
  • -Jio has developed Narrowband Internet-of-Things or NBIoT, an innovative service on its pan-India 4G network.
  • -Jio has also come up with Jio Forever plans for customers opting in for annual plans. Such long-term subscribers will get an HD or 4K LED TV and a 4K set-top box absolutely free
  • -Mukesh Ambani said that the group has a clear roadmap to become a zero net-debt company in 18 months.

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