India business news headlines weekly roundup 15th to 19th April 2019

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Here’s a roundup of all the India business news that created the buzz in India this week:


  • GVK Power and Infrastructure have agreed to offer 49% stake in GVK Airport Holdings to Abu Dhabi Investment Authority and National Investment and Infrastructure Fund. GVKAHL holds 74% equity stake in Mumbai International Airport.
  • CBDT has identified 20.4 million non-filers between 2013 and 2017 and asked I-T dept to take action.

India business news headlines weekly roundup 15th to 19th April

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  • To meet the increased demand due to the suspension of Jet Airways, SpiceJet is expecting to induct 27 planes in the next two weeks.
  • Amazon is reportedly planning to close its Chinese marketplace business by July this year. It will keep running other businesses including Amazon Web Services, Kindle e-books, and cross-border operations in China.
  • Oyo has launched a partner engagement program to offer more financial and technical support to hotel owners. Oyo works with around 8,700 hotel operators across 259 cities in India and South Asia.
  • ArcelorMittal has announced that the firm has received approval of European Commission for sale of its several steel-making assets to Liberty House Group. The transaction is expected to be completed within the first half of 2019.
  • Kotak Mahindra Bank has taken BILT Graphic Paper Products, a Ballarpur Industries arm, to NCLT for default of Rs.218 crores.
  • DGCA has served show-cause notices to the COO and engineering head of IndiGo over the issue of faulty P&W engines. The regulator is also carrying out a special safety audit after it found issues in operations and engineering.
  • Mukesh Ambani, Arundhati Katju and Menaka Guruswamy are among the Indians named by TIME magazine in its list of 100 most influential people in the world.
  • ShareChat has reportedly removed over 4.87 Lakh posts including around 13000 related to politics and news for violating community guidelines.
  • Birla Estates has ventured into residential property development and launched its first project in Kalyan, Mumbai. The firm will focus on premium housing projects.

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Some more news from Corporates

  • NBCC is likely to submit a revised bid by 25th April to acquire Jaypee Infratech and complete the housing projects.
  • RBI has told NCLAT that banks will have to classify the accounts of IL&FS and its group companies as NPAs in view of its master circular and the judgment of Supreme Court.
  • Doug McMillon, Walmart CEO has said that the firm continues to be committed to the Indian market given the huge opportunity it presents.
  • PNB has appointed Rajesh Kumar Yaduvanshi as the executive director. Yadivanshi, who brings with him 34 years of experience in the banking industry, joined PNB as a management trainee in 1985.
  • DGCA met airline industry executives to urge them to prevent an increase in ticket prices in view of the shortfall in capacity due to issues being faced by Jet Airways.
  • After government notification, Google and Apple removed TikTok app from their app store. Users who have already downloaded the app will continue to be able to use it.
  • Wipro was reportedly hit by an advanced phishing attack affecting some of its employee and customers accounts. The company released a security patch and is conducting an investigation.
  • RBI has reportedly bid for the iconic Nariman Point building of Air India by offering 10 year’s lease rental as advance payment for the complete building.
  • Max Life Insurance is in discussions with Axis Bank for a large share sale.
  • Tata Group has paid Rs.3100 Crores to DoT towards spectrum payment liability in line with their deal to sell their telecom business to Airtel.

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More in India business news headlines weekly roundup 15th to 19th April

  • The government is likely to extend the last date for submission of bids for the strategic sale of Air India’s ground handling subsidiary AIATSL by a month, till May 16.
  • IBBI chief has said that IBC cases admitted over RBI circular shall continue even though the Supreme Court quashed RBI’s February 12, 2018 order on NPA.
  • Google and Apple have reportedly been asked by the government to take down the Chinese short-video mobile app TikTok from their app stores. The move comes after Supreme Court refused to stay an earlier order by the Madras High Court to ban the app.
  • User development fee on every passenger at Bengaluru’s Kempegowda intl airport has been hiked 120% and will now be ₹306 for domestic departures and ₹1,226 for international departures resulting in an increase in airfare.
  • Delhi High Court has said that ED, CBI and IT Department can attach assets mortgaged to banks.
  • Max Group has completed its first commercial prime office real estate project in Noida with an investment of around Rs.600 crores. The group is expecting an annual income of Rs.70 crore from rentals.
  • Khadi and Village Industry Commission has reported a 28% rise in sales during the fy 18-19. Total sales during the period were Rs.3215 crores.
  • Reliance Jio’s fibre network is raising around Rs.27,000 crores in syndicated loans from a group of banks for business expansion.
  • Logix Group has decided to scale down its real-estate portfolio by bringing on board partners to either construct, sell or raise debt for many existing projects.
  • Drug Controller General of India has asked manufacturers of several common antibiotics to place safety warning on the drugs.
  • To support its existing business and further expansion, Lotus Herbals has started scouting for firms for acquisition and is reportedly willing to sell some stake to raise funds for the same.
  • Jio has reportedly crossed 300 million customer mark on March 2, 2019, in two-and-a-half-years of getting into operations.

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Some more India business news headlines weekly roundup 15th to 19th April

M&As and tie-ups

  • Stellar Value Chain, backed by Warburg Pincus, has acquired Patel Roadways, a company operating in the express logistics segment. The acquisition of Patel Roadways will strengthen Stellar’s operational capabilities and increase its road network reach to over 350 branches.
  • Reliance Retail is reportedly in talks to acquire a controlling stake in toymaker Hamleys. A 295-year-old toymaker, Hamleys, has recently been finding it difficult to generate profits and reported losses of £12 million in 2017.
  • Quess Corp is acquiring a majority stake in Allsec Technologies for around Rs.270 crores. Allsec offers voice and non-voice processes for HR services and Customer Lifecycle Management.
  • Kurl-on has acquired Spring Air, a US-based brand specializing in orthopedic beds, for an undisclosed amount.
  • OYO has partnered with Hotelbeds, a Spanish firm, which will provide OYO access to more than 60,000 travel buying intermediaries around the world.
  • IIFL Asset Management has picked up a significant minority stake in Neewee Analytics through IIFL India Private Equity Fund.
  • Massachusetts-based TA Associates has picked up a significant minority stake in infertility treatment provider Indira IVF. The firm runs 59 centers in 16 states and has completed nearly 27,000 IVF cycles in the past year. The deal amount has not been disclosed.

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Start-up world, funds, funding and investments

  • Increff, a startup offering supply chain and warehousing solutions to physical stores, has raised $3 million in a Series A round of funding led by 021 Capital and Binny Bansal.
  • Electronica Finance has raised $10 million from responsAbility. Funds will be used for financing equipment in plastic, machine tools, and printing and packaging industries.
  • The strategic fintech investment team of Eight Roads, the proprietary investment arm of Fidelity International, has made its first investment in India, putting in $4.5 million in Kuvera, a tech-based wealth management startup.
  • VC investors are now increasingly participating in mid-series (Series B-C) fundraisings due to more opportunities and lower competition. VC investors such as A91 Partners, Iron Pillar, Mirae Asset Global are now exclusively targetting the mid-stage ventures.
  • Cred, financial tech startup of Kunal Shah, is in talks with some of its existing investors and Hillhouse Capital of China to raise around $100 million. The deal may take valuation of the firm to $400 million.
  • CureFit is close to raising $75 million in a fresh round of funding from Accel Growth and Chiratae Ventures. The funding may take the firm’s valuation to $500 million.

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There’s more in India business news headlines weekly roundup 15th to 19th April

Some stats

  • As per the data collected by EY, India received $35.8 billion in PE/VC investments in 2018, 37% higher than $26.1 billion received in 2017.
  • As per a report from ANAROCK, a real estate consulting firm, Singapore-based firms invested $1.15 billion into Indian realty sector in 2015 and 2016, and around $3.5 billion in 2017 and 2018.

Ongoing cases

  • Jet Airways update

– The government may allocate 440 vacant Jet Airways vacant slots at Delhi and Mumbai airports to other airlines. The lenders have asked the government to retain 40 percent slots to ensure kick-start of operations by the new owner after taking over.

– Bombay High Court has refused to intervene and said that it cannot direct govt and RBI to rescue a sick company.

– President of Jet Airways union has called for CBI investigation into the matter alleging a conspiracy to oust Naresh Goyal.

– IATA has suspended Jet Airways membership from its clearinghouse system. This may impact the refund process to passengers.

– The airline temporarily shut down operations after lenders refused to give any interim funding.

– The lenders say that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors.

– Vinay Dube, CEO of Jet has said that the airline does not have an answer at present on the fate of its 20,000-odd employees during the stake sale process.

  • Essar Steel – The operational creditors have questioned CoC over discrimination saying that CoC cannot arbitrarily discriminate between operational creditors with claims under and over Rs.1 crore. ArcelorMittal has appointed its representatives to the monitoring committee of Essar Steel.
  • PNB scam – Creditors of Gitanjali Gems have voted to end the resolution process citing time over-run and want to liquidate the firm. The firm owes over ₹12,550 crore to 31 financial creditors in the ₹14,000-crore PNB scam.

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  • JSW Infrastructure has elevated Arun Maheshwari as new joint MD & CEO, Currently Executive VP, Maheshwari has experience of over 25 years in the steel industry.
  • Rakesh Suryakant Shah has resigned from the post of CFO of Adani Enterprises.
  • R A Sankara Narayana has been appointed as MD & CEO of Canara Bank. He was earlier Chairman of Vijaya Bank.

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