India business news headlines weekly roundup 16th to 20th December

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India business news headlines weekly roundup 16th to 20th December

India business news headlines weekly roundup 16th to 20th December. 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:


  • India Ratings and Research have downgraded YES Bank’s long-term issuer rating from ‘A+’ to ‘A’.

India business news headlines weekly roundup 16th to 20th December

  • Birkenstock, a German footwear brand entered India and will be opening its store at Delhi’s T3 airport terminal next year.
  • Sunil Bharti Mittal said that low tariffs and high consumption is killing the telecom industry. He also urged TRAI to intervene in order to strike a balance.
  • ASarang Wadhawan filed an affidavit in response to public interest litigation filed by lawyer Sarosh Damania and told the Bombay High Court that he poses any objection if HDIL properties are sold off for the recovery of dues of the PMC Bank.
  • Reliance Industries has yet again emerged as the biggest wealth creator over 2014-19 with a total of Rs 5.6 trillion.
  • FADA said that car dealers may run out of business if the BS-VI deadline is not modified by the Supreme Court.
  • Tata Sons will be challenging the National Company Law Appellate Tribunal’s order to reinstate Cyrus Mistry as the executive chairman of Tata Sons on several grounds.
  • The EASA issued a fresh warning about a potential dual-engine failure on Airbus A320neo family planes with P&W engines earlier this week.
  • N Chandrasekaran, chairman of the board of Tata Sons wrote to its employees on the NCLAT ruling asking them to focus on business.
  • Nestle’s Chairman & MD, Suresh Narayanan said that it is a challenge for them to pass on benefits of GST to consumers on smaller sized packs that are priced around Rs 2-5 as there is no practical methodology for such price points.
  • DLF is planning to strengthen its portfolio of rental assets with its partner to monetize residential inventory, to improve return on equity, and to start the next construction cycle in the fiscal year 2020-21.
  • Infosys has agreed on paying $800000 to settle allegations of misclassification of foreign workers and tax fraud.
  • The RBI governor, Shaktikanta Das said that RBI is looking to steadily tighten NBFC regulations without causing disruption to the current recovery of the sector.

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 More in India business news headlines weekly roundup 16th to 20th December

  • Piramal Realty is eyeing to build affordable homes with plans to expand its portfolio and to double residential development to 30 million sq. over the next year.
  • SEBI ordered impounding of alleged unlawful gains of more than Rs 8 crores by PC Jeweller promoters & related entities in an insider trading case.
  • BYJU’s reported a net loss of Rs.14.91 crores in the FY18-19. It had reported a loss of Rs.37.19 crores in the fy 17-18.
  • BSNL expects to save around Rs.1300 crores in fy 19-20 in wage bills after employees’ VRS scheme becomes effective from 31 January 2020. 78,569 BSNL employees opted for the VRS.
  • Ola got more than 10000 drivers registered on its platform in London.
  • Wipro is now recognized as Australia’s top employer on the basis of human resource best practice survey.

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More in India business news headlines weekly roundup 16th to 20th December

  • Zomato for some time now has been offering its users with the ‘On-time or Free’ offers while placing their orders.
  • SEBI has approved the launch of the IPO for Mazagon Dock Shipbuilders.
  • HDFC lends $100 million through a 50.8% stake sale in Apollo Munich Health Insurance Co. to promoters of Apollo to repay the debt that they owe to Credit Suisse.
  • Some of the many institutional shareholders in CG Power voted against CG Power’s FY19 audited account. It was passed with 69.96% of approvals.
  • Tata Motors is in talks with Chinese automobile companies to round up in a tie-up for its passenger vehicle business.
  • The Standard & Poor Global Ratings revised its outlook on Shriram Transport Finance from stable to negative after concerns over asset quality deterioration & pressure on profitability.
  • The UK High court dismissed Chinese banks’ $680 million claim over corporate loans given to Reliance Communications Chairman, Anil Ambani.
  • Moody’s Investors Service said that its outlook for the 2020 global automotive manufacturers & parts suppliers is negative.
  • With revenue of Rs 5.81 lakh crores in 2018-19, Reliance Industries has ended Indian Oil Corporation’s 10-year reign as India’s largest company and has topped the Fortune India 500 list.
  • Japan’s Sumitomo Mitsui Banking Corporation picked up a 5.4% stake in Nothern Arc Capital also formerly known as IFMR Capital.
  • The Next Big Innovation Lab has made 3D bio printing of human skin.
  • Former non-executive chairman of CG Power Industrial Solutions, Gautam Thapar refuted allegations of fund misuse.
  • Blackstone promoted Amit Jain as their Senior Managing Director in India.
  • Zomato is looking to line up more of food carnivals around the New Year.
  • EaseMyTrip filed a draft of papers with SEBI to float an Rs 510 crores IPO.

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India business news headlines weekly roundup 16th to 20th December

M&As and tie-ups

  • Although M&A deals in November 2019 jumped nearly 75% with a total of 49 deals worth $1.5 billion, the value of M&As halved to $37 billion in 2019.

Start-up world, funds, funding and investments

  • ZestMoney raised $15 million in an equity funding round led by Goldman Sachs.
  • The Supreme Court has asked SBICAP Ventures to take a call on the funding of the Amrapali projects within 10 days.
  • Brookfield Asset Management is considering to bundle its commercial real estate assets in India worth $1 billion into a REIT for a listing in India next year.
  • Lenders, home buyers, and the entire Committee of Creditors approved NBCC’s bid to acquire Jaypee Infratech with 97.36% voting.
  • ArcelorMittal has completed the acquisition of Essar Steel for Rs 42000 crores.
  • Nestaway, a rental housing start up, closed its financial year ending March 2019 with Rs 70 crores in net revenue.
  • Livspace, an online home design firm, is in advanced talks to raise $100 million in an expected round of funding led by Kharis Capital.
  • Patanjali Ayurved completed its acquisition of Ruchi Soya for Rs 4350 crores.
  • Rupeek, the lending start-up disbursed loans worth Rs 1000 crores since its launch, three years ago.
  • llianz-Shapoorji Pallonji Joint Venture acquired WaveRock Complex for around $250 million.
  • Pristyn Care, a healthcare start-up, raised $12 million in a funding round led by Sequoia India, Hummingbird, Greenoaks, and AngelList.
  • PE/VC investments in India during November were $4.8 billion which is more than double from November 2018 figure of $1.8 billion.
  • Zilingo, a fashion platform, acquired SaaS-based – nCinga Innovations for $15.5 million
  • HungerBox raised $12 million from Paytm and NPTK Emerging Asia Fund (India).
  • Sequoia Capital is in talks to invest around $30 million in Whatfix, which is a SaaS-based platform.
  • Licious raised nearly $30 million in a Series E round of funding by Vertex Growth Fund.
  • NLC India is planning to invest around Rs 17000 crores in the development of its thermal power projects in Odisha.
  • Godrej Fund Management acquired a stake worth Rs 850 crores in Century Real Estate Holdings’ Bengaluru office project.
  • Rivigo, a logistic unicorn raised $20 million from SAIF in a Series F round of funding.
  • Temasek, Singapore’s state investment arm completed the acquisition of a 4.8% stake in AU Small Finance Bank by infusing Rs 525 crores in its Rs 1000 crores investment plan.

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India business news headlines weekly roundup 16th to 20th December

Ongoing cases:

Jet Airways update

  • IndiGo became the 1st Indian carrier to operate 1500 flights per day.


  • AirAsia India appointed Ankur Garg, former IndiGo official as their Chief Commercial Officer.
  • The CCO of Vistara, Sanjiv Kapoor has stepped down and this will be effective from 31st December 2019. Vistara’s chief strategy officer, Vinod Kannan will be taking over as their new CCO.

Essar Steel update-

  • Lenders to Essar Steel are considering withdrawing their case against the former promoters of the company which were filed at the Debt Recovery Tribunal.
  • ArcelorMittal initiated payment of Rs 42000 crores for the acquisition of Essar Steel.

IL&FS group

  • IL&FS Transportation Networks defaulted on its Rs 3.37 crore of interest payment which was due on 14 December 2019 because of insufficient funds.

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