India business news headlines weekly roundup 16th to 20th September 2019

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

Corporates

  • Owned by Yes Bank’s Rana Kapoor’s family, Morgan Credits has sold a 2.3% stake in the bank to an undisclosed buyer. The move is said to be aimed at reducing promoters’ shares in the Bank.
  • Mindtree has opened a new European headquarters in London to meet digital experience needs of European customers.

india business news headlines weekly roundup 16th to 20th september

  • Tata Motors has announced that it has developed an all-new powertrain technology, Ziptron. All its electric cars going ahead will be powered by Ziptron.
  • Nestaway has said that it will enter into the co-living and student housing space through its independent subsidiary The Hello World, currently present in 15 cities.
  • FM Nirmala Sitharaman has said that banks have been told not to declare any stressed loan account of MSME as NPA until March 2020. She also said that PSUs along with some NBFCs will fan across 400 district to offer loans to retail borrowers, MSMEs and farmers.
  • Digital Communications Commission has said that RWAs cannot strike exclusive deals with a single telecom operator ISP. The move is aimed to give choice and better quality of services to customers.
  • Qatar Investment Authority is said to be in negotiations with the Adani Group to buy a minority stake of 20-25 percent in Adani Electricity Mumbai Limited for Rs.3000-4000 crores.
  • Hotel Saravana Bhawan has defaulted on statutory payments like PF and ESI of over Rs.20 crores.
  • The government has set up a panel to improve ease of doing business by liberalizing LLP and Companies Act.
  • NCLAT will review settlement between McDonald’s and Vikram Bakshi over share sale in Connaught Plaza Restaurants.
  • The government is reportedly open to selling a partial stake in Air India to a foreign airline and is likely invite prelim bids by 10 October.
  • Medikabazaar, an online B2B platform for medical supplies, has offered 200 jobs to laid-off Zomato staff.
  • Tata Motors has launched a new platform, TACNet 2.0, to tap start-ups and tech firms to harness new solutions in the automobile and mobility ecosystem.
  • Aiming to boost manufacturing, the government has scrapped import duty on open cell TV panels.
  • The government is planning to further reduce prosecution provisions for violation of Companies Act. A committee will examine various options on this including the feasibility of “deferred prosecution agreements”.
  • Mukesh Ambani has raised promoter stake in Reliance Industries by 2.71% to 48.87%.
  • Infosys is planning to reduce its high attrition levels with compensation-based incentives and skilling programs. The attrition rate at Infosys was 23.4 percent in April-June up by 3 percent from the quarter ended March 2019.
  • As per the data compiled by CleverTap, a marketing analytics firm, Indian e-comm apps lost almost 45 percent of users within four weeks of installation.

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

  • Sebi has imposed a 2-year ban on Nirmal Kotecha for violating various market norms including fraudulent trades in the scrip of Usher Agro.
  • JM Financial has closed its second India-focused fund with commitments from Quilvest Group, Sidbi and others for over Rs.600 crores. It had achieved the first close of second fund at Rs.300 crores in April 2018.
  • Hero Electronix has entered into smart indoor devices by launching its ‘Qubo’ brand of products.
  • Bajaj Finance is looking to raise Rs.8, 500 crore through QIP.
  • Hero Cycles, in collaboration with Japan’s Yamaha Motor, has launched Lectro brand of electric cycles in the Indian market at Rs.130, 000.
  • Amazon India has launched Maharashtra’s largest fulfillment centre in Bhiwandi, at the outskirts of Mumbai. The centre is spread over 2.7 lakh sq ft and is the third-largest in India after Hyderabad and Bengaluru centres.
  • PMLA Appellate Tribunal has released assets of 63 moons technologies attached by ED.
  • Microsoft has launched ‘Highway to a Hundred Unicorns’ initiative to engage with startups and entrepreneurs across Tier-2 cities in India.
  • RBI has proposed Rs.100 crore capital and other regulations for payment gateways.
  • As per the data compiled by Tracxn, an analytics firm, IIT Delhi, IIT Bombay, IIT Kharagpur and BITS Pilani have churned out the majority of entrepreneurs in the past decade.
  • Former SBI chairman Arundhati Bhattacharya is said to be looking to start a general insurance business, with Sunil Mehta, former country head and CEO AIG, and Deepak Ishwarbhai Amin, former SBI director.
  • Blackstone Group has signed a definitive agreement to buy Global Village Tech Park, owned by a subsidiary of Coffee Day Enterprises for around Rs.2, 770 crores.
  • ED has slapped a fine of Rs.230 crores on PwC for FEMA violations.
  • OnMobile, the mobile entertainment services firm, has agreed to sell 18 percent stake for about Rs.140 crores to Jump Networks.
  • Unions of officers of public sector banks have threatened to go on a two-day strike from 26 Sept to protest against the consolidation of ten banks announced by the government.
  • The government has decided not to levy 2% TDS on cash payments over Rs.1 crore made through Agriculture Produce Market Committees. The provision for the above was made in Union Budget to discourage cash transactions.
  • Delivery executives of Zomato in Bengaluru and Mumbai went on strike against payout cuts per delivery.
  • Unilever has said that it has achieved 100 percent renewable electricity usage at its offices, factories and other facilities across five continents.
  • A leading Indian trader body has asked the government to ban upcoming festive sales of Amazon India and Flipkart citing that their deep discounts violate India’s foreign investment rules for online retail.

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

  • Donald Trump Jr is said to have told that they will look at new branding and licensing deals in India after the presidential tenure of Donald Trump is over.
  • DLF Group has sold 9-acre land in New Gurugram to American Express for around Rs.300 crores. This is said to be one of the costliest land deals in this area.
  • After the government’s initiative to stop using single-use plastic, the traders’ body CAIT has written a letter to the Environment Minister, Prakash Javadekar to remove confusions on the use of single-use plastic by giving clear guidelines.

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

  • SEBI with an aim to unearth financial irregularities and fraud transactions is now planning to set up new whistle-blower mechanism for auditors and other ‘gate-keepers’ to report such cases.

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

  • Flipkart has expanded their delivery reach to 80% and has covered almost all pin codes in India right ahead of their Big Billion Days Sale. It is now serving to approximately 19200 pin codes as against 10660 in 2018.
  • To boost sales Tata Motors have announced discounts with benefits up to Rs 1.50 lakh on selective models. They have also tied up with multiple banks and other financial institutions to offer 100% on-road finances and low EMI packages.
  • Ex-Cognizant COO Sridhar Thiruvengadam has agreed to pay a civil penalty of $50000 on SEC’s order in a bribery case.

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

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M&As and tie-ups

  • PhonePe has partnered with startups across various verticals and its users can now directly browse and access over 50 different apps and services such as Goibibo, Ola, Myntra, redBus, Grofers etc.

Start-up world, funds, funding and investments

  • Wipro Group has launched Wipro Consumer Care Ventures to invest in startups in India and Southeast Asia in consumer brands space.
  • Haldiram is in advanced discussions to invest around $8-10 Million in Frozen Bottle, a quick-service restaurant chain.
  • Square Yards, a tech-led real estate brokerage platform, has raised $20 Million from a group of investors including founders of PropertyGuru and Times Group.
  • Eye care provider ASG Hospitals has raised Rs.308 crores in a fresh funding round led by Foundation Holdings, UAE-based family investment office. ASG Hospitals, backed by Sequoia Capital and Investcorp, has 33 centres in India, and one each in Nepal and Africa.
  • Wow! Momo Foods has raised $23 million in a Series B round of funding led by Tiger Global at a valuation of $120 million.
  • DotPe, a payments platform, is said to be in talks to raise $5 million from Naspers Fintech and a few other investors.

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

  • Purplle, an online makeup and beauty products retailer, is said to be in the process to raise up to Rs.300 crores in a Series C round of funding led by Goldman Sachs and its existing investors.
  • KKR has acquired a 10 percent stake in CG Power.
  • Anil Ambani’s Reliance Group has put its wealth management unit up for sale to raise funds to repay debt.
  • Groww, an online investment start up, has raised Rs.154 crores in a Series B round of funding led by Ribbit Capital. Groww currently offers over 3000 MF options for investment on its platform.
  • Nazara Technologies, global interactive gaming and sports Media Company, has invested Rs.7.5 crores in Sports Unity which owns Qunami, a short format, multiplayer quiz game in India. Qunami is said to have over 40,000+ avid monthly active quizzers.
  • Chiratae Ventures is launching a $35 million seed fund to invest in high-growth emerging sectors.

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

  • OkCredit, a book-keeping start up, has raised $67 million in a Series B round of funding led by Lightspeed Venture Partners and Tiger Global Management, its existing investors.
  • Kae Capital is said to be in talks to raise its third VC fund of up to $60 million.
  • Kedaara Capital has invested over $55 million in Lenskart Solutions.
  • Lee Fixel, former head of Tiger Global’s private equity business, is reportedly set to return to India with his own fund of around $1 billion. He was known for his quick decision-making, often writing a fat cheque just after a brief Skype interview with founders.
  • Aichi Steel Corp has agreed to acquire a minority stake of 11.4 percent in Vardhman Special Steels for $7 million.
  • The government may set up an Rs.20000 crore fund in the next 45 days for stalled non-NPA housing projects.
  • Piramal Enterprises has raised Rs.690 crores in debt financing from Credit Suisse.

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

  • Goldman Sachs Group, Premji invest and family office of Sunil Munjal are in advanced talks to invest in PNB Housing Finance, which is looking to raise capital of up to Rs.2, 000 crores.
  • Syntizen Technologies has raised an undisclosed amount in a pre-series a round of funding from Mastercard and ACPL. The firm offers digital identity solutions to State governments and regulated organizations.
  • Oyo is said to be looking to raise $200 million for buying premium and luxury hotels in the US.

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Ongoing cases:

  • Jet Airways update
  • From 22nd Sept 2019, Spice Jet will shift its entire Mumbai operations to Terminal 2 of Chhatrapati Shivaji International Airport.
  • Jet Airways lenders made a presentation to the Synergy Group, which is said to have emerged as the sole potential buyer of the airline.
  • People
  • Cognizant has appointed Ramkumar Ramamoorthy as CMD of Cognizant India and head of India Operations.
  • Sony Pictures Networks’ President Rohit Gupta has been elected as the chairman of the board of The Advertising Standards Council of India.
  • AI venture of Vishal Sikka, former Infosys CEO, has raised $50 Million funding.

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

  • DAN Consult, consulting division of Dentsu Aegis Network, has appointed Shashank Sharma as principal of FMCG. Prior to joining DAN Consult, Sharma has worked with Dabur, Nestle, and Pernod Ricard.
  • Sebi has barred Gautam Thapar, former chairman of CG Power and three other former officials of the firm from the securities market.

Essar Steel update-

  • Subhash Chandra of Essel Group has got a six-month extension from lenders to repay debt given Group’s inability to pay back more than 50 percent of its dues by the due date of 30 September.

IL&FS group

  • IL&FS group firms shall be selling 494 acres land in UP, Telangana and Andhra Pradesh to reduce debt.

PNB Scam case- India business news headlines weekly roundup 16th to 20th September

  • Nirav Modi has been further remanded to judicial custody by a UK court till 17 October.

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