India business news headlines weekly roundup 17th to 21st June – 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:
- Advent International has emerged as the sole bidder for biopharma firm Bharat Serums & Vaccines with a bid of $520 Million (around Rs.3, 600 crores).
- Dewan Housing Finance has sold Rs.2, 000 crores worth of its loan portfolio to offshore investors in a transaction led by SC Lowy.
- Flipkart has revamped its seller financing program to help MSMEs. The changes will allow the sellers to avail credit at competitive interest rates from 10 NBFCs and banks it has partnered with.
- Coca-Cola has launched its sports beverage Powerade in India. The drink will compete with PepsiCo’s Gatorade. Powerade is also the official sports drink of ICC CWC 2019.
- Renault is planning to stop making diesel cars in India from next year and looking to form a new partnership for EVs.
- Mindtree has proposed appointment of three Directors from L&T subject to the approval of shareholders.
- India business news headlines weekly roundup 17th to 21st June
The government is proposing to waive registration charges for electric vehicles.
- Myntra is setting up 30 experience centers across major cities. Customers will be able to receive and try products at these centers.
- Maharashtra has identified a new site in Raigad district for the planned $44 billion oil refinery to be built by state-run firms with Saudi Aramco and Abu Dhabi National Oil Co. The refinery project is being seen as giving steady fuel supplies to India and meeting Saudi Arabia and ADNOC’s need to secure regular buyers for their oil.
- Snapdeal’s talks to acquire ShopClues has hit a hurdle as significant pending liabilities were found during the due diligence process.
- Mumbai customs have seized around 500 parcels of Sino India Etail, the official seller of Chinese retailer Shein, found to be undervalued and wrongly declared.
- US has informed MEA that companies found supplying equipment or other products of American origin to Huawei or its units could face punitive action.
- RBI has fined HDFC Bank Rs. One Crore for not reporting fraud and non-compliance of KYC/AML norms.
There’s more in India business news headlines weekly roundup 17th to 21st June
- NCLT has ordered the liquidation of Moser Baer Solar as no one bid for the firm during the mandated 270 day period. Moser Baer was also recently declared wilful defaulter by UCO Bank over an outstanding of Rs.122 Crores.
- Competition Commission of India has started a study of e-comm market due to concerns about alleged unfair business practices.
- Indian insurance companies may lose up to Rs.150-180 crores on account of match cancellations due to rain during World Cup 2019.
- ONGC will reportedly shortly auction more than 60 of its discovered small and marginal fields to private companies. Nil Agarwal, Group Chairman of Vedanta said that the company has lost around $200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back.
- The finance ministry is evaluating the capital needs of PSBs and may provide Rs.30, 000 Crores in the upcoming budget to help them meet minimum regulatory capital requirements in the current fy.
- Swiss authorities are said to be in the process of sharing details of around 50 Indian nationals having accounts in various Switzerland based banks.
- GST Council is likely to extend the period of the National Anti-profiteering Authority till 30 November 2020. NAA deals with cases where GST is not passed on to the end consumer.
- The government is looking to introduce a fresh set of tax benefits for startups to boost employment and entrepreneurship.
- DoT has backed penalties of Rs.3050 Crores on Airtel and Vodafone Idea for allegedly denying Jio adequate points of interconnection in 2016.
- PNB is likely to sell 6 NPAs worth around Rs.1000 Crores including Vandana Vidyut and Visa Steel to Asset Reconstruction companies.
- Lupin Pharmaceuticals, an American subsidiary of Mumbai-based Company, is said to have recalled over 18,000 bottles of Cefdinir for Oral Suspension, used to treat bacterial infections, from the US market. The recall is due to “complaint received of metal piece identified in the product bottle prior to the reconstitution”.
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M&As and tie-ups
- MobiKwik has tied up with DT One, a global mobile top-ups provider, to offer mobile recharges in 150 countries across 550 telcos.
- HDFC has agreed to acquire a majority stake in Apollo Munich Health Insurance for Rs.1347 Crores.
- Blackstone Group has acquired a marquee office building in the Bandra Kurla Complex of Mumbai for Rs.2, 500 crores.
- Japan’s Fuji Electric has entered into an agreement to acquire a 100% stake in Consul Neowatt Power Solutions, a UPS maker, reportedly for Rs.720 crores.
Start-up world, funds, funding and investments
- Oyo hotels has announced to invest $300 million in the US over the next few years.
- Alteria Capital has made its single largest investment of Rs.80 crore in Lendingkart.
- Razorpay has raised $75 million in a series C round of funding led by Ribbit Capital and Sequoia Capital.
- Druva, a US and Pune based software firm, has raised $130 million in a fresh round of funding led by Viking Global. Sequoia Capital is an early investor in the firm.
- Reliance Industries is planning to invest Rs.20, 000 crores in Reliance Jio to fuel its broadband and e-comm business and enter 5G services in the future.
- Biryani By Kilo has raised Rs.30 crores in a series A round of funding led by IvyCap Ventures.
- Amazon is said to be in early-stage talks with Ninjakart for investing in the fresh produce supply chain company.
- SoftBank Vision is reportedly in discussions with CureFit to invest around $200 million.
- GIC, Singapore’s sovereign wealth fund, is planning to deploy up to $1 billion in India to acquire operating toll and annuity roads.
- Mobikwik is said to be looking for an investor who will help it go public in the next three years.
Postman, a platform for managing and developing APIs, has completed its Series B round of funding worth $50 million led by Charles River Ventures.
- As per a report by Thomas Cook, there has been a 50-60% jump in travel loans in India over last year with an average of 20-25 transactions per month, especially from young travelers in the age group of 25–35 years.
- As per a report by the Indian Staffing Federation, India is the fifth largest country in flexi-staffing (temporary jobs). US, China, Brazil, and Japan hold the first four positions on the list.
Jet Airways update
- NCLT has admitted an insolvency petition against Jet Airways filed by its creditors. The insolvency process will allow lenders led by SBI to sell the company as a whole or its assets.
- Lenders to Jet Airways have named Ashish Chhawchharia of Grant Thornton India as the resolution professional for bankruptcy proceedings. The last two Independent Directors of the airline have also resigned.
- Vistara has entered into a codeshare agreement with United Airlines.
- Indiabulls Housing has appointed a chief risk officer, Naveen Uppal, to comply with the norms of the National Housing Bank.
- Bisleri has hired Angelo George, ex-COO of Emami, as its first professional CEO.
- Rudratej Singh has joined BMW Group Indi as President and CEO. He resigned as global president Royal Enfield around six months back.
- R Venkataramanan, the trusted person of Ratan Tata, has joined Mukesh Ambani’s office. He recently quit Tata Trusts on reported allegations of misuse of IT exemptions.
- Bernard Arnault, Europe’s richest person, has also joined Jeff Bezos and Bill Gates in the world’s most exclusive wealth club with a fortune of at least $100 billion.