India business news headlines weekly roundup 27th to 31st May

Corporates

  • Oyo has launched a financing facility offering a cash-in-bank option to its asset owners. This will allows quick and collateral-free business advances.
  • Google is now reportedly rolling out speed limits and mobile radar locations in over 40 countries, including India. Google Maps will now let users see speed limits and speed cameras.

India business news headlines weekly roundup 27th to 31st May

  • Uber has partnered Indian Oil to offer special benefits, including a discount on fuel, to its driver-partners in India.
  • Drug maker Lupin has said that USFDA has cautioned that the firm’s Goa facility may be subject to regulatory or administrative action and it may withhold approval of any pending applications or supplements related to this facility.
  • A few lenders with direct exposure to Reliance Infratel have moved NCLT against the interim RP’s admission of claims of bankers of around Rs.8, 000 crores.

India business news headlines weekly roundup 27th to 31st May

Do read: Salary and perks of Indian Prime Minister, Narendra Modi

  • Sunil Godhwani, Former Religare Enterprises chairman, was detained at IGI Airport by the Economic Offences Wing while he was reportedly trying to catch a flight to London. A lookout circular for Godhwani was issued as he has been accused of cheating, fraud, and misappropriation of funds to the tune of Rs.740 crores in Religare Enterprises.
  • GAIL India has again approached NCLT to admit its Rs.390 crore claim from Videocon Industries. The resolution professional had rejected the claim earlier.
  • Bids submitted by Amul and Nandini to operate Delhi Milk Scheme on long-term lease basis are lower than the reserve price. The government is now exploring other options to revive the loss-making firm.
  • Flipkart has launched ‘Adrenex’ its in-house sports and fitness private label brand.
  • RBI has said that the banks can use Aadhaar for KYC verification with customers’ consent.
  • Amazon is reportedly bringing in a new Alexa Privacy Hub which will allow users to delete their records on all alexa-enabled devices through voice command. Users have to go to the app to delete recordings one by one.
  • IDBI Bank has reportedly started the process of selling its mutual fund business and has appointed ICICI Securities to advice on this.
  • Royal Dutch Shell, the Global energy major and Statkraft have been shortlisted for the next round to buy Morgan Stanley Infrastructure Partners-owned wind energy platform Continuum Wind Energy.
  • IATA Director General Alexandre de Juniac has said that Boeing 737 MAX is unlikely to return to service before August. However, the final say on the timing rested with regulators.
  • Piramal Capital and Housing Finance has sold its Rs.2, 000-crore loan exposure in Lodha Developers to a Goldman Sachs unit.
  • NCLAT has directed Vikram Bakshi to settle his dispute with Hudco within four weeks. Hudco has claimed dues worth Rs195 crore from Bakshi.

There’s more in India business news headlines weekly roundup 27th to 31st May

Also read: World Cup Updates: ICC Cricket World Cup 2019 Points Table

  • The US Government has removed India from its currency monitoring list of major trading partners stating certain steps are being taken by the Indian Government addressing their concerns.
  • Delhi High Court has sought clarifications from Paytm and RBI on how Paytm is allegedly offering a credit product when it is not allowed to operate as a payments bank.
  • Reliance Capital and Reliance Land have agreed to divest its entire equity stake in Reliance Broadcast Network, which operates BIG FM radio network, to Music Broadcast for Rs.1, 050 crores.
  • Greaves Cotton, a manufacturer of diesel engines, generators and pump sets, is planning to invest in electric vehicles battery manufacturing and supply chain.
  • Facebook removed around 2.2 billion fake accounts from its platform in the first quarter of 2019.
  • Punit Goenka has said that the Zee stake sale would be completed by July. The firm has plans to sell up to 50 percent equity stake to reduce its debt.
  • A civil court in Mumbai is said to have passed an order against Flipkart and Walmart barring them from selling GOQii products on their platform. GOQii has accused them of deep discounting its products.
  • PhonePe is said to be in talks with Tiger Global and Tencent to raise around $1 Billion at a valuation of $8 Billion.
  • Flipkart is said to have reached out to the Dept. of Promotion of Industry and Internal Trade and CCI to clarify that it has not violated any norms. GOQii, a smart wearable maker, had sent a legal notice to Flipkart alleging deep-discounting of products.
  • L&T has now taken its shareholding in Mindtree to 28%. It continues to buy Mindtree shares from the open market.
  • Lenskart is said to be in talks with SoftBank to raise around $350 million at a valuation of $1.3 Billion.
  • MCA is said to have received a lookout notice for Naresh Goyal around a month back.
  • RBI is likely to give its go-ahead to ED for probing foreign remittances done by BCCI during 2009-15 to the tune of Rs.2000 Crores.
  • After a raid by the Commissioner of Central GST and Customs, Abhishek Singh, MD and Paresh Thakkar, CFO of Manpasand Beverages have been arrested on allegations of GST fraud. The company manufactures fruit juices under the brand names X-Cite, Mango Sip, Siznal, Aprilla, etc. The firm is contesting the allegations.
  • Hindustan Aeronautics has posted an all-time high turnover of Rs.19, 705 crores, registering a growth of 7.8% in 2018-19.
  • To settle dues, DLF has transferred a 3 acre land worth Rs.330 crore in Gurugram to its JV with Singapore sovereign wealth fund GIC and also is in the process to hand over a Noida shopping mall. As on 31 Dec.2018, DLF owed Rs.8, 700 crores to DLF Cyber City Developers.
  • NCLT has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring Road Projects citing “duplicity of claims”. Hyderabad Ring Road Projects is an SPV to Era Infra which raised Rs.913.60 Crores between Jan 2014 and Sept 2015.

M&As and tie-ups

  • Inox Cinemas has tied up with International Cricket Council to show select world cup matches live across its major properties.
  • Eight Capital Management and Emso Asset Management are acquiring Ambit Capital’s 47.5% stake in Ambit Flowers Asset Reconstruction.
  • Naukri. Com has entered into an agreement to acquire 100% ownership of iimjobs. Com for a cash consideration of Rs.80.82 Crores.
  • Medanta has agreed to sell its business to Manipal Hospitals for Rs.5800 Crores.

Also Read: PM Narendra Modi after his historic win: ‘Every moment of my life, every fibre of my being devoted to nation’

Start-up world, funds, funding and investments

  • IFC has led a $222 million debt investment round in Cholamandalam Investment and Finance. This is IFC’s third investment in Cholamandalam after investing in 2010 and 2014.
  • Ather Energy, an electric scooter manufacturing startup, has received a funding of $51 million from Hero MotoCorp, Sachin Bansal and Innoven Capital. Out of this, Sachin Bansal has invested $32 million while Hero MotoCorp has converted its convertible debt of $19 million.
  • Awfis is in advanced talks to close a $25 Million funding round led by ChrysCapital.
  • Yamaha Corporation has announced the opening of a new music instruments factory in Kancheepuram with an investment of Rs.380 Crores.
  • B9 Beverages, makers of Bira 91 brand, has raised $4.3 million in a pre-Series C round of funding from Sixth Sense Ventures. It last raised $50 million in May 2018 from Belgian investor Sofina.
  • FreshToHome, a meat and fish e-comm firm, has raised a funding of $11 million led by CE Ventures. The company claims to receive around 8000 orders per day.
  • Paytm is reportedly leading a $15 million round of funding for HungerBox, a B2B food-tech startup. HungerBox had earlier raised $7 million.
  • IFC has agreed to invest $35 million in Manappuram Finance. The firm offers gold loans to small enterprises and low-income households.
  • Agara Labs, a deep learning tech-startup has raised $2.5 million in a pre-series a round of funding from Blume Ventures and RTP Global.
  • MTR foods has set up an Rs.50 Crore fund to invest in startups engaged in food processing.
  • Samunnati Financial Intermediation and Services, an NBFC offering loans to farmers and entities engaged in agriculture, has raised Rs.387 crores in a Series D round of funding led by Nuveen.
  • Power Finance Corp. is increasing its borrowings from the international market in 2019-20 to tide over a liquidity crunch in the country. PFC had a fund-raising target of Rs.80, 000 crores for fy 19-20, out of which it will raise 10% in foreign current borrowings.

Do read: Indian Cricketers – Some facts about Kuldeep Yadav

Ongoing cases

 

  • Jet Airways update

 

  • Jet Airways has asked its engineering staff to extract all aircraft maintenance data from systems as IBM-supported servers would not be available from June 1.DGCA has de-registered around 80 of Jet Airways aircraft.
  • Jet Airways lenders are expected to take a final decision on the fate of the airline in the next two weeks.
  • Jet Airways has said that the airline is not in a position to consider and approve audited financial result for the fy 18-19.
  • SpiceJet has inducted 100th aircraft to its fleet. SpiceJet is the fourth domestic airline to reach 100 aircraft mark after Air India, Jet Airways (now defunct) and IndiGo.
  • Air Asia India has dropped its plan to lease B737 aircraft of Jet Airways as the airline wants to continue with one type of aircraft.
  • Air India’s effort to sell prime real estate did not yield much result. The airline is said to have sold less than 10 of the 56 properties put up for sale in April. Since 2012, it has been able to generate only around Rs.450 crores from the sale of properties.
  • Buddha Airlines, one of the leading Nepal airlines, has started a flight from Kolkata to Kathmandu.
  • SpiceJet is reported to be planning to increase its capacity by 80 percent during the current fiscal year.
  • Air India has sought approval from the government to borrow Rs.2, 400 crores from the National Small Savings Fund to meet its working capital requirements.
  • IL&FS update – NCLAT has asked IL&FS group companies, upgraded to ‘green’ category, to start paying their debts as per the payment schedule.

People

  • EIH, which runs hotels and resorts under Oberoi and Trident brands, has announced the reappointment of Vikramjit Singh Oberoi as its MD&CEO and Arjun Singh Oberoi as MD for five years.
  • Truecaller has appointed Sandeep Patil, a former Flipkart executive as its India MD.
  • Netflix has appointed Monika Shergill to head its international original series division in India. Monika was previously Ex-VP and head-content at Viacom18 Digital Ventures.
  • Walmart has appointed Suresh Kumar, an IIT Madras graduate, and former Google VP, as CTO and chief development officer.
  • Ola Electric has appointed Arun Sarin, former Vodafone CEO as an independent director on its board. Sarin is also invested in Ola.

Do Read: MS Dhoni wins 100 IPL Matches: CSK Captain is the first ever captain to win 100 matches in IPL

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