Here is India business news headlines weekly roundup 29 July to 02 August 2019. News on Corporates, policies, budget, start-up world, funds, funding.
- Maruti’s vehicle sales in July declined by 36.3 percent YoY to 98,210 units, the sharpest decline in the last two decades.
- M&M’s total domestic vehicle sales came down by 16 percent in July on YoY with the firm selling only 37,434 units.
India business news headlines weekly roundup 29 july to 02 august
- Swiggy is reportedly in advanced stages of closing a $700-750-million round led by Naspers, its existing investor.
- The government will set up a committee to promote coastal tourism. The committee will have officials from tourism and shipping ministries.
- Xander group has bought a 1.1 million sq. ft. Office complex, Weikfield IT Citi Info Park, in Pune for Rs.900 Crores.
- Shapoorji Pallonji’s solar EPC business has announced an IPO of Rs.3, 125 crores. The promoters of Sterling and Wilson Solar’s shall offload shares worth Rs.2, 083.33 crores and Rs.1, 041.67 crores respectively.
- ED searched residences of Malvinder and Shivinder in connection with the money laundering case.
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There’s more in India business news headlines weekly roundup
- Microsoft and Apollo Hospitals have set up a National Clinical Coordination Committee for AI-powered Cardiovascular Disease Risk Score API.
- The Govt is likely to review differential pricing with MNC stent makers. The Committee on essential medicines may review if a new category of stents with superior features is required. The government had slashed the prices of cardiac stents by around 80% in Sept. 2017.
- CLP India and Piramal group are looking to buy Mahindra Susten’s 160MW solar assets. The sale process is likely to be finalized at a valuation of around Rs.1, 000 crores.
- The board of Coffee Day Enterprises is planning to selectively sell its assets to reduce debt incurred by the group’s 52 units. The board has also appointed a 3 member committee to exercise the powers of VG Siddhartha.
- Flipkart has launched ‘Flipkart Samarth’ – an initiative to bring India’s weavers, artisans, and handicrafts producers onto e-comm.
- FM Nirmala Sitharaman shall meet CEOs of PSBs to discuss ways to increase credit growth and review the financial performance of the banks.
There’s more in India business news headlines weekly roundup 29 July to 02 August 2019
- Lenovo is expecting a 30-40 percent growth in business in the current fy.
- Paytm Money will infuse another Rs.250 crore over the next 12-18 months.
- Zomato is claimed to have expanded its food delivery service to 500 Indian cities. It has also claimed to have 1.5 Lakh restaurant partners and a 2.3 lakh delivery fleet.
- The government is looking to back NBCC to finish projects of Jaypee Infratech.
- Major Indian pharmaceutical companies are looking at China as a big opportunity and are scouting for partners in there.
- Amazon may reportedly enter into the Indian online food delivery business this year.
- Airtel has rolled out e-governance platform for the UP govt.
- Cisco is planning to roll out free public Wi-Fi zones across India with Google’s gStation service. Around 200 locations in Bengaluru will be Wi-Fi enabled by Sept. 2019 in the first phase.
- Flipkart’s PhonePe has received Rs.697.9 crores from its parent entity in Singapore.
- CBI has registered a case against Rolls Royce for alleged corruption charges and payment of bribes of around Rs.75 Crores to get contracts from HAL, ONGC and GAIL through Aashmore Pvt Ltd.
- As per the Consumer Protection Bill 2019 passed in LS yesterday, service providers, manufacturers, and celebrity endorsers may face fines and jail terms for making misleading claims in the ads. The bill is yet to become a law.
- Anheuser-Busch InBev, the world’s largest brewer, has reportedly been banned from selling its products in the key New Delhi markets for 3 years for allegedly evading local taxes.
- In a bid to revive BSNL and MTNL, DoT is working on a proposal to merge the two ailing firms.
- NCLT has extended the resolution period of Jaypee Infratech by another 90 days and invited fresh bids.
- Bombay HC has issued notices to former FM P Chidambaram and two others in connection with the case filed by 63 moons technologies demanding Rs.10000 crores in damages.
- Moody’s Investor Service has said that stress at NBFCs is a risk to asset quality of banks due to their large exposure to the sector.
- Pine Labs received Rs.707 crores from its parent company which were used to acquire Qwikcilver.
- Amazon is said to have crossed 5 Lakh seller base in India.
- The government has denied giving another extension to B C Tripathi, Chairman, GAIL India whose second 5-year term completes on 31 July.
- Private telecom firms like MTNL, BSNL, Airtel and Vodafone have an outstanding of over Rs.92000 for license fee.
- Vodafone Idea has decided to close m-pesa. The move comes after the closure of Aditya Birla Idea Payments Bank in which m-pesa was planned to be merged.
- Infosys has launched a state-of-the-art Cyber Defense Center in Bucharest, Romania. The Defense Center will provide end-to-end, 24/7 real-time cybersecurity monitoring and protection services to European and global businesses.
- After Noida and Lucknow, Medanta is planning to set up 3 more hospitals in Varanasi, Gorakhpur, and Allahabad, UP.
- RIL is planning a big push for private-label brands by hiring distributors to sell via neighborhood stores. RIL will sell its store brands in various categories like staples, food, personal and home care and general merchandise.
- Canada Pension Plan Investment Board and Caisse de dépôt ET placement du Québec are competing to acquire Highway Concessions One, a road portfolio owned by GIP, for around Rs.3200 Crores.
- IDFC has called off its plans to sell a stake in IDFC Financial Holding Company to The Chatterjee Group.
- Flipkart has launched a furniture experience center in Bengaluru Spread across 1,800 feet. The move marks firm’s first foray into the offline world.
- Tata Chemicals has received environment clearance for the expansion of its soda ash plant in Gujarat. The world’s second-largest soda ash manufacturer is planning to invest around Rs.1042 Crores on expansion.
- Society of Manufacturers of EVs has welcomed the reduction of GST to 5 percent and said that the move is in line with the government’s plan to promote eco-friendly mobility.
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M&As and tie-ups
- ZEE5 has entered into a strategic partnership with Minute.ly, an Israel-based AI-driven video enhancement company. With the AI tool of Minute.ly, ZEE5 would be able to predict user engagement patterns.
- Invesco-Oppenheimer Developing Markets Fund has agreed to buy an 11 percent stake in Zee Entertainment Enterprises for approx. Rs.4, 224 crores.
- A group of investors including Comcast Corp., the U.S. cable giant, Lupa Systems and Blackstone Group has reportedly made an offer for a stake buy in Zee Entertainment Enterprises. They are planning to pick up around 51 percent stake at a market value of approx. $2.77 billion.
- ZEE5 and ALTBalaji have entered into a partnership to co-create original content which will be available exclusively on the platform of both the firms.
Start-up world, funds, funding and investments
- Cipla is said to be in talks to invest around Rs.150-170 Crores in Medlife, an online healthcare platform.
- Rebel Foods, the parent company of Faasos, has raised $125 Million in a fresh round of funding.
- Venture Catalysts has set up an Rs.300 Crore fund, 9Unicorns, for investments in early-stage startups in verticals like FMCG, retail, fin-tech, etc.
- Paytm First Games, a JV of Paytm and Alibaba group is said to be in talks to raise $25 Million.
- Vymo, a sales productivity startup, has raised $18 million in a Series B round of funding led by Emergence Capital and its existing investors.
- PNB Housing Finance has raised $100 million from IFC.
- Pocket Aces, a digital entertainment firm, has raised Rs.100 crores from Sequoia India and others. The funds are planned to be used in content, technology, and talent.
- Tiger Global has invested $300 million in 2019 in Indian firms including Ninjacart, Zenoti, Sirion Labs, Fyle, Locus and OkCredit.
- BigBasket has received debt funding of Rs.100 crores from Trifecta Capital.
- India arm of Sequoia, Sequoia Capital India, is reportedly raising $200 million to add to its existing fund. It last raised $695 Million in Aug 2018. Sequoia has investments in startups like Oyo, Grofers and Byju’s.
- Steadview Capital is likely to invest in BharatPe by joining in the latest round of funding. Steadview has backed companies like Flipkart and Ola.
- MindTickle, a SaaS startup, has raised $40 million funding from Norwest Venture Partners and others.
- Alteria Capital has closed its maiden venture debt fund at a corpus of $140 million. The fund provides loans to startups.
- PepsiCo India shall invest Rs.514 Crores over three years to set up a Greenfield snacks manufacturing plant in UP.
- Eight Roads Ventures has led a $12 million investment round in StashAway, a wealth management platform.
- Walmart has reportedly committed to invest $50 Million in NinjaCart.
- As per the data compiled by the World Bank, India slipped to 7th place in global GDP rankings in 2018 from 6th in 2017.
- Rajeev Mehta, former Cognizant president, is likely to be appointed as the Mindtree CEO.
- Malabar Gold & Diamonds has appointed Anil Kapoor as its brand ambassador.
- Rishad Premji took over the charge as Wipro Chairman from his father Azim Premji on 31st July.
- Airways updates:
- Four potential bidders have reportedly shown interest in Jet Airways.
- Rakesh Gangwal has said that he provided information on RPTs between IndiGo and InterGlobe Enterprises (IGE) to the ‘relevant authorities’.
- The Committee of creditors will meet on 1 August to discuss issues related to insolvency proceedings of the Jet Airways.
- DGCA has suspended flying licenses of two SpiceJet pilots for unstabilized landing approach.