India business news headlines weekly roundup 8th to 12th April 2019

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India business news headlines weekly roundup 8th to 12th April-

Here’s a roundup of all the India business news that created the buzz in India this week:

Corporates

  • Tata Sons and Singapore Airlines have together infused Rs.900 crore in Vistara to improve its financial health and take delivery of new planes.
  • Indian Hotels Company has launched 12 hotels across India with a new hotel brand ‘SeleQtions’. The brand is focussed on travellers who prefer staying in hotels with a distinctive character.
  • Reportedly during the last one month, over 45 million tweets were shared around India elections. Prime Minister Modi is the most mentioned figure during the first phase of election conversations.

 India business news headlines weekly roundup 8th to 12th April

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  • DoT has approved the merger of Tata Teleservices with Bharti Airtel subject to Airtel furnishing a bank guarantee of around Rs.7200 Crores.
  • Google Pay has partnered with MMTC-PAMP India to allow its users to buy and sell gold through its app.
  • Essel group has issued a statement affirming its commitment to repay debtors. Subhash Chandra is looking to sell his stake in Zee Entertainment Enterprises to repay lenders.
  • Premium smartphones and electronic merchandise of around Rs.5000 Crore of 10 tech companies including Apple, Samsung, Vivo and HP are stuck at customs after Central Pollution board suspended their import permits for not complying with e-waste rules.
  • Delhi high court on Thursday asked Bidvest Group to respond to an injunction filed by GVK GROUP to stop Bidvest from selling its stake of 13.5% in Mumbai International Airport.
  • Wipro Lighting has formed a strategic partnership with Netherlands-based Mapiq to jointly create smart workplaces in India. Mapiq creates a unified, cloud-based platform to help optimise workspaces.
  • Kotak Mahindra AMC and HDFC AMC are among the mutual funds forced to withhold or roll over FMPs with exposure to Subhash Chandra led Essel Group. Mutual funds have Rs.7,000 crore exposure to Essel Group.
  • GoAir is struggling to find a stable management team and is operating with only 76-77% of its fleet. The latest CEO resigned in Feb, after just eight months of joining.
  • TPG and Piramal Enterprises have started the process to sell their over $1 billion shares in Shriram Capital.

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Some more news from Corporates

  • DGCA has asked all airlines to increase the number of flights to stabilize rising airfares.
  • Just three months after the complete acquisition of assets of Religare Health Trust for ₹4,650 crore, Fortis Healthcare is in talks with potential buyers to sell its stake.
  • Zoho, the business applications software provider, is entering into e-comm segment by launching Zoho Commerce. It’s a simple tool for sellers to build an e-comm website with no coding skills.
  • Essel Infra has put its EV plans on hold to give priority to reduce its debt of Rs.11,466 crores.
  • Singapore government has sold 6.8 crore shares of DLF for Rs.1,298 crore through open market transaction probably to rejig its portfolio.
  • RCom has asked NCLAT to go ahead with bankruptcy proceedings as it is unable to pay dues to its lenders. Ericsson is opposed to the move as it would have to return the ₹550 crore payout it received from RCom.
  • Social media firms have agreed to take down content violating the mandatory 48 hour blackout period before elections within two hours of reporting as against three hours agreed earlier.
  • TikTok has filed a petition in the Supreme Court against a recent Madras High Court order to ban its application on the grounds that it serves as a platform for extreme content.
  • Dream11’s valuation is expected to be around $1-1.5 billion after the recent investment by Steadview Capital. The investment amount has not been disclosed yet but it is expected to be around $60 million.
  • Auto Industry has requested the Government to cut GST on passenger vehicles and two-wheelers to 18% from 28% currently.
  • As per an ad released by SBI, the bidding process for stake sale of Jet Airways will start from 8th April. The interested bidders will have to submit their bids by 10th April.
  • DoT has issued inflight and maritime connectivity service provider licence to Indo Teleports Ltd., a subsidiary of Bharti Airtel. BSNL has also been granted the same licence.
  • Axis Bank has submitted a plea with NCLT against Valecha TM Toll for defaulting on a loan of around Rs.105 crores. The company was declared NPA in Nov. 2016.
  • Gaurs Group, the real estate developer, has raised Rs.500 crores from Kotak Mahindra Bank to speed up the construction work of its existing projects.

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More in India business news headlines weekly roundup 8th to 12th April

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Policies & Practices

  • Irdai has asked insurance companies to share the status of claim settlement to policyholders from July 1.
  • Sebi has revised charges related to basic services Demat account. The revised charges will come into effect from June 1.

Some more India business news headlines weekly roundup 8th to 12th April

M&As and tie-ups

  • After its alliance with Mahindra & Mahindra, Ford may end running its India operations as solo.
  • Citroen, the French automaker, has tied up with CarDekho to enter Indian pre-owned car market.
  • L’Oréal is looking for acquisitions in the skin and make-up market to fill up gaps in its existing portfolio. As per Euromonitor, India’s beauty and personal care market as of 2018 stood at ₹97,100 crores.
  • Canadian pension funds CPPIB and CDPQ, and the Piramal Group have entered the final round of bidding to acquire Highway Concessions One, the roads portfolio of Global Infrastructure Partners.
  • Thales, a defence major and Kalyani Group have finalised a JV to manufacture next-gen weapon systems in India.
  • Baring Private Equity Asia has agreed to buy a 30% stake in NIIT Technologies for around Rs.2,627 crores.
  • Everstone Group has entered into an agreement with Sahyadri Hospitals to acquire a controlling stake. Sahyadri is the largest hospital chain in Maharashtra.
  • The Daftary family, promoters of Bharat Serums and Vaccines are reportedly in initial talks with Carlyle Group and Advent International and some other PE firms to sell a controlling stake in the firm for around $500 million.

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Start-up world, funds, fundings and investments

  • Sachin Bansal is in talks with Chaitanya Microfinance to buy a large stake in the firm held by Shorecap.
  • RentoMojo is in discussions to raise fresh funding of up to $40 million from its existing and new investors.
  • JSW Steel has raised US$500 million through an international bond issue. The five-year dollar money sale saw high demand from investors across Europe and Asia.
  • CleverTap, a mobile app analytics startup, has raised $26 million in a funding round led by Sequoia Capital and Tiger Global.
  • GlowRoad, a Social commerce platform, has raised $10 million in a Series B round of funding led by CDH Investment of China. GlowRoad connects resellers directly with raw material suppliers using social media platforms like WhatsApp and Facebook.
  • Avaada Energy has raised Rs.1,000 crores from ADB, Germany’s DEG and Netherlands’ FMO for financing its 2.4 GW renewable energy portfolio.
  • Tata Sponge Iron has completed the acquisition of Usha Martin’s steel business. Transfer of some assets however is pending. Tata had entered into an agreement for acquisition in Sept.2018 for Rs.4300-4700 crores.
  • Dvara KGFS has acquired Varam Capital, a micro lender, in an all cash deal.
  • SigTuple, a diagnostics startup, has secured $16-million in a Series C round of funding led by Trusted Insight. Its existing investors also participated including Binny Bansal who will join the board of the firm.
  • General Atlantic will invest $100 million in Rubicon Research. GA had acquired a controlling stake in Rubicon last week.
  • India Resurgence Fund has announced an investment of up to Rs.992 crore in Panacea Biotec. Funds will be used for a one-time settlement of existing lenders, working capital and further growth.
  • Coffee Day Enterprises has announced that Japanese company Impact HD will acquire a 49% stake in Coffee Day Consultancy Services for $15 million.

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There’s more in India business news headlines weekly roundup 8th to 12th April

Some stats

  • For YouTube, India has overtaken the US as the largest and fastest-growing market. It has now around 26.5 crore subscribers, out of which 95% consumption is in local languages in Tier2 and Tier3 cities. Consumption from mobile has increased to 85% and 60% of watch time is outside the six largest metros.

Ongoing cases

  • Jet Airways update-

– Etihad has reportedly submitted its interest to remain invested in the airline.

– The government is likely to review Jet Airways’ eligibility to continue its international operations after it gets a report from DGCA on the issue. The airline has reduced its fleet to 14 planes from 123 earlier.

– The airline canceled all its international flights yesterday

– Jet Airways has informed the stock exchanges that Naresh Goyal has pledged 26.01% stake with PNB.

– A European cargo services provider has seized one of its Boeing planes at Amsterdam over non-payment of dues.

– DGCA has de-registered seven Boeing aircraft of Jet Airways. Now the lessors can take the places out of India and lease them to any other airlines.

– SBI Capital has extended the deadline for investors to bid for a controlling stake of up to 75% in Jet Airways till Friday.

  • Essar Steel update – NCLAT is likely to ask ArcelorMittal to deposit the bid amount of ₹42,000 crore for acquiring Essar Steel in separate accounts during the next hearing on 23 April.
  • Bhushan Steel case – CBI carried out searches in various premises of Bhushan Steel in connection with the case of alleged cheating of Rs,2348 crores.

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People

  • Resignations by Cairn India’s CEO Sudhir Mathur and CFO Pankaj Kalra last week came as a setback for the firm. The company is in the midst of finalizing E&P plans for 41 oil and gas blocks it won last year. Four CEOs in the last seven years have exited Cairn since Vedanta took charge.
  • Usha Martin has appointed Anirban Sanyal as its CFO. Sanyal joined the firm in 2016 and is presently the finance controller.

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