India business news headlines weekly roundup Feb 25 to March 1

India business news headlines weekly roundup Feb 25 to March 1

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


  • NCLT shall decide on Arcelor’s bid for Essar Steel on 8th March.
  • Naresh Goyal has agreed to step down as the Chairman of Jet Airways as part of a plan to secure a rescue deal from Etihad Airways. There are, however, still some proposals put up by lenders that Etihad has to agree on.

India business news headlines weekly roundup Feb 25 to March 1

  • The board of Bharti Airtel has approved raising Rs.32,000 crores through a rights issue and by selling foreign currency denominated bonds to reduce its debt.
  • Infosys has imposed a penalty of Rs.9.5 lakh on Kiran Mazumdar-Shaw for inadvertently selling 1,600 company shares during an open trading window period without prior permission.
  • Johnson & Johnson has resumed production of baby powder after a govt approved testing agency reaffirmed that the product does not contain asbestos. The production was stopped in Dec.2018.

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Some more news from Corporates

  • Wipro has entered into a definitive agreement with Illinois-based Alight to sell its Workday and Cornerstone On Demand business for US$ 110 million.
  • The board of Indian Overseas Bank has approved a fund infusion from the govt by way of a preferential issue.
  • Accel India promoted Barath Shankar Subramanian, Abhinav Chaturvedi and Prayank Swaroop from being principals to Partners. Accel India has invested in firms like Flipkart, Freshworks and Swiggy.
  • Financial creditors of RCom have opposed the firm’s plea to pay Ericsson’s dues from IT refunds. They shall formally submit their reply to NCLAT by 8th March.
  • KKR is seeking to lend in partnership with Indian banks and buy more local NBFCs.
  • Jet Airways lenders have grounded seven more planes as the airlines defaulted in paying the rental fees. About 18 aircraft have reportedly been grounded by lessors so far.
  • Twitter has said it is working collaboratively with the Election Commission to ensure transparency during general elections in India. The company is also said to have agreed to appoint a nodal officer to work with EC.
  • The board of Kotak Mahindra Bank has approved a proposal to increase its foreign shareholding limit to 45% from the existing 43%.
  • Adani Enterprises has also won the right to operate and manage the Guwahati airport. The group has already won rights to redevelop five regional airports in India.
  • The board of Tata Steel has approved a plan to raise up to Rs.5000 Crores through the issuance of NCDs.
  • Airtel and Vodafone may team up in the optical fibre space to stay in competition with Reliance Jio.

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More in India business news headlines weekly roundup Feb 25 to March 1

  • India has once again extended the deadline to impose high import duties on 29 USA products till 1st April 2019 from the existing 2nd March.
  • e-wallet companies have welcomed the extension of a deadline for KYC norms by six months from existing 28th Feb. as this will ensure that the customers are not impacted adversely.
  • NCLAT has dismissed the plea of Monnet Power to re-examine claims of BHEL.
  • Sebi has slapped a fine of Rs.30 lakh on Radford Global for failing to provide information sought by it as also violating listing norms.
  • NCLAT has asked IL&FS to extend its bank guarantee of Rs.60.29 crores issued to NHAI. IL&FS and its subsidiaries have a cumulative debt of over Rs.90,000 crores.
  • RBI has lifted the lending ban from Allahabad Bank and Corporation Bank. Dhanalaxmi Bank has also been taken out of RBI’s Prompt Corrective Action list.
  • Music streaming service Spotify is now officially live in India. The app will be available on mobile, desktop and tablets, alongside support for smart speakers and home devices.
  • SBI is reportedly considering to approach NCLT to recover its loan from Jet Airways.
  • Sebi has ordered impounding of alleged illegal gains worth around Rs.1.02 Crore from the promoters of ADF Foods Bhavesh Thakkar and Priyanka Thakkar as also from four others in an insider trading case.
  • Embassy Office Parks is set to list India’s first ever Real Estate Investment Trust soon as it’s close to raising Rs.5000 Crores by diluting 20% stake at a valuation of $5 billion.
  • India has refused to join e-commerce talks at WTO. The government believes that the push for initiating negotiations on substantive obligations related to e-comm will oblige India to permanently accept the current moratorium on imposing customs duties.
  • KKR has offered Rs.3,100 crores to buy the stake held by V.G. Siddhartha and his two firms in Mindtree.
  • Biotech Vision is in talks with PE funds to raise around Rs.120 crores by selling a minority stake.
  • RIL is preparing to go public with Reliance Retail soon. Reliance Retail operates more than 9900 stores in over 6400 cities across India.

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Policies & Practices

  • Union Cabinet has approved promulgation of an ordinance to amend SEZ Act whereby Trusts can now approach the govt to set up units in SEZ areas.
  • Union Cabinet has approved a national policy on software products aiming to position India as a hub for s/w development and creating around 65 Lakh jobs by 2025.
  • RBI has proposed strict compensation norms for senior officials of foreign and private banks. The proposal includes min 50% variable component and money clawback provisions.
  • DoT has issued instructions to liberalise import norms for sample products, test and measurement equipment and prototype.
  • Suresh Prabhu, the Commerce and Industry Minister, has said that the government is working on a plan to increase FDI inflows in India to $100 billion.
  • GST Council has slashed tax rates for under-construction flats to 5% and affordable homes to 1%.
  • The govt will regulate domestic e-comm players only after a new policy has been put in place to help create a level-play with companies having overseas investors like Flipkart and Amazon.

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Some more India business news headlines weekly roundup Feb 25 to March 1

M&As and tie-ups

  • Future Retail has signed a master franchise agreement with 7-Eleven to develop and operate 7-Eleven Brand stores in India.
  • RIL is in advance discussions with Grab to buy a majority stake. Grab has so far raised over Rs.30 Crores.
  • True North has agreed to buy 51% stake of Max Bupa Health Insurance for Rs.511 Crores in an all-cash deal. Max India has now exited the health insurance business with this deal which has put Bupa’s enterprise valuation at Rs.1,001 crores.
  • GVK Airport Holdings has acquired a 13.5% stake of Bid Services Division (Mauritius) in Mumbai International Airport.

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Start-up world, funds, and fundings

  • Abu Dhabi Investment Authority has set up a distressed assets fund in India with Kotak anchoring it with a commitment of US$500 million. Kotak bank will put $100 million from its balance sheet. The fund will target both pre-stress and distressed opportunities.
  • Grofers has raised $60 million from SoftBank in a fresh round of funding.
  • Convergent Finance is leading a $22 million funding round in Hindustan Foods to pick up a stake between 20 to 26 per cent.

Ongoing cases

  • Air India divestment – The Union Cabinet has approved proposal to create an SPV to which AI’s debt of Rs.29464 Crores will be transferred along with some of airlines assets.
  • Amrapali case – The Supreme Court has allowed Delhi Police to arrest Amrapali group CMD Anil Sharma and two directors Shiv Priya and Ajay Kumar. It has also directed attachment of their personal properties.
  • Nirav Modi case – ED has attached assets of Nirav Modi for around Rs.148 Crores including an office premise at Kurla and other assets. ED had earlier attached his assets worth Rs.2215 Crores.
  • Fortis case – Fortis Healthcare has asked Sebi to invoke Section 28A to arrest former promoters. Sebi’s probes had found that the money was transferred to entities related to the former promoters.


  • . As per Grant Thornton’s Jan PE Dealtracker report, PE investments in India witnessed a growth of 36%. The total investments received in Jan 2019 stood at US$ 1325 million.
  • As per a report by Deloitte and Retailers Association of India, the e-comm market is expected to touch $1.2 Trillion by 2021.
  • As per a report by McKinsey, PE investments touched a new high of $1.4 trillion globally in 2018. The investments were driven by 19 deals of more than $5 billion each in financial services, healthcare, real estate, IT and F&B industries.
  • As per ASSOCHAM, the air purifier market may touch $38.99 million in 2023 from the current $14.14 million.


  • As per Hurun Global Rich List 2019, Mukesh Ambani is now the 8th richest person in the world with a net worth of $54 billion.

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