Weekly Business News: India Business News Weekly Roundup 1 to 6 March 2021

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India Business News Weekly Roundup 1 to 6 March 2021. 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:india business news weekly roundup 1 to 6 march 2021

Corporates – India Business News Weekly Roundup 1 to 6 March 2021

  • A majority of lenders to Bhushan Power and Steel have voted in favour of the offer of JSW Steel to complete the transaction by transferring Rs.19,350 crores to an escrow account.
  • Amazon India is launching a special storefront to highlight products made available by women-led small businesses.
  • Nasscom has launched a Deep Tech Club 2.0 to boost Indian deep tech startups as also to help them go global.
  • RailTel has formally launched paid wi-fi service plans. This will enable users to access high-speed internet at 4,000 railway stations across India. The service is already available at around 5950 stations.
  • Wipro will launch more online-only brands in the market and will also launch international brands on e-commerce as it takes a long-term view of e-commerce channels in India.
  • Automotive Component Manufacturers Association, the industry body, has requested the Haryana government to reconsider implementing a law mandating companies to reserve 75% of jobs with less than Rs 50,000 monthly salary for local candidates. The body said that it will adversely impact the ease of doing business.
  • Rising Sun Holdings has notified the Competition Commission of India about acquiring a 60% stake in Magma Fincorp.
  • Bank of Baroda has filed a petition with the Delhi High Court requesting it to vacate its stay on disposing of Reliance Home Finance assets in a case involving inter-corporate deposits of the Shapoorji Pallonji Group.
  • General Atlantic is reportedly planning to sell around 50% of its 40.91% stake in KIMS Hospitals.

India Business News Weekly Roundup 1 to 6 March 2021

  • Indian Hotels have said its upcoming luxury residences, Taj Wellington Mews in Chennai, will be managed by an all-women team. The property is expected to open in April 2021.
  • The Transport Ministry has allowed online Aadhar verification for issuance of international driving permits & renewal or duplicate licenses.
  • AirAsia India will shift its entire Mumbai domestic flight operations to Terminal 1 from 10 March.
  • Bombay High Court has suspended the tender process for power distribution in Dadar & Nagar Haveli. Torrent Power, bidding for a 51% stake, was the highest bidder in this tender.
  • Vistara has started operating a direct flight on the Mumbai-Male route.
  • NCLT has upheld the petition of Doha Bank seeking priority payment for Reliance Infratel financial creditors of around Rs.3,515 crores.
  • Ircon International has bagged an order from the Railways worth Rs.187.80 crores.
  • Bajaj Electricals and Mahindra Logistics have signed a five-year, Rs.1,000 crores agreement for logistics optimization and outsourcing arrangement.
  • Godrej Interio has bagged contracts worth around Rs.250 crores for Bengaluru, Kochi, and Mumbai metro projects.
  • Mondelez International, the maker of Oreo cookies, has moved Delhi High Court against Parle Products alleging Parle copying its Oreo cookies, and Fabio biscuits of Parle being ‘deceptively similar to Oreo.
  • Truecaller has launched an app ‘Guardians’ for personal safety on which people can choose contacts to share their location.
  • Ambuja Neotia group is likely to develop 4 properties with Taj Hotels.

India Business News Weekly Roundup 1 to 6 March 2021

  • Flipkart is planning to ramp up its online grocery service to 70 cities over the next six months. Its offerings are available currently in 50 cities.
  • ManipalCigna Health Insurance has launched a Lifetime Health plan offering a sum insured in the range of Rs50 lakh to ₹3 crores for coverages in India as well as abroad.
  • The proposed deal of PTT Group, Thailand’s energy major, buying a stake in ReNew Power Ventures has reportedly been called off.
  • TRP scam: Bombay HC has granted bail to ex-BARC CEO Partho Dasgupta in the alleged TRP scam.
  • The board of Bharat Petroleum Corporation has approved the sale of its 61.65% stake in the Numaligarh refinery for Rs.9,875 crores. Out of this, 49% stake will be acquired by the consortium of OIL and Engineers India Ltd while the balance 13.65% will be sold to the Assam government.
  • Bondholders of Srei group have moved NCLAT against an order of the Kolkata bench of NCLT that allowed Srei Equipment Finance to skip repayments from 1 January to 30 June.
  • PhonePe is said to have clocked around 972 million UPI transactions in February 2021, garnering approx. 42% market share on the payment infrastructure.
  • Reliance Industries is said to be teaming up with Facebook, Google and Infibeam Avenues to apply for a license from RBI for electronic payments.

India Business News Weekly Roundup 1 to 6 March 2021

  • India’s finance ministry is said to be considering cutting excise duties on petrol and diesel to cushion the impact of record-high domestic prices.
  • The government has accepted the VRS of the incumbent chairman of Oriental Insurance, SN Rajeswari. She has already been selected as a member (distribution) in IRDAI for three years.
  • IATA is planning to launch its travel pass (a mobile app) by the end of March and is in talks with Indian authorities and airlines for using the pass in India. The app will help passengers to manage their travel easily meeting the government guidelines.
  • DLF Cyber City Developers has raised around Rs.2,500 crores through two lease rental discounting transactions.
  • Delhi Government has suspended subsidy to Tata Motors’ Nexon EV pending an enquiry on a complaint about the alleged sub-standard range on EV.

Must Read:Interesting facts about Ratan Naval Tata

India Business News Weekly Roundup 1 to 6 March 2021

  • Food and consumer affairs minister Piyush Goyal has asked the Bureau of Indian Standards to cut quality testing charges for MSMEs, startups & women entrepreneurs.
  • Sterlite Technologies, the Telecom equipment manufacturer, has bagged orders worth $100 million in Africa and the Middle East.
  • Krishna Institute of Medical Sciences has filed a draft red herring prospectus with Sebi to raise funds through IPO.
  • Air India has cancelled the leaves of all its pilots with immediate effect due to the rising number of travelling passengers.
  • WhatsApp has added a new feature for android users who can now mute videos before uploading on stories or chats.
  • Kiran Mazumdar Shaw, reacting to a report that the health ministry has fixed Rs.250 per shot at private hospitals, tweeted “We r crushing instead of incentivising vaccine industry”.
  • Paytm is said to have exceeded 1 billion in monthly transactions for the second successive month in February across UPI, wallet, cards, and net-banking payment.
  • Cube Highways, one of India’s largest toll road operators of the private sector, is said to be looking to sell around 25% stake and is exploring infrastructure investment trust (InvIT).
  • IKEA is looking to scale up sourcing of toys from India. It currently has a range of over 1,000 products in toys.
  • Total dues owed by electricity distribution companies to power producers rose nearly 24% to Rs.1,36,966 crores in December 2020 compared to December 2019.
  • Adani Green Energy and Adani Transmission have announced the release of pledge on equity shares by their promoters Gautam S Adani and Rajesh Adani on behalf of SB Adani Family Trust.
  • To increase trade at Chabahar port in Iran, Jawaharlal Nehru Port and Deendayal Port are offering discounts on the vessel and cargo charges.
  • SBI is said to be looking to enter the aircraft leasing business in India.
  • Vatika Group sold multiple land parcels worth around Rs.450 crores to repay debt. The firm has repaid Rs.1100 crores to various lenders.
  • Birla Precision Technologies is ramping up its capacity to tap emerging opportunities.
  • CBDT Chairman Pramod Chandra Mody has been given a further extension of three months.
  • NeoGrowth Credit, an SME lender, has launched diGibizz, an end-to-end platform to help small businesses.
  • Private health insurers are offering 80-100% discounts on renewal premiums along with other rewards and benefits.
  • Chief Economic Advisor K V Subramanian has backed a proposal to bring petroleum products under GST saying it will be a good move but the decision rests with the GST council.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 1 to 6 March 2021

  • Webscale, an e-commerce cloud company, has raised $26 million in a Series C round of funding led by BGV, STCAP Ventures and Mohr Davidow Ventures. The round also saw participation from Grotech Ventures.
  • Singapore-based InsurTech platform has raised $9.4 million in a funding round led by CreditEase Fintech Investment Fund and Think Investments. A major part of the funding will be used for investment in its Indian affiliate, Symbo India Insurance. Its existing investors Integra Partners, Insignia Ventures, and AJ Capital also participated.
  • DealShare has raised Rs.25 crores in debt funding from Innoven Capital, taking the total amount raised to date to Rs.267 crores.
  • Questt, a school homework app, has raised Rs.9.6 crores in a seed round funding led by Chiratae Ventures, AET Fund, and some entrepreneurs including Rohit Bansal, Kunal Bahl, Ramakant Sharma, Pranay Gupta, and the founders of First Cheque, and Razorpay.
  • Cashify, a re-commerce platform, selling and buying used smartphones and other electronic gadgets, has raised $15 million from Olympus Capital Asia.
  • Trifecta Capital has closed its second venture debt fund after having invested ₹900 crores in 38 companies. The firm raised Rs.1,025 crore against a target of Rs.1000 crores for the fund.
  • Inflexor Ventures has launched a DeepTech Fellowship program under which they will provide seed to series A funding to startups that are part of their $100 million fund.
  • Hungama and Hindustan Talkies have made a strategic investment of $500,000 in the Indian Gaming League, an esports platform.
  • UK’s Bay Capital has announced a pre-IPO investment in Polizybazaar.
  • ideaForge, a drone manufacturer, has raised ₹15 crores from venture debt firm BlackSoil. The startup is backed by US-based WRVI Capital and leading companies like Qualcomm and Infosys.
  • Apna. co, a vertical professional networking platform, raised $12.5 million led by Sequoia Capital India and Greenoaks Capital.
  • Qoohoo, a Creator-based social platform, has raised around $800,000 as part of its angel round.
  • A day prior to its IPO opening, MTAR Technologies has raised ₹179 crores from 15 anchor investors.
  • Ivanhoé Cambridge, the real estate subsidiary of Caisse de dépôt et placement du Québec, Canada’s second-largest pension fund and the Embassy Group have launched a commercial office platform with an investment of $500 million.
  • Board of the Jagran Prakashan, publisher of Dainik Jagran, has approved to buy back shares worth up to Rs.118 crores.
  • AMPM, a convenience store chain, has raised ₹16 million from Agility Venture Partners.
  • Inflection Point Ventures (IPV), comprising around 4000 investors,  is looking to double its investment to USD 20 million in start-ups in India this year. To date, IPV has announced 55 deals including Milkbasket, Truly Madly, Blusmart, Otipy by Crofarm, and Multibhashi.

Some stats: India Business News Weekly Roundup 1 to 6 March 2021

  • As per IDC, the wearables market in India showed a y-o-y growth of 144.3% in 2020 with 36.4 million unit shipments.
  • As per the data from the National Payments Corporation of India, total UPI transactions in the country stood at 2.29 billion in February 2021.

Must Read:All about Reliance Industries and the list of companies owned by Mukesh Ambani

India Business News Weekly Roundup 1 to 6 March 2021

Tie-ups & acquisitions:

  • Blackstone Group is said to be in talks with Sify Technologies to acquire a minority stake in the firm.
  • Tech Mahindra has partnered with ThoughtSpot, offering search and AI-driven analytics, to offer real-time analytics for enterprises around the globe.
  • Web Werks has entered into a strategic relationship with Iron Mountain, which will invest US$150mn primary equity in the firm over the next two years.
  • FarEye has acqui-hired PY Technologies, a logistics technology startup, to scale customer implementations.
  • PNB Housing Finance and Yes Bank shave entered into a strategic co-lending agreement to offer customized retail loans at competitive interest rates.
  • JK Tyre has entered into a strategic partnership with CarDekho and AutoBrix for online to offline doorstep delivery-cum-fitment service of tyres.
  • NBCC Ltd has signed an MoU with Rashtriya Ispat Nigam Ltd for the redevelopment and monetization of 22.19 acres of land in Visakhapatnam.
  • ArcelorMittal Nippon Steel India has entered into an agreement with the Odisha government for setting up a 12 mtpa integrated steel plant with an investment of Rs.50,000 crores in the Kendrapada district.
  • Park+, offering smart parking solutions for housing societies and commercial establishments, tied up with Supertech Ltd. to digitize vehicle entry and exit in its residential societies.
  • Adani Ports and Special Economic Zones have agreed to acquire a 31.5% stake in Gangavaram Port, Visakhapatnam, from Warburg Pincus for around Rs.1,954 crores.
  • WE HUB has signed an MOU with Meesho to support women entrepreneurs across Telangana.
  • Razorpay is buying back ESOPs worth $10 Million.
  • ImaginXP, an edu-tech enterprise, is said to have raised $1.5 million in a funding round led by Venture Catalysts along with Krish Kupathil, Samyakth Capital, Shashank Deshpande, among others.
  • Airtel Xstream has partnered with DIVO Movies through which the entire Tamil movie catalogue, including exclusive premieres, of Divo will be available on the Airtel Xstream app.
  • Siemens Ltd. has completed the acquisition of electrical and electronic equipment maker C&S Electric, its biggest acquisition in India, for Rs.2,100 crores.
  • PE firm, True North has acquired an 8% stake in Anthem Biosciences – pharmaceutical research, development, and manufacturing company, for $85 million.
  • IPL team franchise Mumbai Indians has entered into a partnership with DHL Express to be on board as a principal sponsor and official logistics partner of the team.
  • Reliance Industries has more than doubled its stake in US-based SkyTran Inc., a venture-funded tech firm developing pod car transport systems. RIL had first invested in SkyTran in October 2018 by acquiring a 12.7% stake.
  • Adani Green Energi is said to be in advance discussions to acquire Hero Future Energies solar project located in Jodhpur.

Ongoing cases: India Business News Weekly Roundup 1 to 6 March 2021

People:

  • PhonePe has pledged to increase female representation in senior leadership roles, including directors and VP, to 25% by December 2021. Currently, there’s 16% female representation in these roles.
  • Airbnb has said that women hosts in India listed on its platform collectively earned over Rs.16 million in 2020. During March 2020 and February 2021, over 27% of all hosts signed up were women.
  • KPMG has appointed Anindya Basu as National Managing Partner.
  • Former Vi executive Sundeep Kathuria has been appointed COO-India at XiFi Smart Networks, a wireless technology company.
  • Palo Alto Networks, a Cybersecurity company, has appointed Anil Valluri, former Google and NetApp executive, as regional VP – India and the Saarc region.
  • Elise Becker has been appointed VP-Asia Pacific for Lufthansa Group Airlines from May 1, 2021.

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