Weekly Business News: India Business News Weekly Roundup 12 to 17 April 2021

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India Business News Weekly Roundup 12 to 17 April 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 12 to 17 april 2021

Corporates – India Business News Weekly Roundup 12 to 17 April 2021

  • Sanjiv Saraf and his family are reportedly planning to sell their promoter holding in polyester film-making firm Polyplex Corp. for around Rs.1,500 crores.
  • IndiGo has announced not to charge any fees to change time or date on domestic tickets booked between April 17 and April 30 for any travel period. Cancellation fee, however, will be chargeable.
  • Maruti Suzuki India has decided to increase the price of its vehicles by an average of around 1.6% for all models due to a substantial increase in commodities prices.
  • Department of Biotechnology announced financial support to four firms including Bharat Biotech and Haffkine Biopharmaceutical to ramp up production of Covid-19 vaccine Covaxin.
  • BHEL has identified 300 products for exclusive procurement annually from MSMEs worth around Rs.3,000 crores.
  • Online Rummy Federation said that the government should consider setting up a licensing body to keep a check on non-accredited operators.
  • Amazon has launched Amazon Digital Suite, a set of software solutions aimed at enabling India’s SMBs to digitize their operations and bring their businesses online.
  • McDonald‘s India (West and South) is said to have appointed Rashmika Mandanna as its brand ambassador.
  • GMR Group announced the launch of GMR AeroCity Hyderabad as part of its vision to provide world-class infrastructure in India.
  • Escorts Heart Institute and Research Center is said to have received a notice from SEBI in the matter related to the alleged diversion of funds from the company by its erstwhile promoters.
  • Larsen & Toubro Infotech has appointed Anil Rander as its chief financial officer. Rander was previously with Tech Mahindra.
  • Google has added Timelapse feature on Google Earth. While Timelapse existed separately for years but it has now been integrated directly into Google Earth now. Timelapse allows users to turn back time and track important changes around the world.
  • The government-appointed board of IL&FS is reportedly expecting to resolve around 60% of the firm’s outstanding dues of around ₹1 trillion by the end of this fy.
  • Citigroup has reportedly said that it will exit its retail banking business in India and 12 other countries, to deploy in places offering better returns and growth.
  • CSC has tied up with Tata Power to set up solar-powered microgrids and water pumps in rural areas across India.

India Business News Weekly Roundup 12 to 17 April 2021

  • BPCL will supply around 1.5 tonnes per day of oxygen to government hospitals in Kerala from its Kochi Refinery.
  • Ashok Leyland said that along with Hinduja Leyland Finance it has created a new entity to take care of the freight mobility business.
  • Godrej Appliances is said to have announced to invest Rs.100 crores in two of its manufacturing facilities to expand its ac production capacity.
  • Facebook is said to have signed a deal to buy renewable energy in India from CleanMax, which will own and operate the projects, while Facebook will buy the power off the grid.
  • Instagram is said to be launching a small global test where users can choose whether to hide like counts on their own posts or other people’s posts.
  • National Internet Exchange of India announced three new initiatives aimed at raising awareness of the IPv6 protocol in India.
  • The Board of Bharti Airtel is said to have approved the amalgamation of Nettle Infrastructure Investments, Airtel Digital, and Telesonic Networks with and into the parent company.
  • Apollo Tyres has announced to have entered into the truck and bus tyre segment in the US and Canada.
  • Oberoi Group has announced to have signed an MoU with Energy Efficiency Services. EESL will collaborate with all Oberoi Group Hotels to evaluate opportunities for saving energy and lowering emissions.
  • Air India is looking for candidates for CEO positions at its subsidiaries Air India Air Transport Services, Air India Engineering Services, and Alliance Air Aviation, as per a notification from the airline.
  • Adani Road Transport has incorporated Badakumari Karki Road as its wholly-owned subsidiary.
  • Flipkart Group is reportedly in discussions to buy Cleartrip, a travel and hotel booking platform, in a distress sale.
  • Renault has partnered with CSC Grameen eStore to push sales in rural and semi-urban areas. Renault India’s entire product range will be listed on CSC Grameen eStore.
  • Hero Motors has inaugurated a new plant at Hi-Tech Cycle Valley in village Dhanansu near Ludhiana, Punjab. Spread across an area of around 100 acres, once fully operational, the valley is may employ over 9,000 people.
  • The government has reportedly started the process of inviting financial bids for the sale of Air India. The deal is likely to be concluded by September 2021.

India Business News Weekly Roundup 12 to 17 April 2021

  • Paytm Payments Bank is reportedly said to have registered over 970 million digital transactions in March 2021.
  • Hero Group has launched a new edutech firm, Hero Vired, to offer an industry-focused learning experience for young professionals in collaboration with universities like MIT, Singularity.
  • The government has said that it is fully prepared to implement mandatory hallmarking of gold jewellery and artifacts from June 1, 2021.
  • Airlines have reportedly asked the government to reduce capacity allowed from 80% of pre-COVID to 60% and have also asked for financial assistance. However, IndiGo has reportedly not sought financial assistance.
  • Department of Heavy Industries extended the validity of FAME-II certification of electric vehicles for obtaining subsidies to one year from the date of issuance instead of a blanket expiry on 31 March.
  • AirAsia India has extended its partnership with NAVBLUE, flight operations software subsidiary of Airbus.
  • NCLAT has ruled that debt-ridden telecom companies undergoing insolvency proceedings cannot claim rights to their spectrum.
  • Govt may soon start a crackdown on sellers of low-quality toys as it wants manufacturers to follow BIS standards made mandatory since January 2021.
  • The majority of InterGlobe Aviation Ltd’s public shareholders opposed granting ESOPs to its CEO However, a resolution to this effect was said to have been passed with the support of promoters of the airline.
  • Competition Commission of India is said to have cleared the acquisition of a controlling stake in Magma Fincorpof by Adar Poonawalla-owned Rising Sun Holdings for Rs.3,456 crores.
  • Coforge, formerly NIIT, is said to have signed definitive agreements to acquire a controlling stake in SLK Global Solutions.
  • Federation of Hotel & Restaurant Associations of India is said to have written to CMs and chief secretaries of all the states requesting relaxations for the revival of the hospitality sector.

India Business News Weekly Roundup 12 to 17 April 2021

  • Amazon India has launched a ‘Mentor Connect’ program, under which startups and emerging brands will be able to seek guidance from VC firms, industry veterans, and Amazon leaders.
  • M&M would be investing around Rs.3,000 crores in EV business in the next three years.
  • UK’s Cairn Energy Plc has reportedly offered to forego USD 500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if the Indian Government agrees to honour an international arbitration award.
  • Franklin Templeton Mutual Fund will reportedly pay out another Rs.2,962 crores to investors who had put their money in the now frozen six debt schemes.
  • Tatas are said to have terminated their around $2- billion investment deal with Malaysian state-owned oil and gas company Petroliam Nasional Bhd after year-long negotiations.
  • Bharat Biotech is said to be working on scaling up the production of Covaxin to 12 million doses a month by July from the current 5 million.
  • Due to the COVID-19 pandemic, RSH Global has deferred its plan of setting up a new manufacturing plant in Himachal Pradesh till early next year. The cost of the proposed plant is around Rs 100 crores.
  • Domestic traders’ body CAIT has requested PM Narendra Modi not to impose night curfew or lockdown and instead adopt staggered working time for different sectors.
  • Union Minister Mansukh Mandaviya said that the Central government is looking to develop Bhavnagar in Gujarat as a container hub and has set up pilot projects for its manufacturing. The move is to increase indigenous production of containers due to a global increase in demand.
  • DoT is likely to issue guidelines on the implementation of production-linked incentive (PLI) schemes within one week.
  • Trai has extended the deadline for stakeholder to submit their suggestions on satellite-based connectivity for low-bit rate applications to April 23.

Must Read: Famous Companies in India running under founding families even after a century

India Business News Weekly Roundup 12 to 17 April 2021

Start-up world, funds, funding and investments – India Business News Weekly Roundup 12 to 17 April 2021

  • 9Unicorns announced the third close of its first accelerator fund at $40 million taking its total fund size to $70M. The fund is planning to back seed-stage startups.
  • Qualcomm Ventures has made an equity investment in audio accessory manufacturer boAT. Although the exact amount has not been disclosed by the company the amount is reported to be around Rs.50 crores.
  • SoftBank Vision Fund 2 is reportedly in talks to invest around $450 million in Swiggy. If goes through, this will be the first direct investment of SoftBank Group in the Indian food-tech sector.
  • FuelBuddy, an online fuel delivery startup, has raised Rs.12.5 crores in funding from the Jaipuria Family Office and Rishi Kajaria.
  • Amazon is said to have introduced a $250 million Smbhav Venture Fund, focusing on digitization of small businesses, agri-tech innovations, and health tech.
  • iSeed, a micro-VC fund, is said to have closed $15 million as part of its second fund, iSeed II.
  • Miko, a robotics startup, is said to have raised Rs.50 crores as a part of its latest round of funding led by IvyCap Ventures. Existing investors of the firm also participated.
  • Credflow, a fintech startup, is said to have raised $2.1 million as part of its seed funding round led by Stellaris Venture Partners, Flourish Ventures, and Omidyar Network India. The startup offers cash flow management solutions for Indian SMEs.
  • Nova Benefits, an insurtech startup, is said to have raised $1 million as a part of its seed funding round led by Multiply Ventures, Titan Capital and Better Capital.
  • WeWork India is said to have raised Rs.200 crores in debt and equity.

Some stats: India Business News Weekly Roundup 12 to 17 April 2021

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India Business News Weekly Roundup 12 to 17 April 2021

Tie-ups – M&As

  • Benetton is reportedly partnering with Timex India, to manufacture and launch its exclusive collection of watches in the Indian market.
  • BPCL has collaborated with Accenture to transform its sales and distribution network.
  • Nykaa Fashion is said to have acquired Pipa Bella, an online jewellery brand for an undisclosed amount.
  • Flipkart has announced a strategic and commercial partnership with the Adani Group to strengthen the supply chain and logistics infrastructure.
  • Publishing house Penguin is said to have closed a deal with Almighty Motion Pictures for the audio-video rights of the financial movie ‘The Banker Who Crushed His Diamonds: The YES Bank Story’.
  • Canada Pension Plan Investment Board and RMZ Corp. have entered into a JV for three office projects. Canadian fund will be investing $210 million.

India Business News Weekly Roundup 12 to 17 April 2021

People:

  • Madison Media has promoted Vishal Chinchankar as CEO of Madison Digital and Madison Media Ultra. He was serving as Chief Digital Officer.
  • Tata Consumer Products announced the elevation of Puneet Das as president for its packaged beverages business in India and South Asia.
  • Motilal Oswal Private Wealth Management has announced to have elevated Ashish Shanker as MD from Dy MD.
  • Walt Disney has appointed K. Madhavan as president, the Walt Disney Company India, and Star India, with immediate effect. Madhavan will be taking over from Uday Shankar.
  • Publicis Groupe India announced a restructuring of its media business, bringing together data science, programmatic and media tech along with its two media agencies Zenith and Starcom, under common leadership. Tanmay Mohanty has been appointed as media services CEO.
  • V Ramesh, CEO of MF Utilities will retire in May 2021 and will be replaced by Ganesh Ram who was previously heading MF business of the Bombay Stock Exchange. MFU is one of India’s largest players in the mutual fund execution space.
  • Morgan Stanley India M&A head S Sundareswaran will reportedly be joining Alta Capital.

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