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

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India Business News Weekly Roundup 12 to 17 July 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 july 2021

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

  • Archies Limited has entered into beauty and personal care e-commerce.
  • Car Dekho has reportedly launched a dedicated online pre-owned cars retailing service.
  • Singapore International Arbitration Centre has reportedly concluded its hearing on the plea filed by Amazon Future group and Reliance Industries.
  • Tata Power has tied up with HPCL to provide end-to-end EV charging stations at their retail outlets.
  • Netflix will now reportedly be expanding into video games and has hired Mike Verdu, former Facebook executive, as its new VP-game development.
  • Delhi Airport’s T2 may soon start operations. No confirmed date has been released till now.
  • VFS Global will reportedly re-start Canada visa processes from 19 July 2021.
  • Paytm has reportedly filed for an IPO of up to Rs.16.600 crores.
  • Amazon has announced its plans to launch 11 new fulfillment centers in India.
  • Google Cloud India has announced the launch of its new cloud region in Delhi-NCR to serve public sector customers in the country and across Asia pacific.
  • Zomato IPO was reportedly subscribed over 38 times by the end of the final day of the issue
  • Bisleri International is said to have expanded into personal hygiene segment with the launch of Bisleri hand purifiers.
  • Venus Remedies, a pharma firm, entered into the consumer healthcare market with the launch of a dedicated consumer healthcare division.
  • Radisson Hotel Group announced the opening of a Radisson Blu Resort in Dharamshala, Himachal.
  • The central government is said to have invited ‘Request for Proposal to hire legal adviser’ for LIC IPO.
  • Muthoot Microfin is said to have raised Rs.75 crores through market-linked debentures in June.

India Business News Weekly Roundup 12 to 17 July 2021

  • Clubhouse will now allow users to send direct messages to each other through the app with a new feature called ‘Backchannel’.
  • After RBI’s restrictions on Mastercard, RBL Bank is reported to have entered into an agreement with Visa for issuance of credit cards.
  • ZFW Hospitality announced to have entered Mumbai where it is planning to support over 15 brands with 50 dark kitchens and fulfillment centres.
  • UP RERA is reported to have canceled registration application of two projects of Supertech as the developer failed to complete its existing projects as also comply with the orders of granting relief to the home buyers.
  • RBI imposed restrictions on Mastercard from onboarding new domestic customers onto its card network from July 22, 2021, for being non-compliant with its directions on the storage of payment system data.
  • RBI cancelled the license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank, Nilanga, Maharashtra. It also asked Commissioner for Coop and Registrar of Coop Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator.
  • ITC Ltd is reportedly venturing into boutique lifestyle hotel segment under a new brand called ‘Storii’.
  • The Central government has reportedly accorded ‘Research Association’ tag to Patanjali Research Foundation Trust, Haridwar, thereby exempting donations made to the trust from income tax.
  • State-owned NTPC is said to have received approval from the government to set up India’s single largest solar park at Rann of Kutch in Gujarat.
  • The board of directors of NMDC have reportedly approved the ‘scheme of arrangement for demerger’ between NMDC and NMDC Steel.
  • The government has reportedly ordered an inspection of Carlsberg India’s books after complaints from 3 of its directors and exit of the statutory auditor of the company.

India Business News Weekly Roundup 12 to 17 July 2021

  • Amazon India announced the launch of ‘Spotlight North East’ storefront on its marketplace which will enhance the visibility of unique local products.
  • Patanjali Group is reported to have done Rs.30,000 crore turnover in FY 20-21 and is looking to be debt-free in 3-4 years.
  • Royal Vopak and Aegis Logistics formed a new JV for LPG and chemical storage in India.
  • National Restaurant Association of India has reportedly submitted additional information with CCI against food aggregators regarding exorbitant commissions charged, flagging delayed payments, and laying the burden of discounts on restaurant partners.
  • Maruti Suzuki raised prices of premium hatchback Swift and CNG cars by up to Rs.15,000 to partially offset input cost increase.
  • ArcelorMittal, JSW Steel, Megha Engineering and Infrastructure and Tata Steel are reported to be among the shortlisted firms for buying Neelachal lspat Nigam as part of the disinvestment program of the central government.
  • PNB Scam: A trial court has granted bail to the MD of three of the accused firms namely Nakshastra Brands, Gitanjali Gems and Gilli India.
  • Amul wins its first trademark violation case outside India. The IP Appellate Board of Canada recently accorded trademark status to Amul recognizing ‘The Taste of India’.
  • Equitas Holding Ltd, promoter of Equitas Small Finance Bank, said that RBI has allowed it to file for an amalgamation scheme with promoter entity.

India Business News Weekly Roundup 12 to 17 July 2021

  • SpiceJet will start eight new flights connecting MP with Maharashtra and Gujarat from 16 July onwards.
  • Alpha Corp will reportedly invest around Rs.900 crores to complete 3 stalled projects of Earth Infra in Delhi NCR.
  • Ujjivan Small Finance Bank is reportedly seeking to initiate steps for the amalgamation of the holding company Ujjivan Financial Services with the bank.
  • The government has extended deadline for transaction and legal advisors to bid for managing IDBI Bank sale till July 22.
  • Paytm Money is said to have launched a pre-IPO open application feature on its platform that will allow retail investors to apply for an IPO before they open in the market.
  • Eight of the world’s leading insurance and reinsurance companies, including Allianz, AXA, and Generali launched an alliance to help speed up a transition to a net-zero emissions economy.
  • NMDC has reportedly cut iron ore prices by about Rs.200 per tonne due to a fall in steel prices and a decline in bids at Odisha Mining Corporation’s recent auction.

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

India Business News Weekly Roundup 12 to 17 July 2021

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

  • Kirloskar Oil Engines will reportedly be investing another Rs.250 crores in Arka Fincap, its NBFC.
  • FedEx Express is said to have agreed to invest $100 million in Delhivery, one of India’s unicorn startups.
  • Oyo is said to have raised TLB funding of US$660 million from global institutional investors.
  • Protonn, a business-in-a-box platform for professionals, has reportedly raised $9 million in its seed round of funding led by Matrix Partners India.
  • Alteria Capital is reported to have invested $90 million in venture debt deals in the first six months of the calendar year 2021.
  • Inshorts, news content aggregator, is said to have raised $60 million in a funding round led by global technology investor Vy Capital.
  • Credit Fair, a fin-tech startup, is said to have raised $15 million as part of its seed funding round led by Anand Ladsariya and Alok Agarwal.
  • ADM Capital, a global investment manager, is said to have invested $25 million in real estate platform Square Yards as growth capital.
  • Pratilipi is said to have raised $48 million as part of its series D round of funding led by Krafton Inc., the South Korean gaming giant.
  • Multiplier is said to have raised $4 million led by Surge, with participation from Golden Gate Ventures, MS&AD Ventures, Picus Capital, and other angel investors.
  • Animall Technologies, a dairy and cattle buying and selling online startup, is said to have raised Rs.102.62 crores in a Series B round of funding from new and existing investors.
  • Vah Vah, an online vocational education startup, is reported to have raised US$1.85 Million in a seed funding round from Surge.

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

  • MPOWER Financing, offering education loans, is said to have raised an equity investment of US$ 100 million from Tilden Park Capital Management, King Street Capital Management and others.
  • AdmitKard, an Ed-tech platform, is reported to have raised Rs.10 crores in a pre-series A funding round.
  • Pankhuri, a social community platform for women, announced to have raised $3.2 million as part of a fresh round of funding led by Surge, accelerator program of Sequoia Capital India.
  • ASK Property Investment Advisors are said to have launched a new real estate fund, ASK Real Estate Special Opportunities Fund – IV targetting a corpus of Rs.1000 crores.
  • Oliveboard, an ed-tech platform, is said to have raised Rs.23 crores in a pre-Series A round of funding led by Indian Angel Network Fund with participation from Education Catalyst Fund and Yukti Securities.
  • Flipkart is reported to have raised $3.6 billion as part of a new round of funding led by Walmart and SoftBank Group at a valuation of $37.6 billion. Canada Pension Plan Investment Board is also said to have invested US$ 800 million as part of the above funding.
  • Trell, a social commerce platform, is said to have raised $45 million in a Series B funding round led by Mirae Asset, H&M Group, and co-led by LB Investments. Existing investors also participated in the latest round.
  • One97 Communications is said to be in talks with various investors to raise $268 million ahead of its planned IPO.

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

  • As per a report by PwC, India’s media and entertainment sector will be the fastest-growing globally in terms of both consumer and advertising spends and will be over Rs.4 Lakh-crore industry by 2025.

Must Read:Full list of Union Ministers of India 2021 and their portfolios

Tie-ups – M&As – India Business News Weekly Roundup 12 to 17 July 2021

  • Reliance Retail Ventures will reportedly acquire 66.95% in Just Dial for Rs.3,497 crores.
  • KKR is said to have completed the acquisition of a majority stake in Vini Cosmetics, a leading branded personal care, and beauty products.
  • Trentar, a Dorf Ketal Chemicals subsidiary, is reported to have acquired a controlling stake in GarudaUAV, a drone-based service provider.
  • Marico Ltd announced to have acquired a 60% stake in Apcos Naturals (Just Herbs brand) for an undisclosed amount.
  • National Stock Exchange’s wholly-owned subsidiary NSEIT, is reported to have acquired a majority stake in Cloudxchange. io, a cloud-based services provider, for an undisclosed amount.
  • Adani Group has taken over management control of Mumbai International Airport Ltd from GVK Group.
  • Thailand-based Global Power Synergy Public Company has reportedly acquired a 41.6% stake in India’s green energy company Avaada Energy for around Rs 33.88 billion.
  • Real estate developer M3M is reported to have acquired a 73-acre land parcel in Noida for Rs.900 crores. The property was mortgaged with Indiabulls Housing Finance by Kadam Developers, a Shipra group company.
  • Mahindra Finance is expanding its global footprint, acquires 58.2% in Ideal Finance of Sri Lanka.
  • Capital India Finance is reportedly looking for acquisition or collaboration of fintech firms to improve technical capability for business growth.

Ongoing cases: India Business News Weekly Roundup 12 to 17 July 2021

People:

  • Vogue Eyewear announced to have appointed Taapsee Pannu as its brand ambassador in India.
  • Unibic announced the appointment of Naveen Pandey, former head of Marico’s new foods business, as its CEO.
  • Twitter has appointed Vinay Prakash as its India grievance officer. He will be based out of Bangalore.

Must Read: Read the story of Elon Musk, one of the richest people in the world

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