Weekly Business News: India Business News Weekly Roundup 15 to 20 February 2021

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India Business News Weekly Roundup 15 to 20 February 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 15 to 20 february 2021

Corporates – India Business News Weekly Roundup 15 to 20 February 2021

  • LIC Housing Finance is said to have disbursed loans through its mobile banking app worth around Rs.1, 331 crores in the last one year.
  • Kochouseph Chittilappilly, promoter and chairman emeritus of V-Guard Industries, has sold 40 lakh shares in the company worth Rs.90 crore to fund social causes.
  • U GRO Capital, a small business lending fintech platform, has launched a new platform, ‘GRO Micro’, to support unorganized small businesses in non-metro cities.
  • International Financial Services Centre Authority has announced a framework for companies planning to enter into aircraft operating leases in India.
  • DCCDL, the rental arm of DLF Group, has completed the acquisition of the entire 52% stake of US-based Hines in a premium commercial project in Gurugram for ₹780 crores.
  • RBI has put Rs.1000/- withdrawal cap on Karnataka-based Deccan Urban Co-operative Bank. It has also restricted the disbursement of fresh loans and deposits.
  • RBI has given its approval to the takeover of Dewan Housing Finance Corporation Ltd by Piramal group.
  • Amazon has approached NCLT requesting it not to allow convening of any meeting of shareholders or creditors of the Future Group for approval of its proposed deal with RIL.
  • WhatsApp may reportedly soon roll out the feature that will allow users to sign out of the app.
  • Twitter has added a new feature that will allow users in India, Brazil, and Japan to send voice messages.
  • The Confederation of All India Traders has said that due to its ‘Bharat Bandh’ call demanding a review of the GST provisions, all commercial markets across India will remain closed on 26 February.

India Business News Weekly Roundup 15 to 20 February 2021

  • Maruti Suzuki India is reportedly evaluating launching Jimny, its off-roader, in the domestic market. It started export of Jimny last month.
  • Barco, the visual tech company of Belgium, is planning to make India a global hub for R&D and new innovations.
  • Passengers arriving directly or thru transit from UK, Europe, or the Middle East will have to undergo a self-paid Covid test on their arrival in India.
  • Tata Group has reportedly requested approval from the Competition Commission of India to buy a majority stake in BigBasket.
  • Ashok Leyland has said that it has increased the sourcing of clean energy to 60% for its operations across India.
  • India Ratings and Research have revised the outlook for Vedanta Ltd to stable from negative.
  • Union Cabinet has approved a production-linked incentive of Rs.12, 195 crores to locally manufactured telecom and networking equipment.
  • The central government has granted conditional drone usage approval to Kochi Metro Rail for the integrated Urban Regeneration & Water Transport System Project.

India Business News Weekly Roundup 15 to 20 February 2021

  • Koo’s co-founder & CEO Aprameya Radhakrishna has reportedly said that Shunwei Capital, chinese investor in the parent firm of Koo app, is on its way out after other investors have pledged to buy out its 9% stake.
  • As per reports, Amazon may soon start manufacturing electronics products like FireTV stick in India.
  • Adani Ports and Special Economic Zone have completed the acquisition of a 100% stake of Dighi Port for Rs.705 crores.
  • UAE-based Gibraltar Technologies has bought HCL Infotech (part of HCL Group) for Rs.147 crores (74.6M dirhams.
  • Axis Bank and its promoter United India Insurance Company have reportedly paid over Rs.51.5 lakh to Sebi to settle alleged disclosure lapses.

India Business News Weekly Roundup 15 to 20 February 2021

  • As per reports, Tata group will buy a 68% stake in BigBasket for around Rs.9500 crores.
  • Securities Appellate Tribunal has stayed Sebi’s order banning Kishore Biyani, other Future promoters from markets.
  • Vodafone Idea said that it is prepared for the rollout of the 5G wireless service.
  • Indian Bank has completely integrated the software system with the erstwhile Allahabad Bank post amalgamation.
  • The Health Ministry has said that over 85 lakh healthcare and frontline workers have been vaccinated so far.
  • RBI has set up a committee to draw division documents for strengthening Urban Cooperative Banks. The committee would also explore the potential of consolidation in the sector.
  • The government has decided to impose a penalty on telemarketers to control pesky calls and financial frauds conducted using mobile networks.
  • Auto companies may hire prices of their vehicles again due to increasing steel rates.
  • Snapchat is said to have crossed the 60 million user’s milestone in India.
  • Upgrad is entering the government competitive exam preparation space (an Rs.40, 000 crore market) with Upgrad Jeet, a new subsidiary.

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India Business News Weekly Roundup 15 to 20 February 2021

  • The Finance Ministry will infuse Rs.3, 000 crores into state-owned general insurance companies within the current quarter for improving their financial health.
  • Irdai has asked Insurance companies to issue dig lockers to the policyholders to preserve documents.
  • Magma Fincorp will be holding an EGM in March for getting approval from shareholders to the preferential allotment of shares to Rising Sun Holdings (controlled by Adar Poonawalla) for Rs.3, 206 crores for a controlling stake.
  • Sterling and Wilson Limited, a Shapoorji Pallonji Group company, have got an order worth Rs.930 crores in Egypt from Saudi Arabia’s leading renewable energy company.
  • ByteDance is reportedly trying to sell Indian operations of TikTok to Glance.
  • Gap Inc. is reportedly in talks with Myntra to explore a potential partnership.
  • Amazon India will be integrating its Pantry service with its grocery service ‘Fresh’ to reduce the delivery time to 2-hour slots.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 15 to 20 February 2021

  • The Board of Directors of Muthoot Finance has approved fundraising up to Rs.6, 000 crores.
  • Ikea has got 50,000 sqm land in Sector 51 for its Noida facility.
  • Inox Air Products, India’s largest manufacturer of industrial and medical gases, will invest Rs.2, 000 crores to build eight new air separation units across India. The company currently has 44 units.
  • Anil Agarwal, the Metals and mining magnate, has teamed up with Centricus, a London-based firm, to create a $10-billion fund that will invest in PSU stake sale.
  • Jubilant FoodWorks is set to fully acquire the Netherlands-based Fides Food Systems Coöperatief UA via its wholly-owned subsidiary, Jubilant Foodworks Netherlands B.V. for around £24.80 million.
  • Vogo, a two-wheeler shared mobility startup, has raised $11.5 million as an extension of its Series C funding round from existing investors Kalaari Capital, Matrix Partners, Lightrock, and Stellaris Venture Partners.
  • Shiprocket, a logistics aggregation platform, has raised $27 million as part of its Series C3 round of funding. The latest funding round was co-led by Tribe Capital and March Capital.
  • Leverage Ed-tech, operating various websites like LeverageEdu.com, UniValley.com, Ivy100.com has completed its Series A fund-raise of Rs.47 crores led by Tomorrow Capital.
  • Hinduja Group’s IndusInd Bank has received Rs.2, 021 crores equity from its promoters after the conversion of preferential warrants into equity shares.
  • Lodha Developers has filed draft papers to launch IPO to raise around Rs.2500 crores.
  • Avataar Ventures has raised an additional $100 million in its Opportunities Fund. The fund majorly invests in tech-focussed B2B and SaaS firms.
  • Zolve, the new startup of Raghunandan G, co-founder of TaxiForSure has raised around $15 million in a seed funding round led by Accel and Lightspeed.
  • 1Kosmos, a cybersecurity firm, has raised Rs.110 crores from ForgePoint Capital, an early-stage cybersecurity venture investor.
  • Prosus Ventures is said to be in the final stages of investing around $200 million in PharmEasy.
  • WizKlub, an ed-tech startup for school children, has raised Rs.6 crores in pre-Series A round of funding, from Incubate Fund India, its existing investor. It has so far raised ₹15 crores.
  • Wipro Consumer Care Ventures has invested an undisclosed amount in Onelife, a consumer healthcare brand.
  • Indian Angel Network, a Venture capital consortium, is planning to invest around Rs.100 crores in start-up firms across Biotechnology, augmented reality, manufacturing, and environment sectors in 2021.
  • Eupheus Learning, an edtech startup, has raised $4.1 million in a Series B round of funding led by Kuwait-based United Education Company and Al Rayan Holding Company.
  • KreditBee, a fintech lending startup, has concluded its Series C equity funding round worth USD 75 million consisting of both primary and secondary investment from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital, and Arkam Ventures.
  • Indiabulls Housing Finance is looking to raise Rs.5, 000 crores from securitization in the current quarter of FY 2020-21. Securitization is the process of pooling and repackaging homogenous illiquid financial assets into marketable securities that can be sold to investors.
  • As per a report by Sensor Tower, a market intelligence firm, consumer spending worldwide in the top 100 non-game subscription-based apps grew 34% y-o-y from $9.7 billion in 2019 to $13 billion in 2020.

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India Business News Weekly Roundup 15 to 20 February 2021

Tie-ups:

  • Airbus has signed an initial pact with FlyBlade India, the Indian subsidiary of US-based helicopter transport services provider BLADE, to help develop the on-demand helicopter services market in South Asia.
  • Marico Industries has entered into the instant noodles business where it would compete with already established Nestle and ITC.
  • Amazon India has signed an MOU with the Directorate General Resettlement to provide jobs to ex-service personnel.
  • Haldiram’s have tied-up with Futurelife, a South African brand of nutritional foods, to sell their granola bars, oats, and protein mixes in India.
  • Indian Oil has signed a preliminary agreement with Greenstat of Norway to set up a centre of excellence on hydrogen.
  • Ascendas India Trust, a Singapore-based property trust, is acquiring 6 IT SEZ buildings of Phoenix Group.
  • Bharti Airtel will acquire a 20% stake in Bharti Telemedia, its DTH subsidiary, from a Warburg Pincus entity for Rs.3, 126 crores.
  • Reliance Entertainment has joined hands with filmmaker Ribhu Dasgupta, to produce movies. Ribhu is known for the Netflix series “Bard of Blood”, and some Amitabh Bachchan starrer TV series.
  • ICICI Lombard has partnered with Flipkart to offer ‘Hospicash’, a policy that allows consumers to avail a payout for each day of hospitalization.
  • Mastercard and Razorpay have entered into a partnership that will empower Indian MSMEs in digitizing their operations.
  • Unacademy has acquired TapChief, a networking platform, at a valuation of Rs.100 crores.
  • Byju’s is reportedly close to signing a deal to acquire Toppr Technologies for around $150 million.
  • Philipp Plein and Billionaire, International luxury brands, have entered into a deal with Bequest Group to enter the Indian market.
  • IBM Corp and Tech Mahindra have entered into a partnership to build an ecosystem worth $1 billion in revenue in the next three years.

Ongoing cases: India Business News Weekly Roundup 15 to 20 February 2021

People:

  • OneWeb has appointed Srikanth Balachandran as the CFO. Balachandran was earlier associated with Bharti Global.
  • Vedji Ticku, CEO & Executive Director of Page Industries, has resigned citing personal commitments.
  • Reliance Brands having a wide portfolio of fashion brands has appointed Starbucks India head Navin Gurnaney as CEO— foods for an upcoming food and hospitality venture.
  • Huntsman, the global manufacturer, and marketer of differentiated chemicals, has appointed Gurmeet Kaur as the head of strategic marketing for the Polyurethanes India sub-continent business.
  • Rajnish Kumar, former SBI Chairman, has been appointed as exclusive advisor of Kotak Investment Advisors Limited, a Special Situation Fund of  Kotak’s.
  • Tata Motors has appointed Marc Llistosella as the new CEO  & MD. Llisotsella has a long track record in Greenfield projects, turnaround management, and leading organizations.

Airlines

  • Vistara has started a non-stop flight to Frankfurt, Germany.
  • IndiGo will be starting flights from April 22 connecting Durgapur with three cities.

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