India business news weekly roundup 20th to 24th January 2020

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India business news weekly roundup 20th to 24th January 2020. 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:


  • Ikea is planning to foray into developing shopping malls alongside its big stores.

india business news weekly roundup 20th to 24th january 2020

  • The ED has called in Tony Fernandes and R Venkataramanan over allegations of money laundering.
  • The Niti Aayog has sought approval from the Cabinet to build up 10 large factories that will get subsidies to produce lithium-ion batteries which are used in EVs.
  • Commercial coal miners will now need to pay at least 70% of the amount which is due to the Centre and states even if they produce nothing.
  • An appellate tribunal said it would give the CBI, the ED, and the corporate affairs ministry, one last chance to address whether JSW should be held liable for prosecution for offenses committed by BPSL.
  • Tata Projects bagged four contracts in the oil and gas refinery sector in Odisha and Rajasthan worth Rs 6000 crores.
  • The NBCC is planning to get the government’s stress fund to complete 3 out of its 16 projects of the Amrapali Group.
  • CM K Palaniswami said that Kuwait based, AI Kharafi is planning to set up an oil refinery and petrochemical manufacturing facility in Tamil Nadu with an investment of Rs 49000 crores.
  • HDFC Bank will soon be retaining Egon Zehnder, a retail global executive search firm, to find a successor to MD Aditya Puri.
  • India is seeking to reopen the pricing of its long-term LNG import contract with Qatar.
  • Singapore’s Bigo Tech has put India at the forefront in many of its global initiatives including CSR and online safety.
  • Flipkart is looking to acquire the wholesale cash-and-carry business of Walmart in India.
  • The Indian Bank’s Association asked the NPCI to remove UPI charges.
  • The RBI, in the fourth special open market operation auctions, bought Rs 10000 crores worth of long-term securities and sold around Rs 1950 crores worth of short-term government bonds.
  • Sterile Power has entered into an exclusive agreement with Smart Wires to bring SmartValve to the Indian market.
  • In the nine months of this fiscal year so far, India’s oil demand has increased by 1.8%, slower than 2.7% a year ago.
  • Ghana is planning to replicate India’s cooking gas success model. The National Petroleum Authority of Ghana has entered into an initial agreement with Indian Oil to set-off cooperation between the two countries on increasing cooking gas penetration in Africa.
  • According to market researcher, Nielson, India’s FMCG market is expected to grow around 9-10% in the Jan-Dec 2020 period.
  • Khadi Village Industries Corporation is looking to seek an international trademark for ‘Khadi’ under the Paris Convention. This will prevent products from masquerading as ‘Khadi’ globally.
  • Power Mech Projects bagged new orders worth Rs 351 crores from BHEL and Jaiprakash Power Ventures.
  • GAIL India, Oil India, Power Grid Corporation, and 2 others have filed separate applications in the SC to seek clarification on the applicability of the AGR order by the court on 24th October.
  • Bharti Airtel and Western Union partnered to launch a real-time cross-border movement of money in India and Africa.
  • The government has now decided to allow the staggering filing of GST returns after repeated complaints of the clogged online system ahead of the monthly deadline.
  • HCL is planning to double its campus recruitment from 8600 to around 15000 in the 2020-21 FY.
  • As part of a plan to allow companies to access a larger pool of capital, the government is expected to allow direct listings of Indian companies abroad.
  • The AIRBEA, in a letter to CM Mamata Banerjee, asked her to intervene against discrimination of Bengal by the RBI central management.
  • Tata Motors has rolled out its first vehicle from the new premium hatchback segment with Alfa architecture.
  • Daimler India Commercial Vehicles inaugurated BharatBenz in Karnataka. This is a 3S (sales, service, spares) facility.
  • The Carlyle Group, TA Associates, & Orkla Foods have sent their interests to purchase Sunrise Foods.
  • SAIL launched a scheme focusing on education, health, nutrition, women empowerment, etc to support the voluntary efforts of its employees.
  • Sun Pharma recalled multiple batches of its anti-migraine and testosterone injection in the US.
  • PhonePe has announced its new PhonePe ATM feature that allows customers to withdraw cash using UPI.
  • Shriram Capital has held off its plan of a 3-way merger after the RBI requested the group to cut its stake in its insurance business.
  • Allcargo Logistics acquired a 13% stake in Gati, an express logistics firm.
  • The Centre rejected a bid by Adani for an Rs 45000 crores submarine project. This comes after DAC, chaired by the defence minister, Rajnath Singh shortlisted Mazagon Dock Shipbuilders & Larsen and Tourbo for the project.
  • HDFC AMC Q3 profit jumped up 45% to Rs 353 crores.
  • The RBI on Tuesday, 21st January cancelled the Certificate of Authorisation of Vodafone m-pesa after a voluntary surrender of authorization.
  • The DoT has approved the proposal of Bharti Airtel to raise its FDI limit to 100%.
  • Danfoss Power Solutions, an Indian subsidiary of Denmark-based Danfoss Group announced setting up of its new factory in Pune.
  • India’s NSE has overtaken US’ CME to emerge as the world’s largest derivatives exchange by a number of contracts traded.
  • The DoT is expecting telecoms to pay their AGR dues of Rs 1.47 lakh crores within their deadline which is set on 23rd January.
  • Karvy Stock Broking set 15th February as the deadline to pay client dues, including stocks and funds worth crores of rupees.

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More in India business news weekly roundup 20th to 24th January 2020

  • As stated by the EOW, Religare Enterprises’ former promoters – Shivinder and Malvinder Mohan Singh used public money through shell companies to settle their personal liabilities.
  • The Bombay High Court will be resuming the hearing on petitions filed by top television broadcasters in the country challenging the sector regulator’s recent amendments to tariff rules.
  • Reliance Power said that one of its lenders, Axis Bank initiated an insolvency process against its subsidiary Vidarbha Industries Power for a claim of Rs 553.28 crores.
  • Carmakers stopped the BS-IV production ahead of the 31st March deadline.
  • Glenmark Pharma sold its gynaecology business to private equity firm, True North.
  • Reliance Retail in its Mumbai conglomerate’s ambitious Omni channel venture is ramping up a new network of small grocery stores that will be used for last-mile delivery of food and grocery.
  • In response to a petition filed by the IAMAI, the RBI said that it had not ban crypto currencies but only ring-fenced regulated entities like banks from the risks associated with the trading of virtual instruments.
  • The TRAI deferring zero-IUC regime is likely to hit Vodafone Idea & Airtel whereas Jio is all set to benefit from it.
  • In readiness for the new emissions norms that are set to kick in from April, Ashok Leyland delivered its first Bharat Stage VI-compliant commercial vehicles for its customers in the Delhi-NCR region.
  • The CCI approved the disinvestment of Reliance Jio’s telecom tower assets to its investors.
  • Bharti Airtel, Voda Idea, and Tata Teleservices have moved to the SC in a bid to delay its payments that are due. According to their petition, these operators are looking to be allowed to negotiate conditions and schedules for payment of statutory dues with the DoT.
  • The RBI has now adopted ‘crore’ instead ‘billion’ to present numbers in its balance sheet. This came as a result after RBI’s meeting of the central board of directors which was earlier held on 11th October 2019.

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More in India business news weekly roundup 20th to 24th January 2020

  • Kotak Mahindra reported a 23% rise in its Q3 net profit with Rs 1595 crores for its quarter ending December 2019.
  • Uber entered into an agreement to sell its food business in India to Zomato for a 9.99% stake in Zomato.
  • The government on 20th January while announcing a new MD and deputy MD for SBI also appointed new MDs and CEOs for Canara Bank, Bank of Baroda, and Bank of India.
  • The Bank of Maharashtra posted its 4th straight quarter of net profit. It posted a net profit of Rs 135 crores in the quarter ending December 2019.
  • A new bench of Bombay high court will hear the petition filed by former ICICI Bank CEO, Chanda Kochhar on 3rd February challenging the validity of her termination by ICICI.
  • The NCLT has ordered for liquidation of Nathella Sampath Jewellery that shut down in 2017, followed by a voluntary petition for insolvency by the company in May 2018.
  • PXIL launched a new trading platform called ‘PRATYAY’.
  • TCS said that it offered jobs to nearly 39000 fresher in FY20.
  • The government is taking management control of Unitech as the SC gave its acceptance on the same.
  • The Telecom department is seeking Rs 48000 crores in dues from Oil India. After GAIL India, Oil Indian is now the second oil and gas firm to have been slapped with a demand notice.
  • Cipla got the US FDA clearance for its Patalganga manufacturing plant.
  • Essel Infraprojects is close to selling 2 road assets jointly to NIIF and Roadis for around Rs.1, 500-1,800 crores.
  • Future Group has reportedly scaled down its e-comm venture, Retail 3.0, and also laid off around 350-400 employees.
  • Shapoorji Pallonji is reportedly trying to sell its power project in Bangladesh to reduce debt.
  • GMR Airports has bagged the contract for duty-free shops at Kannur international airport in Kerala for seven years.
  • CII has requested the central government to converge multiple corporate tax rates to 15% by April 2023 with no incentives and exemptions. This could help boost investor sentiment and encourage investments.
  • The steel industry is seeking a reduction in basic customs duty on key raw materials in the upcoming budget.
  • Hyundai Motor India has launched an online portal for selling cars.
  • Australia has conferred its highest civilian honour, the Order of Australia honour, on Kiran Mazumdar-Shaw, the founder of Biocon, for her contribution towards advancing Australia’s relationship with India.
  • Piramal Enterprises is divesting its share in Decision Resources Group, a healthcare insights and analytics business, to US-based analytics firm Clarivate for $950 Million.

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M&As and tie-ups

  • Bharti Airtel and Google Cloud announced a partnership that offers G Suite to small and medium-sized businesses in India as part of its integrated information and communication technology portfolio.
  • UWIC has announced a collaboration with the leading Japenese aluminum system windows brand, YKK.

Start-up world, funds, funding and investments

  • ShopX, a retail network company backed by Nandan Nilekani is planning to cross $1 billion in GMV – gross merchandise value.
  • Sequoia is planning to raise around $1.25 billion for its new fund for India.
  • Digit, a new-age non-life insurer, got regulatory clearance for an investment of $84 million from A91 Partners, TVS Capital, and Faering Capital.
  • KEI Industries is looking to raise over Rs 500 crores via QIP.
  • DLF will be investing around Rs 5000 crores to develop a commercial project in the Taramani area in Chennai.
  • Samsung Display is planning to set up a factory in India with a total of $500 million in investment as Samsung Electronics is seeking to expand its production in India.
  • Oxfordcaps, a student housing start-up, is said to be in talks to raise $30 million in an equity funding round led by Swiss investor LGT to expand into more cities and tie up with more universities.
  • NBCC India, which has been selected to acquire Jaypee Infratech, is ready with a backup plan in case it doesn’t get Rs 750 crores from JAL – Jaiprakash Associates.
  • Indians have paid Rs 14 crores to book 1410 Kia Carnivals MPV on the first day itself.
  • Piramal Realty is planning to invest Rs 3500 crores in the next 3 years to develop its mid-market projects in Mumbai.
  • Sachin Bansal, a Flipkart co-founder, will most likely put in around $400 million into a new financial services venture.
  • Smart Group is planning to invest around Rs 2000 crores to open a wellness city in Delhi by 2025.
  • The South Eastern Railway is aiming to load around 170 million tonnes of originating cargo in the 2019-20 FY.
  • Temasek along with EQT set up a $500 million renewable energy platform, O2 Power to develop and acquire renewable energy assets in areas with solar and wind energy.
  • ReNew Power raised $450 million via dollar bonds.
  • Adani Capital acquired Essel Finance’s MSME loan business.
  • The Embassy Group is planning to invest around Rs 2000 crores in 6 cities in India to set up co-living/shared accommodation facilities for the targeted growing millennial workforces.
  • Skylo, co-founded by Parthsarathi Trivedi, raised $103 million in a funding round led by SoftBank.
  • Samsung is setting up India’s first Mobile Display Plant in Noida with an investment of Rs.3500 Crores. The plant will initially produce only mobile phone displays but may later expand to Laptops and TVs.
  • AppsFlyer raised around $210 million in a Series D round of funding led by General Atlantic.
  • Ashok Leyland is investing nearly Rs 500 crores in a new platform and BS6 transition.
  • Zoomcar raised $30 million from its ongoing Series D round of funding led by the Sony Innovation Fund.
  • Go Digit Insurance raised nearly $80 million in an equity funding round led by Faring Capital, A91 Partners, and TVS Capital.
  • Great Wall Motors, the Chinese automobile major, is likely to acquire Talegaon manufacturing plant of General Motors.
  • Oxfordcaps, a student housing start up, is in plans to raise $30 million in an equity funding round to expand to more cities in the country and tie up with more universities.

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Ongoing cases:

Jet Airways update

  • Sanjay Kumar, who has earlier worked with IndiGo as a chief commercial officer from 2007 to 2018 will now be making a comeback in the airline as Chief Strategy and Revenue Officer.
  • Air India trade unions are likely to demand a VRS package when they meet Hardeep Singh Puri, Minister of State for Civil Aviation.


  • Ravi Gandhi, Bharti Airtel’s chief regulatory officer, decided to step down from his position.
  • Essar Global Fund appointed Pankaj Kalra as the CFO & head-strategy of its energy arm, Essar Exploration & Production Mauritius.
  • Navin Dewaji will become the new CEO of Siemens Gamesa and will take over from Ramesh Kymal by the end of April or March.
  • Hardeep Singh Brar has been appointed as the director of the marketing and sales division at the India unit of the Great Wall Motors
  • Grey Group India promoted Ketan Desai as its new CEO. Ketan Desai is currently the president of the group’s north and west businesses.
  • Crompton has appointed Vishal Kaul as their new vice-president and PL head.
  • Luminous Power Technologies has appointed Niharika Mohan as their new Vice President HR, Admin, and CSR.

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