Weekly Business News: India Business News Weekly Roundup 21 to 26 June 2021

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India Business News Weekly Roundup 21 to 26 June 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:

Corporates – India Business News Weekly Roundup 21 to 26 June 2021

  • RIL Chairman Mukesh Ambani announced that Google and Jio teams have jointly developed a breakthrough smartphone – JIOPHONE NEXT and it will be available in the market from 10th September, the Ganesh Chaturthi day.
  • Indian Bank is said to have raised Rs.1,650 crores through QIP.
  • Union Bank of India is reported to have raised Rs.850 crores by bond issuance on a private placement basis.
  • Twitter has reportedly added first payments operator to its Tip Jar feature, which allows Twitter users to pay creators for content. The feature, however, is available only to select users right now.
  • Piaggio Vehicles has reportedly announced reopening of its two-wheeler dealerships across India.
  • The government has extended deadlines for various IT compliances due to the ongoing Covid-19 pandemic, by 15 days to 2 months or more. For filing TDS statements, time limit extended from 30 June to 15 July. For issuing TDS certificates, it’s 15-31 July.
  • Extension of 3 months has been granted for PAN-Aadhaar linking and it’s been extended till 30th Sept. from current 30th June.
  • Union Minister for Law & Justice, Communications and Electronics & IT, Shri Ravi Shankar Prasad, has formally launched ‘itat e-dwar’, e-filing portal of Income Tax Appellate Tribunal (ITAT). The portal will enable online filing of Appeals, Applications, documents, etc. by various parties.

India Business News Weekly Roundup 21 to 26 June 2021

  • NCLT has reportedly published written order approving Jalan Kalrock Consortium’s resolution plan for Jet Airways. The approval is, however, subject to certain directions.
  • RBI has reportedly prescribed educational qualifications and ‘fit and proper’ criteria for MDs and whole-time directors of primary urban coop banks and has also barred MPs and MLAs from holding these posts.
  • RBI has reportedly extended restrictions on PMC Bank from July 1, 2021, till December 31, 2021, taking into consideration the time required for reconstruction completion.
  • Lenskart has reportedly set up ‘Lenskart Vision Fund’, to invest in startups synergistic to its business line. It may invest up to $2 Million in each of the selected startups.
  • Instagram is said to be testing a feature that will allow users to post photos and videos from their desktop computers.
  • Schneider Electric, a French multinational, will reportedly infuse around Rs 350-400 crores in Luminous Power Technologies, its Indian subsidiary, to increase manufacturing capacity and ramp up the solar business.
  • Amazon India will host ‘Small Business Days 2021’ from July 2-4, 2021 to enable sellers to bounce back.
  • Northern Arc Capital, an NBFC, has launched ‘Altifi’, a debt investment platform for retail investors.
  • Dabur India is said to have started construction of its largest manufacturing facility in India in Madhya Pradesh, with an estimated investment of Rs.550 crores.
  • ED has provisionally attached 101 land parcels and 1 helicopter worth Rs. 81.10 Crore in relation to the investigation being conducted against Unitech Group.:@dir_ed tweet
  • ED not only attached/ seized assets worth of Rs. 18,170.02 crore (80.45% of a total loss to banks) in case of Vijay Mallya, Nirav Modi, and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs. 9371.17 Crore to the PSBs and Central Government.:@dir_ed tweet
  • Short video app Bolo Indya is said to have been taken down from Google Play Store reportedly on the basis of a complaint filed by T-Series for copyright infringement of its music in a video on the app. It is now said to be in talks with T-Series and Google to resolve the issue and get the app back on Google play store.

India Business News Weekly Roundup 21 to 26 June 2021

  • India Infrastructure Finance has reportedly sought clearance from RBI to lend to infrastructure investment trusts as they are performing well.
  • Finance Ministry has asked Infosys to fix all issues on the new Income Tax portal on priority.
  • HDFC Bank is reported to have set up separate digital and enterprise factories to roll out new digital products and services.
  • Union Minister Piyush Goyal said that India will soon launch Phase 1 of ‘single-window system’ for investors.
  • SIDBI has reportedly launched a revamped version of its liquidity scheme for Covid-hit MSMEs called LIQUID 2.0. Under the scheme Sidbi will enable term loans for its existing customers for the purpose of executing new orders, purchase of raw materials, machines, and equipment, clearing unpaid creditors, etc. SIDBI said MSMEs would get assistance up to 20% of their highest outstanding in the previous 12 months subject to a maximum of Rs 1.5 crore.: Financial Express
  • As per a report, financial creditors of Videocon Industries will reportedly get 8% equity in the newly merged entity.
  • Adani Transmission will reportedly ask for shareholders’ approval to raise up to Rs.2,500 crores through the issuance of equity shares, securities, debentures, etc in its AGM scheduled to be held on July 13.

India Business News Weekly Roundup 21 to 26 June 2021

  • The board of Dish TV India is said to have approved its plan to raise up to Rs.1,000 crores through a rights issue.
  • Competition Commission of India tweeted to have approved the proposed acquisition of an additional equity stake in United Breweries by Heineken International B.V’s.
  • As per the latest amendment in rules, companies having a market capitalization of over Rs.1 lakh crores at the time of listing can now reportedly sell just 5% of their shares. The move is likely to benefit the government during the proposed LIC IPO.
  • Adani group has reportedly deferred plans to take over airport assets in Jaipur, Guwahati, and Thiruvananthapuram to December as operating these businesses may not be financially feasible during the covid-19 pandemic.
  • Bharti Airtel and Tata Group have reportedly entered into a strategic partnership for implementing 5G network solutions for India.
  • Reliance Home Finance is said to have appointed a panel for taking forward the resolution process of the firm.
  • Maruti Suzuki India will reportedly increase the prices of its cars from July 2021 to pass on some impact of additional cost to customers.
  • Viacom18 Media and Zee Entertainment Enterprises are said to be in initial talks for a potential merger:LiveMint. There is however of official word on this.
  • SAT has reportedly given its approval to PNB Housing Finance to go ahead with its EGM scheduled. This will allow the firm to conduct the voting process for its Rs.4,000 crores deal with investors led by Carlyle.
  • SBI said that its board has approved raising capital by issuance of Basel III compliant debt up to ₹14,000 cores.
  • IIFL Home Finance is reportedly planning to raise up to Rs.5,000 crores through the public issue of NCDs.

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India Business News Weekly Roundup 21 to 26 June 2021

  • Ministry of Corporate Affairs has reportedly eased the requirement for independent directors on the board of companies to get their names included in an official database of eligible professionals.
  • Karnataka Bank is said to have declared accounts of Reliance Home Finance and Reliance Commercial Finance a fraud with combined loan outstandings of over Rs.160 crores.
  • Vedanta has reportedly emerged as a successful bidder for a coal block in Odisha put up for re-bid.
  • Sebi has reportedly asked PNB Housing Finance to temporarily halt its proposed share sale program.
  • Marico Industries is said to be pushing positioning of its Saffola brand as a preventive, healthy lifestyle advocating food product instead of it just being an edible oil by adding heart and wellness products in its range.
  • Bank of Maharashtra has reportedly become a top performer among public sector lenders in retail and MSME loan growth during fy 2020-21.
  • Samsung has reportedly completed the construction of a display manufacturing unit in Noida.
  • SAIL has reportedly postponed its plans to start commercial production of head hardened rails at its Bhilai Plant as the involved foreign experts left India due to the second Covid-19 wave.
  • The Commerce and Industry Ministry has reportedly floated a draft cabinet note asking for inter-ministerial views on a proposal to allow up to 100% FDI under automatic route in oil and gas PSUs, which have an ‘in-principle approval for disinvestment.
  • Authum Investment & Infrastructure has reportedly been selected as the successful bidder for Reliance Home Finance lenders.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 21 to 26 June 2021

  • Classplus, a B2B startup, is said to have raised $65 million in a Series C funding round, led by Tiger Global. GSV Ventures. Existing investors also said to have participated in the round.
  • ApnaKlub, a Social commerce startup, is said to have raised an undisclosed amount as part of its pre-series A funding round, led by Blume Ventures and Whiteboard Capital.
  • BimaPe is said to have raised an undisclosed amount in a pre-seed capital round led by Lightspeed.
  • Novo, a neobank for small businesses, startups and freelancers, is said to have raised $40.7 million in a Series A funding round of funding.
  • GoMechanic, a car workshop and auto spare parts platform, is said to have raised $42 million as part of its Series C round of funding led by Tiger Global Management.
  • Bimaplan’s parent company, Coverplan Technology, is said to have raised $2.5 million as part of a bridge funding round for pre-Series A from Amino Capital, Goodwater Capital, Acequia Capital, and EMVC.
  • Bueno Gig Credit Building Technologies is said to have raised $3 million in a seed funding round led by Goat Capital and JAM Fund.  It also saw participation from Olive Tree Capital, Good Water Capital, Kunal Shah, Anupam Mittal, and others.
  • CityMall, an e-comm platform, is said to have raised $22.5 million as part Series B round of funding led by General Catalyst and Jungle Ventures.
  • Skillmatics, a D2C brand offering educational products and games for children, is said to have raised $6 million as part of its Series A round of funding led by Sequoia Capital India.
  • Progcap, a fintech startup, is said to have raised $25 million as part of its Series B funding round led by Tiger Global and Sequoia Capital India.
  • Portl, home fitness and wellness startup, is said to have raised an undisclosed amount in seed funding round from Kalaari Capital.

Some stats: India Business News Weekly Roundup 21 to 26 June 2021

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Tie-ups – M&As – India Business News Weekly Roundup 21 to 26 June 2021

  • RedBird Capital Partners, having interests in Liverpool parent company and Boston Red Sox, is reported to have bought a 15% stake in IPL cricket franchise Rajasthan Royals for an undisclosed amount.
  • CCI has approved the acquisition of Zuarinagar, Goa plant of Zuari Agro Chemicals by Paradeep Phosphates Ltd.
  • PharmEasy’s parent firm will reportedly buy a 66.1% stake in Thyrocare Technologies, a diagnostic chain, for Rs.4,546 crores.
  • Route Mobile is reported to have entered into a technology partnership with Truecaller.
  • Muthoot Fincorp is reported to have picked up a 54% stake in Paymatrix, a fintech startup, by buying out existing investors.
  • KKR & Co. is reported to have agreed to buy a controlling stake in the owner of the Fogg brand of deodorants, Vini Cosmetics, from Sequoia Capital and the firm’s promoters for $625 million.
  • Infinite Trade and Investment has reportedly invested over Rs.1,100 crores in two Adani Group firms between 10 June and 19 June.

Ongoing cases: India Business News Weekly Roundup 21 to 26 June 2021

  • Jaypee Infratech resolution: Homebuyers want Suraksha to provide Rs.300 crore interim fund for the construction of stalled projects.
  • ED has reportedly transferred Rs.5824.5 crores to SBI-led consortium of lenders to Vijay Mallya recovered by selling shares fo UBL. Mallya had loan default cases of around Rs.9000 crores.

People:

  • Mastercard is said to have appointed Nikhil Sahni as its new Division President-South Asia and India country corporate officer. He will succeed Porush Singh who will be relocating to Singapore.
  • With total donations of US$102.4 Billion, Jamsetji Tata of India has topped the 2021 Edelgive Hurun Philanthropists Of The Century list.
  • Bharti Airtel is said to have appointed Amrita Paddam, HUL executive, as chief people officer w.e.f. 1 October 2021.
  • Verizon India is said to have appointed Vijayaraman Subramanian as its VP & MD.
  • Butschek, CEO, Tata Motors, will reportedly step down as CEO & MD w.e.f. 30 June. However, he will continue as a consultant till the end of this financial year.
  • Symphony Limited has announced the appointment of Amit Kumar as ED and group CEO with effect from August 2, 2021.
  • Bizongo, a b-2-b platform for unbranded goods, is said to have appointed Manish Choksi, Asian Paints’ vice-chairman to its advisory board.
  • Nippon Life India Asset Management announced to have appointed Rupesh Patel as a senior fund manager in equity investments, and Hideaki Masago as deputy chief risk officer.
  • Reckitt’s India business will reportedly be headed by Gaurav Jain who will oversee health and hygiene business divisions.

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