Weekly Business News: India Business News Weekly Roundup 22 to 27 February 2021

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India Business News Weekly Roundup 22 to 27 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 22 to 27 february 2021

Corporates – India Business News Weekly Roundup 22 to 27 February 2021

  • Power Grid Corp. India is said to be in advanced talks with investors for its first tranche of projects through an infrastructure investment trust.
  • RBI imposed a penalty of Rs.2 crores on the Bank of Maharashtra for non-compliance with certain provisions of directions issued by RBI.
  • Central Board of Direct Taxes has extended the due date for filing declaration under ‘Vivad Se Vishwas’ scheme till March 31, 2021.
  • The government has extended the suspension of scheduled international flights till 31 March 2021.
  • The Delhi government’s excise department has warned clubs, hotels, and restaurants of strict action if they are found serving alcohol to customers from liquor bottles not bearing a 2D bar-code.
  • RBI has rejected the demand of online merchants to store customers’ credit card data under the new payment aggregators and payment gateway norms enforceable from July 2021.
  • The newspaper industry has reportedly asked Google to compensate newspapers for use of their content and share 85% of ad revenues earned on their content. Google has recently agreed to better compensate and pay publishers in France, the European Union, and Australia.
  • IRDAI has come out with a standard personal accident cover which will allow all general and health insurers to offer covers up to a sum assured of Rs 1 crore.
  • DHFL has received no objection from RBI and has filed an application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance.
  • SBI and Shapoorji Pallonji Real Estate, have signed an MoU for an improved and seamless experience for homebuyers across India.
  • Manu Jain, Xiaomi’s India head and global vice president, has said that 99% of the company’s smartphones and 100% of its televisions sold in India will now be manufactured in India itself. The company is planning to open two mobile and one television manufacturing plant in India.
  • Brokerage firms IIFL Securities and Axis Securities will acquire accounts of Karvy Stock Broking after winning the bids conducted by exchanges and depositories. IIFL will get the Demat accounts while Axis will get the trading accounts.

India Business News Weekly Roundup 22 to 27 February 2021

  • The government has unveiled many rules aimed at giving it greater control over large social media and messaging firms, digital news websites, and video-streaming platforms. As per the new guidelines, posts regarding the dignity of women will be ordered to be removed within 24 hours. OTT platforms will need to have self-regulation bodies headed by a retired judge or an eminent person.
  • A court has directed Delhi Police not to take any coercive action against MD and Director of Ford India in a case of alleged cheating.
  • Bread and bakery platform of Everstone Capital, Everfoods Asia, has sold Modern Food Enterprises to Grupo Bimbo S.A.B. DE C.V. and its Indian subsidiary Ready Roti India Pvt Ltd.
  • Bharti Airtel has launched an advertising platform that will connect brands to customers.
  • Google Maps is launching a new dark mode feature that can be turned on and off by the user.
  • IRDAI has approved the proposal of Axis Bank to acquire a 12% stake in Max Life.
  • Gati-KWE will set up a surface transshipment centre in Delhi at the Allcargo Logistics Park to process cargo for short-haul deliveries in north India and long-haul movements across India.
  • Cochin Shipyard has bagged Navy order Rs.10,000 crore for six missile vessels.

India Business News Weekly Roundup 22 to 27 February 2021

  • NCLT rejected applications filed by various parties seeking a copy of the resolution plan for Jet Airways submitted by Kalrock-Jalan Consortium.
  • Infosys has been recognized as one of the world’s most ethical companies for 2021 by the Ethisphere Institute.
  • Sebi has reportedly slapped a fine of Rs.1 crore on Alchemist Infra Realty and four individuals for illegally mobilizing funds from the public through a collective investment scheme.
  • Adani Enterprises is said to have partnered with EdgeConneX, a leading data center operator, to develop 1 GW of data centre capacity over the next decade.
  • The government may soon introduce amendments to LLP Act and the firms will get 2-3 months to disclose ownership and improve governance as per the new guidelines.
  • On the plea of Amazon. com Inc., the Supreme Court has restrained NCLT from approving the Rs.24,713-crore deal between Future Retail and Reliance Industries.
  • Mindtree has achieved Google Cloud Partner specialization in application development, a program designed to provide qualified partners to google cloud customers.

India Business News Weekly Roundup 22 to 27 February 2021

  • Vi (Vodafone Idea) has launched a pay-per-view streaming service, available on Vi Movies and TV app, that will offer content as part of a deal with Hungama Digital Media Entertainment.
  • To get a top-of-mind recall of millennials looking for  tech, automakers are tweaking their advertising strategies to showcase the latest technologies and innovative tech features.
  • G R Arun Kumar has resigned from Vedanta Limited as the whole-time director and CFO.
  • MobiKwik has reportedly appointed investment banks ICICI Securities and IIFL, as also a few law firms, to kickstart the work on the draft red herring prospectus. The company is said to be planning to go public next year.
  • Netflix has launched a new feature that will automatically download recommended content for users on their smartphones.
  • Amara Raja Batteries, India’s second-largest automotive battery maker, has opened India’s maiden technology hub to develop lithium-ion cells, at its manufacturing facility in Tirupati.
  • The government has tweaked the guidelines for strategic disinvestment in PSUs and has now made security clearance mandatory for all bidders.
  • Muthoot Homefin is aiming to disburse loans worth around Rs.700 crores in the next financial year catering to the affordable housing segment.
  • The Jalan-Kalrock consortium awaiting approval from NCLT is planning to keep Jet Airlines listed as also to keep the brand unchanged.
  • SBI Payments has launched the YONO Merchant app to boost digital payments. The app will allow merchants to turn their NFC-enabled Android smartphones into payment acceptance devices.

Must Read:All about Reliance Industries and the list of companies owned by Mukesh Ambani

India Business News Weekly Roundup 22 to 27 February 2021

  • Transport Minister Kailash Gahlot has said that all leased or hired cars used for commute by Delhi government officials will be changed to electric vehicles within a period of six months.
  • DBS Group Holdings Ltd. has said that it’s facing lawsuits in India related to its recent takeover of a bank. Holders of Lakshmi Vilas Bank’s equity shares and Tier-II bonds that were written off before the amalgamation have reportedly taken legal actions against DBS’s local unit in various high courts in India.
  • Torrent Power is said to have emerged as the highest bidder for the 51% stake sale in the power distribution company in Dadra & Nagar Haveli and Daman & Diu.
  • Azim Premji has asked the government to allow private participation in the Covid-19 vaccination drive and said that over 500 million people can be vaccinated in 60 days with the involvement of private firms and institutions.
  • NEC Corporation said it is working closely with the Indian telecom operators to explore the possibility to commercially deploy OpenRAN technology for their 5G networks.
  • The Central government has reconstituted NITI Aayog governing council which will be headed by PM Narendra Modi as its chairperson.
  • Traders’ body Confederation of All India Traders has sought immediate intervention of PM Narendra Modi to streamline e-comm rules and policies to save the domestic trade from alleged malpractices of big e-com companies.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 22 to 27 February 2021

  • Maruti Suzuki and IIM Bangalore will jointly nurture and mentor 26 startups in the mobility sector in a nine-month-long incubation program.
  • Investment banking firm FundVice has said that it will support startups in India with a corpus of Rs.330 crores. This includes funding from Ryoma Ventures, its new fund. The fund is planning to accelerate around 50 deals by the end of 2021.
  • The board of IOCL has approved an investment of Rs.32,946 crores to expand the capacity of its Panipat Refinery.
  • SBI Mutual Fund has launched its first international fund investing in US stocks.
  • DLF is planning to raise up to Rs.395 crores through debentures.
  •  Doubtnut, an ed-tech startup, is said to have raised Rs.224 crores in a Series B round of funding from SIG and Lupa Systems. Its existing investors Omidyar Network India, Sequoia Capital India, and Waterbridge Ventures also participated in the new funding round.
  • Infra. Market raised $100 million in its latest Series C round of funding led by existing investor Tiger Global. The firm has turned unicorn with the current funding round.
  • Bharti Airtel has raised $1.25 billion through overseas bonds.
  • Mahindra Lifespace Developers is said to have acquired 7.89 acres of land to develop a residential project in Bengaluru.
  • Innovaccer, a SaaS Health startup, has raised $105 million in the new round of funding led by Tiger Global Management at a valuation of $1.3 billion.
  • Leverage Edu, an ed-tech startup, has raised Rs.47 crores as part of its Series A round of funding led by Tomorrow Capital. Its existing investors Blume Ventures and DSG Partners also participated in the round.
  • Aditya Birla Fashion & Retail has entered into a partnership with designer Tarun Tahiliani for contemporary ethnic wear for men. ABFRL will acquire a 33.5% stake for around Rs.67 crores in Tahiliani’s luxury couture business, Goodview Properties Pvt. Ltd.
  • Essar Power may soon enter into renewable energy and the firm is planning to set up a 90 MW solar plant in Madhya Pradesh at an investment of around Rs.300 crores.
  • Investcorp will invest around Rs.75 crores in Safari Industries, the luggage-maker, subject to approval from shareholders and the regulatory authorities.
  • BSH Household Appliances, selling Bosch and Siemens brands, is investing Rs.800 crore to upgrade its existing campus in Bengaluru to a fully AIoT-enabled ‘smart campus’.
  • Fisdom, a financial services platform, has acquired Tax2win. in, an IT returns filing platform for an undisclosed amount.
  • DeHaat, an Agritech startup, has acquired FarmGuide, a B2B SaaS platform for an undisclosed amount.
  • Zomato has raised another $250 million from its existing and new investors in its pre-IPO fundraise.
  • Vedantu has acquired, Instasolv, an ed-tech – doubt-solving app. As per experts, the Indian ed-tech market is expected to grow around 3.7 times till 2025 to become a $10 billion opportunity.
  • Kinara Capital has secured $10 million in funding from IndusInd Bank with a 100% guarantee from DFC (US International Development Finance Corporation).
  • Reliance Jio Infocomm is said to be planning to build a data centre in Uttar Pradesh at an investment of approximately $950 million.
  • TPG-backed Dolda Dairy has filed DRHP with Sebi to launch IPO for raising around Rs.800 crores.
  • Snap Inc, the Snapchat owner, is said to have hit $100 million in market value.
  • Thomas Cook India is planning to raise around Rs.450 crore via the issue of Optionally Convertible Cumulative Redeemable Preference shares.

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

India Business News Weekly Roundup 22 to 27 February 2021

Tie-ups:

  • MG Motor and Tata Power have jointly set up a superfast EV charging station in Chennai. They have so far installed 22 such stations across 17 cities in the country.
  • IRCTC has tied up with Abhibus Services, an online e-ticketing platform aggregating solutions to 3000 private bus operators, to provide bus ticket bookings.
  • Ashok Leyland has entered into an agreement with Nissan International Holding BV to acquire their 38% stake in Hinduja Tech for Rs.70.20 crores.
  • Reliance Retail may collaborate with a large number of smaller retailers across various categories for its online JioMart platform.
  • Unacademy has signed a strategic partnership with Sachin Tendulkar, who apart from becoming its brand ambassador, has also picked up a small stake in the firm. The financial details of the agreement have not been disclosed.
  • NTPC has signed a share purchase agreement to buy GAIL’s 25.51% stake in Ratnagiri Gas and Power Pvt Ltd.
  • Bharti Airtel has partnered with Qualcomm Technologies for accelerating 5G services in India.
  • Amazon India and Mahindra Electric have entered into a partnership under which Amazon has deployed around 100 Mahindra Treo Zor EVs in its delivery network.

Airlines

  • Mumbai’s Chhatrapati Shivaji Maharaj International Airport is reopening T1 for domestic flights from 10 March.
  • GoAir will shift its entire domestic flight operations in Mumbai to T1 from 10 March. International flight operations will take place from T2.

Ongoing cases: India Business News Weekly Roundup 22 to 27 February 2021

People:

  • Levi’s has appointed actor Deepika Padukone as its global brand ambassador.
  • Piramal Group has appointed Kalpesh Kikani as CEO of Piramal Alternatives.
  • H&M has appointed Yanira Ramirez as India country sales manager. Ramirez was previously global sales manager of ‘& Other Stories’ of Hennes & Mauritz group.

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