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

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India Business News Weekly Roundup 22 to 27 March 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 march 2021

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

  • Bayer AG said that it had reached an “amicable settlement” in its Monsanto unit’s long-running IP dispute over genetically modified cotton seeds with Nuziveedu Seeds.
  • RBI is said to have moved NCLAT challenging an order by the NCLT’s Kolkata bench allowing Srei group to skip repayments between 1 January and 30 June.
  • BPCL said to have sold its entire 61.5 percent stake in Numaligarh Refinery in Assam to a consortium of Oil India Ltd, EIL, and the Government of Assam for Rs 9,876 crores.
  • OneWeb, a broadband satellite communications company acquired by Bharti Global and a consortium of investors including the UK government, is said to have launched 36 more satellites from Vostochny Cosmodrome in Russia. The company is aiming to have 648 low-earth-orbit satellites to deliver high-speed and low latency broadband services. Now it has a total of 146 satellites.
  • Tata Power DDL has announced a partnership with Sun Mobility to set up lithium-ion battery swapping stations in Delhi NCR. Tata Power DDL is a JV of Tata Power and the Delhi government.
  • LIC Housing Finance announced a waiver of six EMIs under Griha Varishtha, its special home loan product.
  • To strengthen its cybersecurity portfolio, Tech Mahindra is said to have launched ‘CLOUDEFENDER’, a new cloud-based attack mitigation service.
  • To bid for a 100% stake in Air India, SpiceJet is said to have partnered with Ankur Bhatia, promoter of Bird Group and Ras Al Khaimah Investment Authority.
  • Adani Enterprises has announced its entry into the copper business by incorporating Kutch Copper Limited, a wholly-owned subsidiary.

India Business News Weekly Roundup 22 to 27 March 2021

  • Zetwerk Manufacturing, a B2B online marketplace, has completed 3 rounds of share buyback worth around $8.3 million from early investors and employees.
  • Drums Food International, owner of Epigamia brand, has launched some new digital-first products for online sales.
  • As per ANI, CBI has filed a case against DHFL & its promoters Kapil and Dheeraj Wadhawan in connection with criminal conspiracy in PM Gramin Awaas Yojana & loan case. They’d allegedly opened a fictitious Bandra Branch of DHFL, where fake housing loan accounts of borrowers, who repaid their housing loan earlier, were created.
  • IndiGo is said to have refunded around Rs.1,030 crores to customers for ticket cancellations during the lockdown.
  • Sebi is said to have ordered for attachment of bank accounts, share, and MF holdings of Rana Kapoor, to recover dues of around Rs.1 crore.
  • Supreme Court stayed pending proceedings in several high courts related to OTT Platforms regulation.
  • Editors Guild of India has said that it has written to PM Narendra Modi, I&B Minister Prakash Javadekar and IT minister Ravi Shankar Prasad to revoke the recently issued rules to regulate digital content. It has also requested to hold meaningful consultations for a more constructive approach.
  • The Board of Directors of Cipla has approved the re-appointment of Umang Vohra as MD & global CEO for another five years.
  • Sebi is said to have initiated a forensic audit of the books of accounts of Suzlon Energy Ltd, India’s largest renewable energy equipment maker.
  • Jaguar Land Rover announced the launch of its first battery-electric vehicle, Jaguar I-PACE, for the Indian market @ Rs105.9 lakhs.
  • Acme Solar Holdings is planning to invest $2.5 billion to manufacture green ammonia and green hydrogen in Oman.

India Business News Weekly Roundup 22 to 27 March 2021

  • Reckitt Benckiser Group has said that they have rebranded their corporate identity as Reckitt, thereby replacing the previous visual identity “RB”.
  • OnePlus is said to be considering bringing new manufacturing partners onboard to expand its product portfolio in India especially in IoT and smart TV segments.
  • Irdai has allowed life insurers to continue to issue e-policies till 30 September.
  • Ministry of Electronics and IT has invited EoI from companies willing to set up a display fabrication unit in India.

India Business News Weekly Roundup 22 to 27 March 2021

  • IIFL Asset Management has launched its latest alternative investment fund and is planning to raise around Rs.1500-2000 crores for this. The fund will make late-stage and pre-IPO investments in India’s tech startups.
  • A division bench of the Delhi high court has stayed the single-judge order freezing Kishore Biyani’s assets and restraining the group from taking any steps to sell its assets to RIL.
  • Effective May 2021, Arun Kumar Parameswaran is being appointed as senior VP & MD for sales and distribution in India, of Salesforce Inc..
  • Ahead of its divestment process, Bharat Petroleum Corporation will merge its subsidiary Bharat Gas Resources with itself.
  • Cisco Systems, Inc., will invest in India also from the amount of $5 billion the firm has set aside to fund projects for 5G services globally.
  • Future Retail has challenged the Delhi high court’s order for attachment of assets of Kishore Biyani and his possible detention while restraining the firm from selling its assets to Reliance Industries.
  • SpiceJet Airlines dedicated a special aircraft livery to Sonu Sood, honoring him for all the humanitarian work done by him during the coronavirus pandemic.
  • The government is said to be planning to introduce a Bill in the monsoon session of Parliament to decriminalize minor and technical violations in the LLP Act.
  • Twitter is said to be working on an ‘undo tweet’ button. However, the feature may only be reserved for the paid subscribers.
  • As per certain amendments in the Companies Act, companies with not enough or no profit can pay non-executive Directors a certain sum.
  • NeoDove, a sales and marketing automation platform for SMBs, has raised $1.5 million in a seed round of funding led by India Quotient.
  • Irdai has asked all insurance firms to be more transparent with the claim settlement process. In case of denial of claims, the firm should inform the reasons to the policyholders.

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India Business News Weekly Roundup 22 to 27 March 2021

  • Mindtree has signed a multi-year agreement with Knauf, a global building materials and construction systems manufacturer to help accelerate the firm’s IT transformation initiatives.
  • Bharti Airtel will be acquiring an additional 3.3% stake in Avaada MHBuldhana, an SPV, formed for owning and operating a captive power plant. It currently owns around 5.2% of the SPV.
  • Pacific Alliance Group has completed an investment of around Rs.2,400 crores for a 51% stake in Edelweiss Wealth Management.
  • Hinduja Group has launched a new JV, Berryllus Capital. The firm will be focused on investment banking, investment management, and real estate advisory for ultra-high net worth families around the world.

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

  • DotPe, an e-com startup, has raised $27.5 million in a Series A round of funding from existing investors PayU and Info Edge Ventures, and Google a new investor. It has so far raised a total of $35.5 million including the latest funding.
  • JM Financial is said to have invested Rs.60 crores in Canpac Trends Pvt. Ltd, a Gujarat-based folding carton and packaging solutions firm.
  • Bank of India is said to have raised Rs.602 crores by issuing bonds.
  • CityMall, a social e-commerce and online grocery platform, is said to have raised $11million as part of its Series A round of funding. The round was led by Accel Partners and also saw participation from existing investors Jungle Ventures, Elevation Capital, and WaterBridge Ventures.
  • Khatabook, a digital ledger startup, is said to have acquired SaaS accounting software Biz Analyst, for $10 million.
  • Byju’s is said to be in advanced talks to raise around $600-700 million at a valuation of approx. $15 billion.
  • Moneyboxx Finance is said to have raised Rs.25 crores in debt.
  • DLF is said to have raised Rs.500 crores through NCDs.
  • Sequoia India announced the close of its second seed fund at $195 million.
  • Public app, a location-based social network, is said to have raised an additional Rs.300 crores in its latest funding round from A91 Partners. Existing investors of the firm also participated.
  • Bidgely, a SaaS startup, has raised Rs.15 crores as part of its latest round of funding from IvyCap Ventures.
  • Instoried, an AI-based content intelligence platform, is said to have raised an undisclosed amount from Rockstud Capital.
  • Velocity, a fintech startup, is said to have raised $10.3 million as part of its seed funding round led by Valar Ventures. This is the first investment of US-based Valar Ventures, backed by PayPal co-founder Peter Thiel, in India.
  • FloBiz, a digitization startup for SMEs, is said to have raised $10 million as part of its Series A round of funding led by Elevation Capital.
  • Finnov, the holding entity of KreditBee, a Fintech lending platform, has raised an additional US$ 70 million in a follow-on Series C funding round from NewQuest Capital Partners and Motilal Oswal Private Equity.
  • Purplle, an online beauty marketplace, is said to have raised $45 million in funding from a new investor Sequoia Capital India. The firm’s existing investors Blume Ventures, Verlinvest, and JSW Ventures also said to have participated.
  • Greenko Energy Holdings has raised around $940 million through its latest bond issue for refinancing.
  • Piramal Capital & Housing Finance has raised Rs.4,050 crores through NCDs.
  • Dvara KGFS, an NBFC, is said to have raised 8 million euros from Invest In Visions, Germany (IIV) Luxembourg and Darlehenskasse Muenster, as External Commercial Borrowings.
  • Zaara Biotech, a startup, got an investment of $10 million from TCN International Commerce LLC.

Some stats: India Business News Weekly Roundup 22 to 27 March 2021

 India Business News Weekly Roundup 22 to 27 March 2021

Tie-ups & acquisitions:

  • JSW Steel said that it has closed the acquisition of Bhushan Power & Steel Ltd.
  • Koovs has entered into a partnership with Blue Saint, a British design house, to launch an affordable activewear brand.
  • Tata Motors is said to have signed a three-year MoU with SBI to offer vehicle loans
  • JSW Steel is said to have completed the acquisition of the remaining 26.45% stake of JSW Vallabh Tinplate Pvt Ltd.
  • IndiGrid is said to have completed the acquisition of NER-II Transmission from Sterlite Power at an enterprise value of Rs 4,625 crore.
  • Adani Green Energy is said to have acquired a 100% stake in two SPVs that own 75 MW operating solar projects in Telangana from Sterling & Wilson.
  • Edelweiss Infrastructure Yield Plus is said to have concluded the acquisition of Engie Group, a French utility major’s solar energy assets in India.
  • AgNext Technologies, an agritech startup, has tied up with Tea Research Association to set up an AI ‘Excellence Center’ at Tea Research Institute, Jorhat, Assam.
  • Jubilant FoodWorks is said to have entered into an exclusive master franchise and development agreement with PLK APAC Pte. to own and operate Popeyes restaurants in India, Bangladesh, Nepal and Sri Lanka.
  • Adani Ports and Special Economic Zone are said to be acquiring a 58.1% stake in Gangavaram Port held by DVS Raju and family for around Rs.3,604 crores. The acquisition would be subject to regulatory approvals.
  • The central government will be selling 15% of its stake in Rail Vikas Nigam Ltd through OFS and is expected to raise around Rs.800 crores.
  • Unacademy has acquired Handa Ka Funda, an e-learning platform. It has also onboarded Ravi Handa, founder of Handa Ka Funda.
  • Elevation Capital (previously SAIF Partners), has tied up with Think Investments LLC, USA to float a company focused on Indian tech companies wanting to get listed in the US.

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

People:

  • M&M announced the appointment of Anish Shah, as the MD & CEO effective from April 2, 2021. Currently, Dy.MD & CFO, Shah will take over from Pawan Goenka.
  • Infosys has announced the appointment of Chitra Nayak, former Salesforce executive, as an independent director.
  • Caesar Sengupta, Google VP and GM-payments, has stepped down from his position after a long stint of 15 years.
  • Jeh Wadia has stepped down as the managing director of GoAir.
  • Shalini Sinha has joined Creativeland Asia as chief executive-consumer intelligence unit and director-strategy. She was previously with Kantar South Asia as the commercial lead for creative d

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