Weekly Business News: India Business News Weekly Roundup 24 to 29 January 2022

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India Business News Weekly Roundup 24 to 29 January 2022. 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 24 to 29 january 2022

Corporates – India Business News Weekly Roundup 24 to 29 January 2022

  • The government of Delhi has proposed mandating a quarter of new cab registration to be electric vehicles.
  • The Municipal Corporation of Greater Mumbai has collected Rs 11,000 crore as a premium from realtors in 2021 as compared to Rs 3500 crore in 2020.
  • Penalties have been imposed by RBI on eight cooperative banks for the deficiencies in their regulatory compliances.
  • City Union Bank in association with GOQii has launched a debit card in a fitness watch, a smart-tech enabled preventive healthcare platform, powered by NPCI.
  • RBI has completed the revival process for PMC bank, and now the banks will operate as the Unity Small Finance Bank Ltd. (USFBL)
  • A letter of intent has been received by SJVN Ltd. from Bihar Renewable Energy Development Agency for the supply of 200 MW solar power at a tariff of Rs 3.11/kWh.
  • GOI has extended the deadlines from 31st January till February 14, 2022, for the submission of applications for PLI for textiles worth Rs 10,638 crore.
  • Several restrictions have been imposed by RBI on Indian Mercantile Cooperative Bank Ltd. in Lucknow along with a cap of Rs 1,00,000 on withdrawals.
  • The Department of Public Enterprises has rated Numaligarh Refinery as the most excellent in the MoU FY 2020-21.

India Business News Weekly Roundup 24 to 29 January 2022

  • Usha International Ltd aims to increase its revenue by 25% by 2023-24 and is making efforts to double its village penetration.
  • Rs 76,000 crores have been invested by RIL on acquisitions in the first 3 quarters to strengthen its retail arm.
  • Blackstone’s Nucleus Office Park has infused over Rs 50 crore in the redevelopment of a one-mile road stretch in Mumbai’s central district of the Lower Panel area.
  • Suraksha Group to acquire Jaypee Infratech Ltd through insolvency process by March 2022 after getting approval from NCLT.
  • HDFC Capital plans to invest around $2 billion worth of funds in affordable housing through its third fund focused on this segment.
  • Supertech, a realty developer, has signed an agreement with Edifice Engineering for the demolition of the twin towers in Noida.
  • ICICI Bank has reported a jump of 25% in its net profit and stood at Rs 6194 crore in Q3 of FY22 aided by lower provisions and an increase in net interest income.
  • Maruti Suzuki India to set up its Sonipat unit as the largest production base across the country.
  • Air India to become Tata-owned as the government has decided to hand over the company to the Tata Group on January 27, 2022.
  • Aavishkar Capital in partnership with KfW has launched a $250 million ESG First Fund for strengthening environmental, social, and Governance practices of mid-cap businesses.

India Business News Weekly Roundup 24 to 29 January 2022

  • The acquisition of the stake in GlaxoSmithKline Asia Pvt. Ltd. by GlaxoSmithKline Consumer Healthcare Overseas Ltd. and GSK Consumer Healthcare UK Trading Ltd. has been approved by the Competition Commission of India.
  • Tata Consultancy Services has been named the 2nd most valuable brand in the IT sector; Infosys and 4 other Indian tech companies come under the top 25.
  • LIC exited Air India at a premium by selling its holding at Rs. 3,800 crores; it had invested Rs. 3,000 crores.
  • Jio-BP has installed one of the largest EV charging hubs in Delhi.
  • JB Chemicals and Pharmaceuticals acquired probiotic and reproductive health brands for Rs. 628 crores from Sanzyme.
  • Future Retail has moved to the Supreme Court for quashing of lenders’ letters to declare insolvency.
  • EvGateway, a US-based electric vehicle infrastructure solutions provider, aims to offer its EV charging management solutions to India with the adoption of easy-to-use solutions for drivers.
  • Simple Energy has signed a pact with global leader Siemens for driving digital transformation in EV space.
  • Mahindra & Mahindra Ltd. has recorded around one lakh bookings of its sports utility vehicle XUV700 despite global supply chain issues.
  • India Mortgage Guarantee Corporation has partnered with Muthoot Homefin Limited for offering mortgage guarantee-backed home loan products to customers in the affordable housing segment.
  • A health care supply chain platform Biddano aims to expand across 52 cities in India by year-end after the pharmacy channels became organized.

India Business News Weekly Roundup 24 to 29 January 2022

  • As per reports, Fab Metals Pvt Ltd to acquire the manufacturer of Premier Padmini cars, Premier Ltd, under the insolvency process.
  • Sun Pharmaceutical Industries has launched a new treatment for the dry disease, Cequa, in Canada.
  • Larsen & Turbo Infotech has partnered with IIT Madras for research in 5G to innovate the emerging space and for enabling 5G frameworks validation.
  • TVS Motor Company has acquired a 75% stake in European e-bike maker Swiss E-Mobility Group for $100 million.
  • The subsidiaries of Phoenix Mills, Vamona Developers, and Offbeat Developers have collaborated with ReNew Power to install solar power plants for supplying power to Phoenix Market city Pune and in Mumbai.
  • Hindustan Petroleum Corporation Ltd. to set up its chain of multi-channel retail stores at petrol pumps to give a push to non-fuel retailing.
  • Oppo India aims to set up a power and performance lab in India with a focus on battery life improvement in upcoming devices.
  • Adani Total Gas Ltd has won 14 licences in the latest city gas bidding round to retail CNG, automobiles, and piped cooking gas to the households.
  • Larsen & Turbo has informed that it has bagged a large offshore contract from ONGC through competitive bidding for the seventh development phase of their pipeline replacement projects.
  • India’s largest EV charging station has been opened at Delhi-Jaipur National Highway with the capacity of 100 charging points for four-wheelers.

Must Read:Top Electric Vehicle Start-ups in India

India Business News Weekly Roundup 24 to 29 January 2022

Start-up world, funds, funding and investments – India Business News Weekly Roundup 24 to 29 January 2022

  • VAAN Electric Moto, an Indian lifestyle e-mobility start up, has launched an electric bicycle-Urbansport in India in a virtually held event.
  • According to a report on start-ups by Nasscom and Zinnov, ESOP’s worth $400 million were brought back by Indian start-ups in 2021 and over 10,000 employees were benefitted from these buybacks.
  • Ola Electric has raised $200 million worth of funds from Tekne Private Ventures, Alpine Opportunity Fund Edelweiss, and others at a $5 billion valuation.
  • Swiggy has raised $700 million in a funding round led by Invesco along with the participation from Baron Capital Group, Sumeru Ventures, Kotak, etc., and has turned into a decacorn.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 24 to 29 January 2022

  • A fintech startup, Raise Financial Services, has raised $22 million in a Series A funding round led by BEENEXT and Mirae Asset Ventures Investment along with the participation from 3one4 Capital and Rocketship.
  • Vajro, a mobile application building platform has raised $8.5 million through Series A funding.
  • BharatPe has reported a growth of 200% in annualised transaction value from its POS business – BharatSwipe in the last year.

Some stats: India Business News Weekly Roundup 24 to 29 January 2022

  • According to the Apparel Export Promotion Council, the domestic exporters should increase India’s share in the total apparel imports of Colombia by focusing on high value-added products.
  • As per the RBI data, the bank credit has grown by 8.01% and deposits by 9.28% in the fortnight ending on January 14, 2022.

Must Read:Start-up Now – Easy steps to launch – How to start a start-up?

Tie-ups – M&As – India Business News Weekly Roundup 24 to 29 January 2022

  • According to the World Gold Council data, the consumption of gold in India has been the highest in 2021 reaching 797.3 tonnes derived by weddings and festival season demands.

Ongoing cases: India Business News Weekly Roundup 24 to 29 January 2022

People:

  • ICICI Bank has reported the resignation of Rama Bijapurkar, an independent director on the board, due to conflict of interest, with effect from January 23, 2022.
  • Satya Nadella and Sundar Pichai have been awarded the Padma Bhushan.
  • Vaccine makers Cyrus Poonawalla of Covishield, and Krishna Ella and Suchitra Ella of Covaxin have also been awarded the Padma Bhushan.
  • Amlan Mukherjee has been appointed as the Chief Supply Chain Officer by the wellness brand Vahdam India.
  • Arun Purwar, the former boss of SBI, has been appointed as the Chairman of the board by IIFL Finance w.e.f. April 01, 2022.
  • MyungSik Sohn has been appointed as the Chief Sales Officer by Kia India with immediate effect.

Must Read:How to Raise Funds for Startup in India

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