Weekly Business News: India Business News Weekly Roundup 31 May to 5 June 2021

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India Business News Weekly Roundup 31 May to 5 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:india business news weekly roundup 31 may to 5 june 2021

Corporates – India Business News Weekly Roundup 31 May to 5 June 2021

  • Yamuna International Airport Pvt. Ltd has reportedly secured a loan of Rs.3,725 crores from SBI for the development of the upcoming airport in Jewar.
  • Union Civil Aviation Minister Hardeep Singh Puri said that the disinvestment of Air India is likely to happen by the end of 2021.
  • NAREDCO-UP has requested the finance ministry to amend the guidelines of SWAMIH fund so that more developers can get the benefits and complete their stuck projects.
  • RBI has said that from August 1, 2021, the National Automated Clearing House, a bulk payment system operated by the National Payments Corporation of India, will be available on all days of the week.
  • RBI has announced that “it has now been decided to open a separate liquidity window of ₹15,000 crore with tenors of up to three years at the repo rate till March 31, 2022 for certain contact-intensive sectors i.e., hotels and restaurants; tourism – travel agents, tour operators and adventure/heritage facilities; aviation ancillary services – ground handling and supply chain; and other services that include private bus operators, car repair services, rent-a-car service providers, event/conference organisers, spa clinics, and beauty parlours/saloons.
  • Tata Consumer Products has entered into premium roast and ground coffee segment with the launch of brand ‘Sonnets By Tata Coffee’.
  • Bayer, the global life sciences firm, launched its Consumer Health division in India comprising 10 brands across various categories.
  • Adani Electricity has launched a Green tariff initiative to switch to renewable energy.
  • Ikea announced the launch of e-commerce services in Ahmedabad, Surat, and Vadodara in Gujarat.

India Business News Weekly Roundup 31 May to 5 June 2021

  • Netflix is setting up its first post-production facility in Mumbai that will cater to Indian as well as global projects.
  • Tesla Inc. is said to have started recruiting for leadership and senior-level roles in India.
  • PMLA court is said to have allowed SBI-led consortium of banks to take over Vijay Mallya’s properties worth Rs.5600 crores in India to recover their dues.
  • Mercedes-Benz India is said to have announced a new retail concept in India which will do away with dealer investment in inventory prior to sales to customers. This is expected to be implemented in the Oct-Dec 2021 quarter.
  • Banks and Asset managers want RBI to allow sale of fraud loans to Asset Management Companies.
  • BI has reportedly invited bids from ARCs for two accounts, Kamachi Industries and Tantia Agrochemicals for recovering Rs.409 crores.
  • Gold traders have reportedly requested the Union finance ministry to increase the settlement period of gold metal loan to 270 days from the current 180 days as applicable to exporters. The request has been made due to no sales in April and May because of lockdown and local restrictions.

India Business News Weekly Roundup 31 May to 5 June 2021

  • Sebi is said to have extended the timeline for implementation of a framework for the enhancement of quality of disclosure of risk and performance and schemes portfolio.
  • Reliance Jio is said to have partnered with Japanese gaming giant SEGA. The partnership will allow users to download SEGA’s games in India through Jio STB, smartphones, and other devices.
  • Xiaomi claims to have built a new battery charging technology for smartphones that can charge a 4000 mAh battery in 8 minutes with wire and in 15 minutes through the wireless mode.
  • Adani Wilmar has launched its own mobile app called ‘Fortune Online’. The company sells a large range of staples like pulses, sugar, edible oil, wheat flour, and many packaged foods.
  • A consortium of investors, led by The Carlyle Group, American PE giant, and Aditya Puri, former HDFC Bank CEO, will reportedly invest Rs.4,000 crores in PNB Housing Finance.
  • Reliance Retail is said to be in talks to become the India franchise of GAP.

India Business News Weekly Roundup 31 May to 5 June 2021

  • The government has expanded and extended Emergency Credit Guarantee Scheme to cover more sectors, including civil aviation. The scheme was announced last year to provide relief to pandemic-hit businesses. Banks reportedly have room to disburse another Rs 45,000 crore under the plan.
  • Banks have started the process of restructuring loans up to Rs.25 crore in line with the COVID-19 relief measures announced by RBI. This is a one-time loan restructuring scheme under which loans would remain standard and banks won’t have to make additional provisions.
  • IAMAI has formed a self-regulatory body for OTT players. The move is in line mandated 3-tier complaint redressal mechanism announced by the government.
  • NCLT has reportedly ordered liquidation and winding up of Devas Multimedia, Bangalore.

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India Business News Weekly Roundup 31 May to 5 June 2021

  • OneWeb, owned by Bharti Airtel, confirmed the launch of 36 new Low Earth Orbit satellites as part of its ‘five to 50’ program.
  • National Green Tribunal has reportedly formed a committee to probe into a plea alleging violation of environmental norms in running industrial operations by Jindal Steel Works Limited at some villages in Raigarh, Maharashtra.
  • Union power ministry has reportedly transferred 220 kV Srinagar-Drass-Kargil-Khaltsi-Leh transmission link to Power Grid Corporation of India.
  • Rail Land Development Authority has invited online bids for commercial development of a railway land parcel of around 2205 sq.m. at Nizamabad in Telangana.
  • UAE has further extended travel restrictions from India till 30 June.
  • Zydus Cadila is said to be planning to test its Covid-19 vaccine for children between 5 to 12 years.
  • CSC E-Governance India announced the launch of a portal for Agri services, mainly to help small farmers. The farmers will be able to buy seeds, fertilizers, pesticides, cattle feed, and other agri-input products from there.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 31 May to 5 June 2021

  • Artha Venture Fund is said to have made the final close of its debut fund at Rs.220 crores. The fund is planning to invest in 12-15 startups in 2021-22. Over half of the investments have reportedly come from family offices.
  • SoftBank Group is said to be in talks with Flipkart to invest around $700 million from its Vision Fund 2 at a valuation of $28 Billion.
  • Locus, a supply chain automation platform, is said to have raised $50 million as part of its Series C round of funding led by GIC, Singapore’s sovereign wealth fund.
  • Urban Co. is said to have raised $255 million at a valuation of $2.1 billion.
  • LambdaTest, a cloud-based browser testing platform, is said to have raised $16 million as part of its series B round of funding led by Sequoia Capital India.
  • OFB Tech, running OfBusiness B-2-B marketplace, is reported to be in advanced talks to raise $150 million from SoftBank Group at a valuation of $1.3 billion.
  • Avishkaar, an ed-tech startup, is said to have raised Rs.50 Million in a pre-series A round of funding from Auxano and Mumbai Angels. Alok Mittal, co-founder Indifi Technologies, and Varun Aggarwal, co-founder, Aspiring Minds, also participated in the funding round as angel investor.
  • WEH Ventures, an early-stage investor, announced launch of its second fund with a targeted corpus of Rs.100 crores.
  • Jai Kisan, a rural fintech startup, is said to have raised $30 million as part of its Series A funding round led by Mirae Assetin, The funding is a combination of equity and debt.
  • Plum, a group health insurance startup, is said to have raised $15.6 million as part of its Series A round of funding led by Tiger Global. Some of the existing investors also participated in the round.
  • Delhivery is said to have raised around $270 million in a pre-IPO round from multiple investors at a valuation of approx. $3 billion.

Some stats: India Business News Weekly Roundup 31 May to 5 June 2021

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India Business News Weekly Roundup 31 May to 5 June 2021

Tie-ups – M&As

  • PepsiCo India is said to have entered into a partnership with United Way Delhi, an NGO, for building plastic waste management awareness in Mathura-Vrindavan.
  • RoundGlass, a personal wellbeing platform, is said to have acquired Gympik Health Solutions, a fitness discovery platform, for an undisclosed amount.
  • Scatec, a Norwegian renewable firm, has reportedly entered into a partnership with ACME to develop a 900 MW solar power plant in Rajasthan.
  • UK-based SRAM & MRAM Group have reportedly signed an agreement with Area Group and GBP Group to invest $ 100 million in real estate projects in India.
  • Jio Platforms is said to have collaborated with Qualcomm technologies, the US-based chipmaker, for local manufacturing of critical equipment to catalyze the 5G ecosystem in India.
  • Manipal Hospitals are reported to have bought Vikram Hospitals from Multiples PE Fund at around Rs.360 crores.
  • xto10x, a SaaS-based consultancy, is said to have acquired Dockabl, an HR tech startup, for an undisclosed amount. xto10x was set up by Binny Bansal and former eKart executives Saikiran Krishnamurthy and Neeraj Aggarwal.
  • Accenture is said to have entered into an agreement to acquire Nell’Armonia, a Paris-based technology consulting firm, to strengthen its position in the EPM market, leveraging cloud and data to help clients navigating digital transformation.
  • ICICI Bank is said to have tied up with SWIFT to offer a facility that allows overseas partner banks to send instant remittances on behalf of their customers to Indian beneficiaries.
  • ICICI Lombard has tied up with Microsoft to automate audits of daily service calls made by customer service.
  • QYOU Media, a Canada-based media firm, operating The Q channel in India, is reportedly going to acquire Chatterbox Technologies (Chtrbox) for an undisclosed amount.
  • Infra. Market, a construction materials marketplace,  is said to have acquired a majority stake in Sociam Equipment Solutions, an equipment solutions platform, for an undisclosed amount.

Ongoing cases: India Business News Weekly Roundup 31 May to 5 June 2021

People:

  • Benetton India announced the appointment of Ramprasad Sridharan as the new CEO & MD. Sridharan was previously with Clarks as President – South-East Asia, Australia and New Zealand.
  • Actis Llp, a PE firm, is said to have promoted Abhishek Bansal and Nicolas Escallon, Directors in its energy infrastructure team, to the position of a partner.
  • Amul’s MD RS Sodhi has been elected to the board of the International Dairy Federation which represents the global dairy sector.
  • International Spirits and Wines Association of India representing large foreign liquor companies in India announced the appointment of Nita Kapoor as CEO.
  • Omnivore, an Agri-tech VC firm is said to have appointed Dr. Harsh Kumar Bhanwala, former Nabard chairman, as a senior adviser.
  • Magma Fincorp is said to have appointed Vijay Deshwal as Group CEO. Deshwal is currently associated with ICICI bank as business head for fast-growing services.
  • ZEE Entertainment has appointed former Aadhaar CTO Nitin Mittal as President-Technology & Data to drive digital transformation.
  • T.V. Narendran, MD & CEO of Tata Steel has taken over as President of CII – Confederation of Indian Industry for 2021-22. He takes over charge from Uday Kotak.
  • Raymond Ltd is said to have appointed Harmohan Sahni as CEO of its real estate business. Sahni was previously with ECL Finance as COO.
  • Adar Poonawalla has been appointed as chairman of Magma Fincorp in which his firm Rising Sun Holdings acquired a controlling stake.

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