Weekly Business News: India Business News Weekly Roundup 8 to 13 March 2021

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India Business News Weekly Roundup 8 to 13 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 8 to 13 march 2021

Corporates – India Business News Weekly Roundup 8 to 13 March 2021

  • BNP Paribas Cardif sold 5% of its equity in SBI Life Insurance for Rs.4557 crores through an open market transaction.
  • Tata Digital has reportedly filed a proposal with the Competition Commission of India to buy a 64.3% stake in BigBasket.
  • Vishnuprayag hydropower project of Jaiprakash Power Ventures has resumed operations. The plant went offline after a recent glacier burst and flash floods in Uttarakhand.
  • Amazon has infused approx. Rs.225 crores into Amazon Pay.
  • The government has reportedly decided to sell a 16.12% stake in Tata Communications through an offer for sale and the remaining 10% to the investment arm of Tata Sons, Panatone Finvest.
  • To guard the domestic industry against cheap imports, India has imposed anti-dumping duty on the Ciprofloxacin Hydrochloride, a Chinese antibacterial drug.
    NHSRCL has signed an MoU with a Japanese firm for track work of the 237 km Mumbai-Ahmedabad bullet train project.
  • Trai has issued a strict warning to all business entities sending bulk SMSes to comply with regulations on unsolicited commercial communication in the absence of which they will be debarred from sending SMSes using telecom resources.
  • The Association of Power Producers has reportedly shot off a strongly worded letter to the Chandigarh administrator on changing bid conditions for privatization of Chandigarh electricity distribution company and has demanded immediate withdrawal of changed rules.
  • Operations at South Korean steelmaker Posco’s plant in Maharashtra have been reportedly disrupted due to local protests over labour and some other issues.
  • Jindal Stainless Group has received approval from the bourses for the amalgamation of Jindal Stainless (Hisar) into Jindal Stainless Ltd.
  • NCLT has admitted Corporate Insolvency Resolution Process against Manpasand Beverages Ltd. and has appointed Arpan Maheshkumar Shah as IR Professional for the company.
  • On the airline industry’s demand, the civil aviation ministry reportedly is working to bring Aviation Turbine Fuel under GST and is taking up the matter with the finance ministry.
  • Infosys has extended its strategic collaboration with Newmont Corporation by five years. Newmont is the world’s largest gold mining company.
  • Google Pay has introduced new features to improve privacy for users, allowing them to gain control of their transaction data.

India Business News Weekly Roundup 8 to 13 March 2021

  • Accenture has completed the acquisition of Imaginea, a cloud-native product and platform engineering firm. Imaginea helps companies drive innovation through disruptive technologies.
  • Samsung Electronics has set up an innovation lab at Delhi Technological University to promote joint research and training in areas like AI, MI, and computer vision.
  • Traders’ body CAIT has launched a vendor onboarding mobile app for ‘Bharat e Market’, its upcoming e-commerce portal. The app will enable businesses and service providers to create their own “e-dukaan”.
  • Apple may soon change the ‘Subscribe’ button with ‘follow’ on Podcasts.
  • Mahindra & Mahindra has reportedly received clearance from RBI to reduce its ownership in Korean automaker SsangYong Motor.
  • United Forum of Bank Unions, an umbrella body of nine unions, has given a call for a two-day strike from March 15 to mark their protest against the proposed privatization of two PSBs. This means the banks would be closed for four days together, 13th and 14 March being second Saturday and Sunday.
  • Erstwhile promoters of Zandu Pharma, the Parikh family, will soon exit ZCL Chemicals after selling a 74% stake to Advent International.
  • As part of a debt recast for the cash-strapped company, lenders to Shapoorji Pallonji are reportedly planning to defer principal repayments by eight quarters as also suspend interest till September 2021
  • Facebook has launched a new Instagram Lite app that can work even on the 2G network. The app will be available in 170 countries having issues of slower internet and bad connectivity.
  • Lotus Herbals has entered the clean beauty category with a range of chemical-free skin and hair care products.
  • IndoSpace and Model Economic Township, a Reliance Industries subsidiary, have jointly acquired 55 acres at Farukhnagar, Haryana, to develop a warehousing facility.

India Business News Weekly Roundup 8 to 13 March 2021

  • Reliance Jio has launched offers inclusive of broadband plans, voice calls, video conferencing, and other digital solutions MSMBs.
  • Shriram Automall India has launched an online tool ‘ThePriceX’, to measure the resale value of a used automobile.
  • CredR, an omnichannel platform for used two-wheelers, is planning to invest US$ 15 million in the upcoming financial year to expand operations across the country.
  • JMC Projects has bagged a construction order worth Rs.1,000 crores from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives.
  • Tulip Infratech will invest Rs.200 crores to revive a stuck project of Vipul Limited. PNB Housing Finance restructured the Rs.412 crore debt and transferred the project to Tulip Infratech.
  • DGCA has told NCLT that it can’t be mandated to give approvals, permissions, or slots to new shareholders of Jet Airways.
  • Airports Authority of India has sanctioned Rs.242 crore for the development of an airport in Ayodhya.

India Business News Weekly Roundup 8 to 13 March 2021

  • A consortium of Air India employees that submitted an EoI for the privatization of the airline could not qualify for the next round.
  • Truecaller has suspended its UPI services in India to focus on core offerings like communication and safety.
  • Blackstone Group has reportedly shelved planned majority stake sale in Mphasis due to valuation issues.
  • The board of Coal India has approved 32 coal mining projects in the current FY till January 2021.
  • Amazon India is said to have scaled up its food delivery service, Amazon Food, to 62 pin codes across Bengaluru, and has around 2,500 restaurants and cloud kitchens on its platform.
  • Shareholders of Tata Motors are said to have approved a plan to hive off its passenger vehicles business into a separate entity.
  • Google Inc. said it will support one million rural women entrepreneurs in India to help them pursue their ambitions and improve their livelihoods through its ‘Women Will’ web platform.
  • Amazon India is said to have scaled up its ‘Local Shops’ program to 50,000 offline retailers across 450 cities doubling the total number of sellers over the last four months.
  • Instagram has said that it will give a small number of creators in India the option to share their short video clips on Facebook’s main social network.
  • WhatsApp is reportedly working on rolling out a security feature to protect chat backups with password and encryption.
  • Singapore Airlines will begin trialing coronavirus digital travel pass developed by IATA.
  • The requirement for registering on the Udyam Registration Portal has been further simplified. Now GST number is not mandatory and Pan card can be used for the registration.

Must Read: Roshni Nadar Malhotra: Things to know about India’s richest woman

India Business News Weekly Roundup 8 to 13 March 2021

  • To improve the security, speed, and stability, Google is said to be working on speeding up the release cycle of Chrome updates to four weeks from the current six-week period.
  • Kochouseph Chittilappilly, the founder of V-Guard, is set to launch an NBFC. V-Guard Industries is one of Kerala’s largest business empires.
  • Around six companies, including Tata Motors, M&M, and Ashok Leyland are said to be looking to buy a 26% stake in BEML Ltd, a state-run defence equipment maker.
  • An arbitral tribunal has ruled in favour of Zostel Hospitality, owner of Zostel Hostels and ZO Rooms, in a legal battle against the parent of Oyo Rooms, Oravel Stays. This may lead to shareholders of ZO Rooms owning 7% in Oyo.
  • Sanjay Singal, the erstwhile promoter of Bhushan Power and Steel has filed a fresh application in the Supreme Court asking for a stay in the implementation of the resolution plan.
  • Future Group’s Kishore Biyani is planning to launch the ‘Made in India’ version of US-based Terra chips in India.
  • End-user copper industry bodies have requested the Tamil Nadu government to find out a solution to restart operations at the Tuticorin plant of Sterlite Copper. The plant catered to approx. 40% of India’s total copper requirement.
  • Reliance Home Finance is said to have defaulted on a loan of over Rs.40 crore from Punjab & Sind Bank although the company has enough cash and cash equivalent but cannot use it due to a court order.
  • Embassy Office Parks REIT has received NCLT approval to restructure and simplifY ownership of its key portfolio assets, including Embassy TechZone and Embassy Manyata.
  • DoT has proposed to replace outdated provisions of the Indian Telegraph Act and the Indian Wireless Telegraphy Act, which came into effect in 1885 and 1933, respectively before rolling out 5G.
  • Rashtriya Ispat Nigam Ltd is looking to raise around Rs.1,000 crores from the sale of its 22.19-acre land in Visakhapatnam.
  • To facilitate planning listing for the next fiscal, the government has proposed to significantly increase the authorized capital of LIC to Rs.25,000 crores.
  • Birla Sun Life is planning to raise Rs.5000 crores through IPO.
  • PVR Limited is planning to invest around Rs.100-150 crores in setting up properties in the coming year.
  • To start off its EV journey in India, Audi will launch its fully electric SUV e-Tron and crossover e-Tron Sportback in the next two to three months.
  • Gujarat CM Vijay Rupani is said to have told that ArcelorMittal will invest around Rs.50,000 crores in Gujarat.

India Business News Weekly Roundup 8 to 13 March 2021

Start-up world, funds, funding and investments 

  • Juicy Chemistry, skin and hair care D2C brand, has raised $6.3 million in a Series A round of funding led by Verlinvest, a Belgium-based investment firm.
  • Svasti Microfinance has raised Rs.310 million from Adar Poonawalla, CEO of Serum Institute of India, Nordic Microfinance Initiative, and Rajiv Dadlani Group.
  • Monrow, a women’s D2C footwear brand, has raised an undisclosed amount of funding from VC fund 9Unicorns.
  • VerSe Innovation, which owns and operates Dailyhunt and Josh, has acquired Vebbler, a community-focused photo and video sharing app for an undisclosed amount.
  • Kotak Special Situations Fund has acquired Prius Commercial Projects under the insolvency and bankruptcy code for Rs.450 crores.
  • Turtlemint, an InsurTech platform, is said to have raised funding from Jungle Ventures, taking its Series D fundraising to a close at $46 million.
  • Quizizz, an edtech startup, has raised $12.5 million as part of its Series A round of funding led by Eight Roads Ventures. GSV Ventures, Rocketship VC. The existing investors Nexus Venture Partners and Prime Venture Partners also participated.
  • Nodwin Gaming has raised Rs.164 crores in equity investment from Krafton, a South Korean gaming firm, for a minority stake.
  • LetsVenture has launched Women Angel Network, which will provide access to women CXOs to invest in early and growth-stage startups.

Some stats: India Business News Weekly Roundup 8 to 13 March 2021

  • Auto industry body SIAM has said that passenger vehicle sales in India increased 17.92% to 2,81,380 units in February as compared to February 2020.
  • Advertising Standards Council of India has said that in 2020, it looked into 6,527 complaints registered against 3,315 advertisements, upholding 2,357 complaints.
  • An affiliate of Warburg Pincus, Windy Lakeside Investment, will invest Rs.800 crores in Adani Ports for a stake of 0.49%.

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

India Business News Weekly Roundup 8 to 13 March 2021

Tie-ups & acquisitions

  • Cholamandalam Investment and Finance has entered into a partnership with Karur Vysya Bank for co-lending business.
  • Hong Kong-based Ares SSG Capital has completed the acquisition of Altico Capital India, a stressed real estate finance firm.
  • FreshToHome has partnered with Zarin, a Kashmiri startup to market the Himalayan rainbow trout.
  • Chingari app has entered into a partnership with BandEdge, a music and talent agency, to promote budding talents.
  • itel, sub-brand of Chinese company Transsion Holdings, has tied up with Bajaj Finserv to offer smartphones at no-cost EMI and zero down payment.
  • LeapFrog Investments is said to have signed a strategic partnership with Temasek, Singapore’s state investor. The partnership will see Temasek committing to $500 million as an anchor investor across multiple funds of LeapFrog.

India Business News Weekly Roundup 8 to 13 March 2021

People:

  • Kedar Mehta has been appointed as head of consulting, Ogilvy India for its experience business in India. Mehta was previously with Reliance Jio as Programme and marketing lead.
  • Sameer Aggarwal has reportedly been appointed as COO of Sam’s Club, Walmart’s membership-based wholesale retail format. Aggarwal was previously with Walmart India.
  • Salesforce Inc is said to have appointed Sanket Atal as senior VP & MD, Sites (India).
  • Zee Entertainment has appointed Rajiv Bakshi, former Big Synergy CEO, as COO-Revenue.
  • Bata India has appointed actor Kartik Aaryan as its new brand ambassador.
  • Sterlite Technologies has appointed JS Deepak, former DoT secretary to its advisory board.
  • Tata Consumer Products has appointed TV Swaminathan as global chief digital officer. Before joining TCP, Swaminathan was with Nissan Motors, Japan.
  • VS Parthasarathy, President of Mobility Services Sector and Group Executive Board Member of Mahindra & Mahindra has resigned to pursue personal interests.

Must Read: Some of the top Indian Philanthropists

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