Latest Weekly India Business News 12th to 16th November 2018

Read Weekly India Business News 12th to 16th November 2018

india business news 12th to 16th november 2018

Here is the Weekly India Business News 12th to 16th November 2018.

Corporates:

– M&S Reliance operation in the fashion category has finally turned profitable after a decade of launch. They posted a profit of Rs.66.3 Crores in fy 17-18.

– BigBasket is expecting to cross Rs.3500 Crores in sales in fy 18-19. Its revenue crossed Rs.2000 Crores in fy 17-18.

– Exports from India rose by 17.5% to $26.9 billion in October 2018.

– ITC is looking at portfolio expansion in its food division to achieve the stated vision, set by its chairman and managing director of achieving Rs.1 trillion turnover from FMCG.

– Mahindra Group is looking to invest Rs.5 billion for setting up a global R&D centre for EVs in Bengaluru as also a high-voltage electric drivetrain plant in Chakan.

– In response to a PIL, Enforcement Directorate has told Delhi High Court that it was investigating if Amazon and Flipkart violated provisions of foreign exchange law.

– GVK Power and Infrastructure is seeking approval of its shareholders to raise ₹8,000 crore to repay debt as also to dilute around 50% of equity stake in GVK Airport Holdings.

– Royal Sundaram has sold its 40% stake to Belgium’s Ageas Insurance for ₹1,520 crore.

– Indian Hotels, which runs Taj hotels, is looking to sell 10 properties to reduce debt by 30% in the next 18 months. As of 30 September, its net debt is Rs.2,082 crore.

Must Read: India startup world news for the month of September 2018

– IHH Healthcare CEO has said that open offer for 26% stake in Fortis is likely to be completed by end of December and the group has no immediate plans to change the brand name of Fortis Healthcare.

– Vishal Jain, the resolution professional for Sterling SEZ and Sterling International, has sought possession of assets of the two companies and told NCLT that it would be impossible to proceed with the resolution process without the assets.

– Zee Entertainment has decided to divest 50% of Essel Group’s shareholding in the company and is looking for a global strategic partner.

– Jet Airways is planning to sell its six Boeing 777 planes to clear most of its aircraft-related debt of around Rs.1,800 crore.

– Amazon.com Inc has selected New York City and Northern Virginia as company’s second and third headquarters.

– Amazon wholesale’s revenue has jumped by 73% to Rs.12,224 Crore during the fiscal year 2017-18.

– Essar Steel update – Operational creditors of Essar Steel have moved NCLT against its takeover by ArcelorMittal seeking settlement of their dues of over Rs.380 crore.

– Reliance Industries has started work on its ₹10,000 crore Jio Institute. It is also adding more land to the existing land bank of 800 acres.

– Reliance is planning to invest another Rs.3,000 crore in Odisha. It has already invested ₹6,000 crore there.

– Vedanta Resources is planning to infuse Rs.15,000 crore in its Lanjigarh alumina refinery to raise the capacity by three-fold.

– Dunzo, an on-demand task management app, is in discussions with Google and others to raise around $25 million. Google led a $12 million investment in Dunzo last year.

– Usha Martin Shareholders have approved the sale of the company’s steel business to Tata Steel with 99.99% voting in its favour. The sale would help Usha Martin to significantly reduce its debt.

– Federation of Pharmaceutical Entrepreneurs is seeking higher retail prices of medicines covered by the Drug Price Control Order. It has warned that failure to do so may lead to a shortage of medicines.

– The Board of Jet Airways is meeting today to consider multiple fundraising options.

– Everstone Capital has hired UK-based Kiddy and Partners for assisting them in restructuring its private equity business and their review system. Instead of focussing on geographies, the firm will be taking a more sector-based approach now.

Policies and Practices:

– The Government is looking to raise around Rs.140-billion through a basket share sale in 11 central public sector enterprises.

– Vijaya Bank, Bank of Baroda and Dena Bank have set 15th December deadline to decide on the share swap ratio.

Must Read: Indian Startup World news for August 2018

– Supreme Court has attached Amrapali group’s 100-bed multi-specialty hospital, bank accounts, the building which houses its office, certain firms and a “benami” Villa in Goa.

– RBI will inject Rs.12,000 crore into the system through the purchase of govt securities under OMO to help ease tight liquidity situation triggered by a series of default by group firms of IL&FS.

– Twitter CEO, Jack Dorsey has said that the issue of fake news cannot be handled with one fix as it’s a multi-variable problem. He met Union Home Secretary, India yesterday.

– Trai has sought views on a consultation paper for regulating OTT service providers like Skype, Google Duo and WhatsApp. These have so far been unregulated in India.

– Amazon and Flipkart have promised Drug Controller General of India to prevent sales of unregulated and fake cosmetics. Representatives of these companies met DCGI officials after they were served show-cause notices.

– The government is weighing sale of around 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the firm to focus on big fields only.

– Sebi is planning to introduce a lock-in period for liquid mutual funds. The move could reduce its popularity among institutional investors.

M&As and tie-ups:

– In the process of aligning with Flipkart, Jabong shall start lay-offs from its 400 strong workforce.

– Binani Cement – UltraTech Cement has got the approval of NCLAT for acquiring Binani Cement.

– Walmart has decided to put Myntra and Jabong under Flipkart. Heads of both the companies will now report to Kalyan Krishnamurthy. However, Walmart is still evaluating if Myntra is sufficiently different to continue as an independent company.

– True North will acquire 75% stake of Shree Digvijay Cement from Brazil’s VotorantimCimentos for Rs.83 Crores. This will be the third acquisition of True North in the construction space after RDC Concrete and Robo Silicon.

– Tata Sons has started due diligence process of Jet Airways with its CFO Saurabh Agarwal leading the discussions for a controlling stake. If the acquisition materializes, Naresh Goyal will lose control of the airlines.

– Avenue Capital Group, the US-based investment firm, shall become a single-largest shareholder in Asset Reconstruction Co. India as it is ready to acquire a 27% stake from existing shareholders, including banks. Six investors have agreed to sell their shares.

– CX Partners are in advanced stage of discussions to acquire 30% stake in Soch, an ethnic wear brand for around Rs.300 Crores.

Start-up world, funds and fundings:

– Rabo Equity Advisors, the Food and agriculture-focused investment firm,is looking to raise $350-$400 million for its third fund.

– KKR and Co. is working on to raise its maiden Asia-focused infrastructure fund and has a target of around $1.5-$2 billion.

– Perpule, an omnichannel retail tech company, has raised US$4.7 million from Prime Venture Partners, Venture Highway and Kalaari Capital. It plans to use the funds for expansion into retail outlets across various cities.

– Indian unit of the Industrial and Commercial Bank of China, China’s largest bank, has set up a US$200-million fund for investing in the promising Indian micro, small and medium enterprises and ventures.

– As per a study by the National Foundation for American Policy, more than half of billion-dollar US startups are founded by immigrants, with India being at the third place with 8 entrepreneurs.

– Health-tech startup funding has hit all-time in 2018 with $510 million getting invested across 80 health-tech startups.

Updates on ongoing cases:

– NCLT has asked Punj Lloyd to settle the matter with lenders before the next hearing. International Finance Corporation and ICICI Bank have filed insolvency plea against the firm to recover their dues.

– IL&FS case – Lenders have opposed the 90-day moratorium against IL&FS. Banks have also asked NCLAT to allow them not to classify IL&FS account as NPA in case of non-payment of loans. IndusInd Bank has called off its deal to acquire IL&FS Securities Services.

– Aircel-Maxis case: Yes Bank wants RBI to decide as to whether Ashok Chawla should continue as chairman. Chawla has been named in a charge sheet related to the Aircel-Maxis case.

– IL&FS case – The Serious Fraud Investigation Office is now probing if there was any criminality involved in allowing the firm to make massive investments in group companies.

People:

– Infosys has appointed JayeshSanghrajka as interim CFO, who will replace M.D. Ranganath, who had announced his decision in August to step down.

– Oyo Hotels has appointed Aditya Ghosh, ex-IndiGo president, as its new CEO with effect from 1st December.

– After Myntra CEO Ananth Narayanan and CFO DipanjanBasu’s decision to resign, a lot of reduction in workforce is expected.

Must Read: Indian Startup World news for May 2018

– O P Bhatt, former SBI Chariman, has resigned from the panel set up by Yes Bank to find a successor to Rana Kapoor, MD & CEO.

– GautamSinghania has stepped down from the post of chairman of Raymond Apparel.

– Ashok Chawla, Chairman of Yes Bank has resigned over corruption charges in the Aircel-Maxis case. He might also have to step down as NSE chairman if CBI gets the go-ahead to prosecute him in the case.

– Binny Bansal abruptly resigned from Flipkart reportedly after an independent investigation in the allegations of personal misconduct in 2016. Binny Bansal has strongly denied the allegations.

– Promoters of Apollo TyresOnkar S. Kanwar and his son NeerajKanwar have agreed to a 30% pay cut for the current fiscal year. During the AGM on 12 September, minority shareholders had rejected NeerajKanwar’s reappointment as MD due to high salary amid moderating financial performance.

– Vinod Dasari of Ashok Leyland has stepped down as CEO after a 14-year stint. DheerajHinduja will take over as Executive Chairman with immediate effect.

– As per reports, Ashish Choudhary, EVP, and chief business officer of Nokia, may soon join Apple as its India Head. A formal announcement may come soon.

For more details on Weekly India Business News 12th to 16th November 2018 do like and  Subscribe to tentaran.com and follow us on  FacebookTwitter and Google+.

News credit: Livemint, Economic Times, Business Standard

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