Read Weekly India Business News 1st to 5th October 2018:
– LIC made an open offer for 26% equity stake in IDBI, which has been approved by IDBI.
– RCom has told Supreme Court that it will settle its dues dispute with Ericsson India in 10 days. Ericsson had moved NCLT against RCom and its two subsidiaries over non-payment of dues since 2016.
– ICICI ventures is in talks to acquire around 25-20% stake in Micro Plastics for about Rs.300 Crore. Micro Plastics is a leading contract manufacturer and exporter of plastic toys.
– To battle it out with Ola, Uber is planning to strengthen its technology team in Hyderabad and Bengaluru. India has emerged as an important market for Uber.
– Amazon and Flipkart are fighting it out to sign exclusive deals with smartphone brands like Apple, Huawei, Samsung before the festive season sale. Smartphones make up nearly half of the GMV for Indian e-commerce companies.
– Walmart has submitted its rationale to IT authorities for deducting tax on payments made to Flipkart shareholders. IT Deptt had asked Walmart to explain the logic behind tax deductions in Flipkart deal.
– Ashok Chawla, Chairman of Yes Bank is looking for ways to restore investor confidence. He has written to employees asking them to go beyond their assigned roles to clarify retail investors’ doubts and build a deeper relationship with every borrower.
– Star India is expected to generate ₹200 crore from TV ad during the Pro Kabbadi League starting 7 October. 80% of its ad inventory has already been sold.
– Honda Motor shall invest $2 billion and get 5.7% stake in General Motors’ Cruise self-driving vehicle unit.
– Amazon has infused another Rs.590 Crore in Amazon Pay, which makes buying easy for customers through product purchase on EMIs, offers instant loans.
– Amazon has introduced a new Alexa powered voice remote Fire Stick 4K. Now users will be able to browse and control playbacks trough voice.
– SoftBank is reportedly in talks with Delivery to invest around $200-250 Million. Delivery has so far raised around $260 million so far.
– Supreme Court has appointed an arbitrator in Oyo, Zo dispute, who have been fighting October 2017 after Oyo called off Zo’s acquisition.
– After a delay in salary payments to pilots, engineers and the senior management, Jet Airways has also defaulted on salary payment to other categories of employees, who have reportedly not been paid yet.
– TCS, Tata Motors and Infosys are among the 12 Indian companies in the list of world’s best-regarded firms by Forbes.
– L&T has bagged the contract to construct the first phase of the second terminal at Kempegowda International Airport in Bengaluru. The contract value is said to be around Rs.3000 Crore.
– Hotel Leelaventure has defaulted in payment of principal redemption amount of ₹22.5 crore to LIC for secured non-convertible debentures.
– Vedanta shall invest $4 billion in its Barmer, Rajasthan block to boost output Oil output from 250,000 barrels to more than 300,000 barrels per day.
– India’s second-largest winemaker, Grover Zampa Vineyards, is planning to raise around ₹130 crore from Ravi Viswanathan, Quintela and AVT Group. Around Rs.60 crore of the planned investment has already been received.
– Amul will now focus more on the dark chocolate instead of its regular chocolates. The move is part of the strategy to regain its market share.
– Apollo Hospitals is planning to offer new financing options to patients in partnership with financial institutions and start-ups.
– Shareholders of IL&FS have approved its plans to raise money through debt and equity. It now plans to raise around Rs.15,000 crore through a non-convertible debt issue, hike its borrowing limit by 40% to Rs 35,000 crore and increase the share capital to enable a rights offering.
– Flipkart has started talks to raise fresh capital. Its payments arm PhonePe may also raise funds separately, which received $175 million from Walmart last week. Flipkart’s discussions with Google Inc. to raise funds collapsed earlier this year.
– Madhu Kapur, the widow of co-founder Ashok Kapur and the second largest shareholder, has written to the board of Yes Bank to expedite the process of finding a successor to Rana Kapoor as she is not in favour of his extension.
– Paytm Mall is reportedly in talks with BigBasket to pick up a majority stake. Alibaba, Paytm’s backer, invested $200 million in BigBasket in February.
– Around 1000 employees of Verizon may get transferred to Infosys as part of the $700 million IT outsourcing deal. Verizon has around 7000 employees in India.
Policies & Practices:
– The government may cancel UDAN routes of Air Deccan and Air Odisha if they do not start operating on the new routes by the end of October. The airlines have so far started flights in only 10 of the 84 awarded routes.
News credit: Livemint, Economic Times, Business Standard