Weekly capsule of India Business News Headlines (28th,May – 1st,June)

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Weekly India Business News


Weekly India Business News from (28th, May – 1st, June)


-American Tower Corp has completed the acquisition of 9900 telecom towers of Idea Cellular. The deal value was Rs 4,000 crore.

– Apollo Hospitals, Manipal Hospitals, AION Capital and Narayana Health-Bain Capital are suitors for Seven Hills Healthcare, which owns and operates one hospital each in Mumbai and Visakhapatnam. Seven Hills is currently undergoing insolvency resolution for dues of around Rs1,200 crore.

– Bharti Airtel is planning to offer its customers an integrated billing system for their fixed-line, broadband, postpaid mobile and DTH connections with a 5-10% discount on the combined bill. This would enable customers to bundle all their Airtel connections into one single bill and save them the hassle of multiple bill cycles.

– CoinTribe Technologies, an online lending platform for SMEs, has raised $10 million in its series B funding round led by PE fund Sabre Partners. Till now it has raised around $15 million.

– Temasek Holdings and PayPal Holdings have acquired minority stakes in Pine Labs by investing $125 million. Pine Labs is a digital retail payments platform backed by Sequoia Capital and Actis and offers a cloud-based point-of-sale payments solutions.

– Warburg Pincus has acquired 26% stake from Legal & General in IndiaFirst Life Insurance for Rs.710 Crore. IndiaFirst is a JV between Bank of Baroda, Andhra Bank and Legal & General.

– ITDC is planning to lease its iconic property Ashok Hotel on lease. The lease may be for a period of 60 years.

– Tata Motors has undergone a pact with Maharashtra Government to deploy 1,000 electric vehicles from its passenger and commercial vehicles across the state. The firm will also set up EV charging stations in Maharashtra.

– Infosys has completed the acquisition of US-based WongDoody, a US-based digital creative and consumer insights agency which it acquired for $75 million

– Treebo Hotels has acquired travel start-up Events High, which operates an online discovery platform for local events and activities for an undisclosed amount. The acquisition will help will leverage Treebo’s reach across 75 cities for further expansion.

– Stellapps Technologies has raised funding of $14 million led by Bill and Melinda Gates Foundation and others. Stellapps is considered to be one of the largest dairy IoT platforms in India.

– Ramachandran Venkataramanan said that he had little role to play in the operational matters of Air Asia and he has been wrongly accused by CBI. CBI recently raided offices of AirAsia and filed a complaint against Tony Fernandes, and others including Venkataramanan, for allegedly lobbying the government for overseas flight permits and violating rules.

– Air India disinvestment – The Government has not received any bid so far for a stake in Air India and the deadline expires today.

– Mahindra Ltd is planning to invest Rs 15,000 crore over a period of three years, out of which Rs.10,000 Crore will be classified as capital expenditure for expanding the capacity for its utility vehicles, tractors, and commercial vehicles.

– Amazon has rebranded its grocery service from Amazon Now to Prime Now and shall offer subscribers same day delivery. It will provide two-hour express deliveries to Prime subscribers at any time from 6 am to midnight.

– Titan has seen an increase in customers ever since the jewellery sector is affected by Nirav Modi and Mehul Choksi scam

– Reliance Jio broadband, which is to be launched by the end of 2018 will offer internet access, videos and voice call for less than Rs 1,000 a month.

– The shut down of Sterlite copper plant will reduce India’s production by half, slash nationwide output of copper and stoke demand for imports.

– IndiGo will add a fuel surcharge to ticket price on domestic routes from 30 May. Rs.200 on routes less than 1,000 km distance and Rs400 on other routes will be charged. Airlines has attributed this hike due to a sharp uptick in oil prices and a depreciating rupee.

– Uber promotes Amit Jain as the regional GM for APAC region, which includes Australia, New Zealand, and North Asia, South Asia and India.

– Mahanadi Coalfields which is a subsidiary of CIL will own a stake of 51% in the Joint venture with NTPC.

– Patanjali is now venturing into the telecom sector and with a tie up with BSNL has launched Swadeshi Samriddhi SIM cards. With the recharge of Rs 144, one would be able to make unlimited calls across the country, get 2 GB data pack and send 100 SMSs

– Bharti Airtel’s acquisition of Tata Teleservices would need government approval after clearances from CCI and NCLT. Tata Teleservices owes the government, which holds 26% stake in Tata Communications, Rs10,000 crore in spectrum charges and license fee dues.

– Goldman Sachs could raise Rs4,000-4,500 crore in the stake sale through the ReNew Power IPO.ReNew Power Ventures Pvt. Ltd will spot the biggest exit for a private equity fund through an initial share sale in India.

– In an industry Global Flight Pricing Report, Air India Express was ranked second and IndiGo fifth as the cheapest airlines in the world.

 – Patanjali Ayurved has been approached by electric vehicles, steel and mobile chip manufacturers for support by way of the buy-out, JVs or investments. According to MD Acharya Balkrishna, Patanjali will invest in or partner with only home-grown companies.

– The committee of creditors of Era Infra and Engineering is considering a proposal to securitize and sell the company’s receivables worth Rs15,000 crore to an external investor.

– Income tax department has exempted Angel investors from income tax for investments in startups with effect from April 11. The exemption, however, is subject to certain conditions.


Policies & Practices:


Air India disinvestment – The government did not receive any bid for Air India and the deadline came to an end yesterday. The panel shall now look into options including fresh bids under revised terms.

– The Tamil Nadu government has ordered the permanent closure of Vedanta’s Sterlite copper plant in Thoothukudi and the plant has been sealed.


– Essar Oil is planning to raise a debt of Rs 3,000 crore through private placement of non- convertible debentures.

– IIFL Asset Management has launched a new fund, IIFL India Private Equity Fund, with a focus on backing professional entrepreneurs. The fund has a target to raise approx. Rs1,500-2,000 crore. It currently manages capital commitments of Rs20,000 crore across segments.

– NCLAT has put a halt in the bankruptcy proceedings against Reliance Communications and its subsidiaries after Ericsson India accepted RCom’s offer to pay Rs550 crore by 30 September.

– RCom has offered to pay Rs500 crore to Ericsson India to settle a dispute of unpaid dues of over Rs1,150 crore. Other lenders to Rcom include China Development Bank, SBI and Standard Chartered Bank.

– Naffa Innovations, the parent company of digital payments start-up ToneTag, has raised $8-10 million from a clutch of investors led by Amazon and Mastercard. The platform enables contactless digital transactions on mobile phones, card swiping machines, automated teller machines and other payment-enabling devices.

– N/Core, a Not-for-profit startup incubator managed by Nudge Foundation and created in partnership with Cisco Systems, has announced 8 tech start-ups for its non-profit incubation program. It offers a grant of Rs10 lakh to each graduating start-up.

– Ola is planning to set up a similar structure like Flipkart and make a holding company that will own Ola cabs, Foodpanda and its businesses of electric cabs and international operations. The move is aimed to increase company valuation as also improve management.

– Reliance Entertainment has teamed up with filmmaker Imtiaz Ali for production of movies under a 50:50 joint venture.

– Sunil Mittal is all set to invest $1 Billion into a hotel chain founded by his son-in-law in London, which owns Gleneagles resort and Hoxton hotel chain.

– The Adani Group may obtain the sugar business of Shree Renuka Sugars. Wilmar Sugar is a subsidiary of Singapore-based agribusiness group Wilmar International and owns a 39% stake in Shree Renuka Sugar.

– Online insurance startup Acko, which competes with Coverfox, Digit Insurance and Policybazaar, has raised $12 million from Amazon and others. The total equity funding has taken the total funding of Acko to about $42 million.


– Kunal Shah, co-founder of FreeCharge, has raised $30 million for his upcoming venture from a clutch of investors led by Sequoia Capital. He is planning to start an incubator which would help start-ups in consumer space.

– Trai has launched a web portal to provide network coverage details of all operators. This will allow consumers to make a more informed decision while selecting the service provider.

– Wipro Infrastructure Engineering, a division of Wipro Enterprises, has set up a new business division, called automation solutions, to boost the productivity of manufacturing companies in India, Africa and the Middle East by making up industrial robots in their facilities.

– NIC’s Bhubaneswar unit launches new data centre and is set to hire 800 people in the next 1 year.

– CAIT and AIOVA, two trader bodies, have complained that the merger of Walmart and Flipkart will lead to unfair trade practices like predatory pricing, deep discounts, etc.

Ongoing cases:

– Videocon case – ICICI bank has asked Chanda Kochhar to go on an indefinite leave until an independent enquiry is completed. The decision was made on the advice of the majority of the 7 independent directors on ICICI Board.

– Videocon case – ICICI Bank will institute a fresh inquiry into an alleged nexus between Chanda Kochhar’s husband and Videocon Group over the loan extended by the bank.

– Vedanta case- Vedanta shall not proceed with the legal action until the tension of death of 13 people during Sterlite protests has eased.

– Vedanta case-The NCLAT has permitted Vedanta to make a payment of Rs 5320 crore to the Committee of Creditors of Electrosteel Steels as per the approved debt plan.

– Fortis case – To deliberate on the conclusions of an internal investigation of financial irregularities, Fortis has deferred its Board Meeting to 11th June.

– Fortis case – To deliberate on the conclusions of an internal investigation of financial irregularities, Fortis has deferred its Board Meeting to 11th June.

– Fortis Healthcare has reopened the bidding process and has invited the bidders to submit their bid by 31st May as an expression of their interest.

– Fortis Healthcare said that its subsidiary Escort Heart Institute has been directed to pay Rs 503.36 crore to Director General of Health Services and the same shall be done within a month.

Fortis update – Fortis sale process may start again as Sunil Munjal and Anand Burman led consortium has given its consent to reopen the bidding process for sale of Fortis Healthcare.

– Bhushan steel update – NCLAT has asked Tata Steel to file an affidavit on the fate of Bhusan Steel regarding outstanding income tax, goods and services tax, and other local taxes.

– PNB fraud- Enforcement Directorate has issued an order to freeze Nirav Modi’s power plant in Jaisalmer under the prevention of Money Laundering Act.

– PNB fraud: The Enforcement Directorate will seek an official declaration to categorize Nirav Modi as a ‘fugitive’ based on its charge sheet filed before a special court in Mumbai last week under PMLA.

– Binani Cement update – Rajputana Properties challenged NCLAT order that allowed the lenders to consider UltraTech’s revised bid for Binani Cement. However, Committee of Creditors of Binani Cement have voted in favour of UltraTech’s Rs 79.60 billion offer.

 – After its settlement deal with HSBC Daisy, Reliance Infratel withdrew its petition from NCLAT to sell off its tower and fiber assets.


– The CEO of Tesla, Elon Musk says that he would love to bring Tesla to India but an environmental policy is becoming a hurdle in the production of Tesla cars in India as of now.

– ONGC, which acquired HPCL in January 2018 for Rs 36,915 crore, has now appointed Subhash Kumar as Director (finance) on the Board of HPCL, who will replace the Government appointed nominee.

– A case has been registered by the CBI against the CEO of the Air Asia Group, Tony Fernandes, for violating foreign investment norms to get licenses for international flights.

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