Weekly India Business News from 13th August to 17th August 2018

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Read Weekly India Business News 13th to 17th August 2018:

weekly india business news 13th to 17th august


– ITC, Wipro, and Cadila are in the lead to acquire Kraft Heinz India’s popular brand, Complan. The bids, expected to be around $700-800 million, shall be submitted by 15th Sept. Right after GlaxoSmithKline initiated the sale of Horlicks, Kraft Heinz’s also offered to sell Complan.

– As per a Crisil report, India may not reach its 100GW solar power target by 2022 but will touch 78-80GW solar power capacity against 21.65GW as of now by 2023.

– PVR Cinemas has agreed to buy a 71.7% stake in SPI Cinemas, which runs the most iconic Sathyam Cinema in Chennai, for ₹ 633 crores. The move will help PVR Cinemas boost its presence in the south Indian market.

– DGCA may conduct a financial audit of Jet Airways after the airline postponed its June quarter results. The audit, done to assess fiscal health and ensure no compromise on safety due to financial stress, has been conducted in the past too.

– Kishore Biyani said that his flagship company Future Retail could close a deal with a foreign investor in the next two months on the back of a large database created from nearly 500 million customers visiting his stores annually. Future Group is reportedly in talks with Amazon.

– SBI will sell two NPAs Bombay Rayon Fashions and Shivam Dhatu for about Rs 2,490 crore. Bombay Rayon owes Rs 2,260.79 crore and Shivam Dhatu Udyog has to repay Rs 229.32 crore to the bank.

– TV broadcasters and advertising agencies are at odds over ad discounts. The broadcasters claim that they are not being consulted when agencies discount ad rates while pitching for business to advertisers resulting in stagnation of advertising rates.

– Amazon has invested another ₹2,700 crores in its Indian arm which brings its total investment in India to approx. $4 billion in five years. Amazon had committed to invest at least $5 billion in India.

– Energy Infrastructure (India) has been selected by the Gujarat government to set up an LPG terminal project at Okha for an investment of Rs.700 crores. The project had been held up for almost two decades due to various reasons.

– Infosys shall build a software development center in West Bengal with an investment of approx. ₹100 crores. In the first phase of construction, the facility will be able to accommodate 1,000 employees.

– Nykaa has ventured into premium Indian designer wear and has launched Nykaa Design Studio, which now showcases pret and daily wear collections of designers including ASAL By Abu Jani Sandeep Khosla, Masaba, Abraham & Thakore, and Label by Ritu Kumar.

– IOC is planning to invest Rs 20,000 crore in city gas distribution projects in the next 5-8years. IOC is hoping to net licenses to retail CNG to automobiles and piped natural gas to households and industries in around 20 cities.

– Flipkart is set to reduce the fee charged from the sellers for listing their products on its platform which may result in a price drop for consumers. It may also reduce its commission on a few categories like fashion and accessories.

– The government has initiated action against Himalaya Drug Co. for alleged evasion of GST on wet baby wipes. A few of its offices were also searched by the authorities.

– Oyo Rooms is in advance talks to raise around $1 billion from SoftBank, WeWork among others. The deal, if goes through, is likely to put Oyo’s valuation at over $4 billion, which will be much higher compared to other luxury brands like Indian Hotels and EIH owned by the Oberoi group.

– Cosmos Bank’s server was hacked and ₹ 94 crores siphoned off over a period of 2 days with cloned debit cards from 25 ATMs located in India, Canada, and HongKong.

– Jet Airways has denied reports of running out of money and said that it is confident of cutting costs and keeping its planes flying. The firm also said that it has not yet approached SBI for any funds.

– Reliance Jio has started registration for optical fibre based fixed-line broadband services and claims to offer download speed of one gigabit per second. Currently, major rivals of Jio offer download speed of up to 100 megabits per second for around ₹1,000 per month for home users.

– Mandala Capital, the Private equity firm, is working on to raise $300 million for its third fund. The new fund will invest in businesses across India and South-East Asia. The previous two funds of the firm were focused only on India.

– Shareholders of Fortis Healthcare have approved the company’s acquisition by Malaysia’s IHH Healthcare. 99.7% voted in favour of the issuance of 235.29 mn shares on a preferential allotment basis.

– Mobile gaming company Nazara Technologies has picked up a minority stake in InstaSportz Consultancy Pvt. Ltd, a virtual reality gaming company for an undisclosed amount. With the acquisition, Nazara enters the offline gaming space in Tier-1 and Tier-2 cities.

– Observe.AI, a voice platform for call centres, has raised $8M in Series A funding led by Nexus Venture Partners. The firm provides call center agents with real-time customer sentiment feedback allowing them to take relevant action.

– Vivo ramped up its manufacturing capacity at its Greater Noida facility and invested about ₹200 crore. It has earlier invested ₹300 crore in the plant and added surface-mount technology lines to the unit.

– Kiran Koteshwar, the CFO of Spicejet says that airline industry is suffering from high costs on the back of a falling rupee and high oil price and it tries to pass on the increasing cost to its customers but there is a limit to which prices can be increased in India.

– JSW steel made an offer of ₹19,700 crore to the committee of creditors of Bhushan Power and Steel Ltd, which owes about ₹45,000 crore to its lenders.

– Dara Khosrowshahi, the CEO of Uber, called India “high potential market”, and said that the company is “cementing its leadership position” in India and the Middle East. Earlier this year, Uber has sold its operation to its rival, Grab, in the South East and is focusing on the regions like India and Middle East Africa, where it believes it can win.

Policies & Practices:

– The finance ministry may not accept RBI’s demand for greater regulatory and supervisory powers over state-run banks.

– In order to make Mutual funds more attractive for investors, Sebi will take several measures including promoting go green for cost-effectiveness, examining existing expense ratio applicable.

– Vodafone and Idea Cellular are said to have more than doubled incentives for retailers for getting new customers on board. They are also working on the aggressively priced plans.

– As part of its effort to contain rising NPAs, RBI has started scrutiny of 200 large accounts to assess the level of stress and provisioning done against them by the respective banks. The accounts include that of Videocon, Jindal Steel and Power.

– Telecom Commission is likely to discuss Trai’s proposal on spectrum allocation on 31st August but the spectrum auction plan worth ₹4.9 trillion may not be taken up for discussion during this meeting.


– KKR shall acquire 60% stake in Ramky Enviro Engineers, an environmental solution provider, for $530 million. This is the largest buyout by a private equity firm in India’s environmental services sector.

– Edelweiss Alternative Asset Advisors will acquire two funds from Milestone Capital Advisors, registered with Sebi having combined assets of over Rs 150 crores.

– Cadila Healthcare shall buy a 51% stake in Windlass for ₹155.55 crore to expand pharma manufacturing footprint. The deal shall be completed by the end of Sept 2018.

– Religare Enterprises, which has recently acquired Chokhani Securities, an NBFC has raised ₹112 crore through a qualified institutional placement. Chokhani securities is targetting small and medium enterprises and plan to start its lending operation from January 2019.


– Vogo, a scooter, and bike sharing start-up has raised around $6-7 million in Series A round of funding led by ANI Technologies and Pawan Munjal. Vogo lets customers rent scooters for short one-way trips at various locations in Bengaluru and Hyderabad.

Ongoing cases:

– PNB update – The central government has given go-ahead to RBI and CBI to prosecute and initiate criminal charges against former PNB MD & CEO Usha Ananthasubramanian, former ED Sanjiv Sharan, and Ram Sangapure – another ED of PNB in the ₹14,356 crore scam.


– Paytm, Alibaba’s AGTech has invested $16 million in Gamepind and also named Sudhanshu Gupta, who was part of the Paytm core team, as its CEO. Gamepind, which is currently available within the Paytm app, will use the money to launch a separate app within the next six months to increase its reach.

– Publicis Media India has appointed Sejal Shah as managing partner and head of its media-trading arm Publicis Media Exchange. Sejal was serving with Mindshare as trading head South Asia.

– Pratt & Whitney Co. Inc. and Lockheed Martin Corp. executive Anand Stanley has been appointed as the President and Managing director of its Airbus SE in its India Unit and will join on 1st October 2018.

– The former Prime Minister of India, Atal Bihari Vajpayee, passed away at 5.05pm in AIIMS Delhi, at the age of 93, after being admitted in the hospital for more than two months.

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