Weekly India Business News from (18th June – 22nd June)


Weekly India Business News – As per the company released information, one million people in India are “testing” the payment feature on WhatsApp. The company is working with multiple banks and the Government to further expand its feature to more users.

Infosys has received environmental clearance for expanding its Pune campus from 4,000 seats to 35,000 seats.

Weekly India Business News

MobiKwik has invested Rs 2crore in Pune based Pivotchain Solutions, a mobile wallet firm. The investment will strengthen MobiKwik’s fintech offerings.

Major Brands India, which retails brands such as Charles and Keith, Aldo, La Senza, New Balance and Bath and Body, is working on its expansion plans to increase its online presence as also go up to 500  stores from the current  180 stores.

Adani Power and JSW Energy have submitted EoIs for bankrupt Monnet Power. SBI, ICICI Bank, IDBI, PNB, and UCO Bank are among the prominent lenders to Monnet Power, which owes Rs 5,892 crore to banks and another Rs 359 crore to operational creditors.

Tea maker Girnar Food has dragged BigBasket to court for infringing its ‘Royal’ trademark. BigBasket is selling several products under the Royal brand, including spices, grains, sugar, honey, etc. Girnar has raised objection only to their selling tea under the Royal brand.

Paytm is all set to offer live television news, cricket, entertainment videos and games through its inbox and has tied up with content providers like UC News, Yupp TV, and Hungama. Till now, Paytm Inbox mainly allowed its users to chat with friends and family.

The Carlyle Group, global equity investors, Advent International, KKR and some other equity investors are separately in discussions to acquire a controlling stake in Manjushree Technopack, the Bengaluru based packing firm. As of now, Kedaara Capital holds around 24% while the rest is held by the promoters. The proposed deal may value the company to around $250-300 million.

Paytm has said that Paytm inbox, its in-app chat feature, has crossed 120 million active users. Now the company shall focus more on the small cities and towns with regional content.

Prominent Chinese entrepreneurs are seeking to invest in Indian starts which are still in the incubator stage. Around 10-15 Chinese entrepreneurs are looking to invest in sectors across education technology, financial technology, social, content and online commerce verticals. In 2018 YTD, the Chinese investors have already parked around $30 million in four Indian early-stage start-ups.

3 foreign investors have cut their shareholding in ICICI bank after the allegations of Corporate Governance and questions raised on Chanda Kochhar.

SEBI shall act as custodian of securities for Yes bank. It will enable Yes Bank to play a huge role in channelizing its investments into Indian Financial Market.

Based on Earlier established cases, CCI is likely to approve Flipkart Walmart deal.

The Government has decided not to proceed with the plan of the sale of Air India as this is an election year and shall soon provide the funds required for its operations.

The Indian government is open to considering RBI’s demand for more regulatory powers over state-run banks. If the proposal is accepted, the Central bank will have same powers over the State Banks as it has over Private Banks.

Tynor Orthotics, a manufacturer and exporter of orthopedic and fracture aids, has raised Rs 143 crore from Lighthouse Funds and Thuasne Participations. Having a pan-India distribution network, Tynor also exports to over 40 countries.

Ban Labs, the maker of hair care products including Sesa Hair Oil, is in advanced talks to raise around Rs 400 crore from True North Capital. If the deal goes through, True North shall acquire a large minority stake in the firm which will be held under a new entity.

Amazon has once again slashed Seller fees. The referral fee for several products has been decreased between 2 to 5% including apparel and furniture.

Patanjali, which is declared as the second highest bidder for Ruchi Soya has not submitted a revised bid. Adani is now the highest bidder with an offer of Rs 6,000 crore.

Global Cloud Xchange, a subsidiary of RCom shall complete India data centre for Eagle Subsea Network by 2020. When Eagle express cable system lands in Mumbai in 2 years, it will be connected to the world’s largest cloud operators inside India’s newest and largest data centre.

Adani Wilmer, the highest bidder for Ruchi Soya, has secured Rs.4000 Crore credit line from Standard Chartered and DBS Bank to finance the acquisition. Both of these banks have exposure to Ruchi Soya and were among the first ones to report to NCLT.

Samara Capital is planning to launch a $550 million fund by the end of 2018. This would be Samara’s 3rd fund and one of the largest funds launched by an Indian PE fund. The fund will focus on companies and assets catering to the core Indian economy.

Clearing the decks for Telcos to offer Voice Calls over Wi-fi, DoT has amended licence conditions allowing telcos to allot a single mobile number for both cellular and internet telephony. The move will prove useful in areas with poor call connectivity.

Sistema of Russia has fully sold its 10% stake in RCom in multiple trances over the past few months. Sistema decided to exit RCom after it got embroiled in insolvency proceedings. It has also shelved plans to buy RCom’s remaining telecom assets due to differences with the carrier.

Drip Capital, a financial technology startup, has raised $15 million in a fresh round of funding from Sequoia and Early Backers. Drip Capital offers credit line to SME exporters across various sectors.

P&G has approached Bombay High Court for infringement against their trademark ‘Oral-B’ against Jamia Remedies.

Arvind Mills is planning to scale up its textile business to Rs 10,000 crore by 2023 by introducing more verticals, ramping up advanced materials division, adopting new technologies and garments

Sony has set a target to get 45 million viewership from the telecast of Fifa World Cup 2018. It has brought 16 advertisers on board with 10 to 12 of them advertising exclusively on SonyLIV.

Bosch, the German auto parts maker, is planning to invest over Rs 1,700 crore in India over the next 3 years. Out of this, Rs.600 Crore will be spent to revamp one of its manufacturing plants in Bengaluru to focus more on advanced technologies such as the Internet of Things.

Indian Hotels, running the Taj Group of Hotels, emerged as the highest bidder for hotel “The Connaught” by offering to share with NDMC 31.6% of the annual revenue from the property and has been awarded a lease of 33 years. The hotel is closed for a few years and would need huge renovations before reopening.

As per the data released by DGCA, IndiGo retained its No.1 spot in terms of market share among India’s air passenger careers in May. It had a 40.9% market share in May against 39.8% in April.

NDMC has once again postponed the auction of Taj Mahal Hotel to 18th July. Indian hotels is the only bidder for the property majorly due to short-term lease offered by NDMC.

UPI, payments system launched by NPCI, hit a new record of more than 10 million transactions on a single day. UPI is a payments system which facilitates instant fund transfer between two bank accounts on a mobile platform and it does not require bank account details of the beneficiary.

NCLT has reserved its order on Jyoti Structures’ resolution plan. The firm owes around ₹8,000 crore to a consortium of lenders. Jyoti Structures is among the first list of 12 large accounts referred by RBI for resolution under the IBC.

Swiggy has raised a fresh funding of $210 million from Naspers thereby making its entry into the unicorn club. The latest funding values Swiggy at around $1.3 billion, surpassing Zomato’s valuation of $1.1 billion.

Zomato is in talks to raise $400 million, majorly from its existing investors Ant Financial and Temasek at a valuation of $2 billion. The development seems to be the result of Swiggy’s announcement of fresh funding of $210 million.

Bloom Hotel Group has won the bid for Janpath hotel, a three-star property located on the Janpath Lane, Delhi. Bloom Hotel has offered to share 39.5% of the revenue earned from the property to NDMC. The hotel was shut since 2015 because of default in the payment of licence fee by its previous owner.

Firstcry is in talks to raise around $100-150 million from new and existing investors as it seeks to increase its lead in the market.

Carlyle Group is planning to invest around $1.2-1.3 billion in India from its fresh $6.55 billion Asia buyout fund, which it closed at $6.55 billion, exceeding its target of $5 billion and 65% more than its previous fund.

The Indian Banks’ Association has condemned arrests of bankers by investigative agencies and has called an emergency meeting in Mumbai to discuss the alleged high-handedness of the investigative agencies.

Dabur has dragged Central and Uttarakhand government to court for rejecting tax sops for investment in poorer areas. These sops were promised under the pre-GST tax regime. Dabur availed of benefits such as 10-year tax holiday after investing in Uttarakhand’s backward areas but faced problems after the GST rollout.

Policies & Practices:

SEBI is planning to revise the share buyback regulations with an aim to update references to the new Companies Act, remove inconsistencies and simplify the language.

The internal audit report of PNB bank says that the fraud goes far beyond the few branch officers. There has been a lack of regulatory action taken by the authorities.

To prevent fraudulent transactions, Sebi has eased disclosure norms for IPOs and tightened the definition of ‘promoter group’. IPO issuers will now be allowed to announce price bands two days before the issue opens. The new IPO norms have brought ‘immediate relatives’ within the definition of promoter and promoter groups.



Cashify, an online marketplace for used mobiles and electronics, has brought AiHuiShou, the Chinese e-commerce giant, as a strategic investor and partner. The move is part of company’s plan to go international.

SEBI shall act as custodian of securities for Yes bank. It will enable Yes Bank to play a huge role in channelizing its investments into Indian Financial Market.

Cleartrip has done its first cross-border acquisition by acquiring Saudi Arabian travel start-up “Flyin”. The deal amount has not been disclosed but the value is expected to be around $60-70 million. Flyin currently offers bus and flight ticketing and holiday packages on its online portal.



Ongoing cases:

Vijay Mallaya case – ED will soon file a fresh charge sheet against Vijay Mallya and his companies for money laundering and cheating on a consortium of nationalized banks for around Rs 6,027 crore.

PNB fraud update – Nirav Modi has been accused of holding six passports, out of which two were active for a considerable amount of time and one of the other had only his first name with a 40 month UK visa.

Videocon case – Chanda Kochhar shall remain on leave till an independent inquiry of the Videocon case is completed by the Bank. The bank has appointed Sandeep Bakshi as COO by creating a new top position.

Videocon case update– SEBI has not yet received a reply from ICICI bank on the allegations leveled against Chanda Kochhar in the Videocon loan case


ED said that Vijay Mallya would be the first to be tried under Fugitive Economic Offenders Ordinance.

Uber has promoted Pradeep Parameswaran as its new India and Asia Pacific Business Head. Parameswaran shall take over from Amit Jain, who will now head Uber’s entire Asia Pacific business.

R Gandhi, ex-deputy Governer, has joined the board of Paytm as an advisor. He will advise the firm on Pay systems, governance and compliance.

CBI has revealed that as per their information, Nirav Modi was last seen in the UK in March.

Ex-CMD Sushil Muhnot and present ED R.K.Gupta of Bank of Maharashtra have been arrested in fraud cases of over Rs.2043 Crores.

Amit Jain has been appointed as the Managing Director of L’Oréal’s Nepal, Bangladesh and Sri Lanka operation.

ICICI bank has sought permission from RBI to appoint M.D. Mallya as the new chairman when M.K. Sharma’s term ends on 30 June. Mallya is the former chairman of Bank of Baroda and joined the board of ICICI bank on 29th May.

For more updates, do Subscribe to our newsletter and follow us on FacebookTwitter and Google+.

Leave a Reply

Your email address will not be published.

The content and images used on this site are copyright protected and copyrights vests with their respective owners. The usage of the content and images on this website is intended to promote the works and no endorsement of the artist shall be implied. Read more detailed ​​disclaimer
Copyright © 2018 Tentaran.com. All rights reserved.