Bullets

Land owned by defunct Go First Airlines will be auctioned for ₹1,960 crore.

This follows a Delhi High Court decision allowing lessors to repossess planes, dampening hopes for an airline revival.

Creditors are moving forward with the land sale despite the low chance of recovering a good value for the airline itself.

Also read: Why did Go First Faced Insolvency?

Indian dairy giant Amul launched its milk in the US! They partnered with a local cooperative to handle processing while Amul takes care of branding & marketing.

Initially available in major cities like New York & Chicago, Amul aims to expand further to over 50 countries.

Back in India, Amul reportedly plans to launch a new "super milk" with a much higher protein content.

With health-related allegations rising on Indian food brands, is it a right time for Amul’s launch overseas?

Men's clothing brand Rare Rabbit is raising ₹500 crore in its first funding round. A91 Partners led the round, with participation from the family office of ethnic wear giant Manyavar's founder and Zerodha co-founder. This values Rare Rabbit at ₹2,200 crore.

The funding includes ₹250 crore in new investment and ₹250 crore from existing founders selling part of their ownership.

 This bootstrapped company has grown quickly, reaching ₹600 crore in revenue (over 60% YoY growth) and ₹100 crore in operating profit in FY24.

Nestle India shareholders rejected a proposal to increase royalty payments to its Swiss parent company. Over 57% of shareholders voted against the hike, causing the company's stock to rise slightly.

This comes after Nestle India previously agreed to seek shareholder approval every five years for such royalty payments.

The rejected proposal would have gradually increased royalty payments from 4.5% to 5.25% of net sales over five years.

OYO is revamping its IPO plans. They're close to finalising a $450 million (₹3,735 crore) bond sale to refinance debt. This means their financials could be updated, and hence refiling of the IPO application with the regulator is required.

J.P. Morgan is expected to lead the bond issuance with an interest rate of 9-10%.

OYO's parent company, Oravel Stays Ltd., had already prepaid some debt, reducing the amount needed to refinance.

India is tightening rules for Electric Vehicle (EV) investments under its new policy. Companies from bordering countries like China will face stricter scrutiny.

Tesla, yet to announce plans, might be impacted by the stricter guidelines. Existing carmakers in India won't need new subsidiaries to apply.

The government aims to clarify the policy with detailed information on application procedures and project monitoring.

Also read: Can Tesla Disrupt India’s Auto Industry?

Reliance, Viacom18, and Star India's mega-merger is a step closer! National Company Law Tribunal (NCLT) has approved the plan but it needs creditor sign-off.

The court also appointed a chairperson and other officials to oversee the creditor meetings. The companies must notify relevant authorities, whose silence will be considered consent.

This follows an agreement in February to combine their media and streaming businesses and prepare the largest entertainment arm in India.

Also read: India’s Largest Media Entity: A Good Buy Time?

ONGC, India's oil giant, is considering a joint or solo bid for Ayana Renewable Power, a major clean energy player, along with NTPC Green Energy. This follows National Investment and Infrastructure Fund (NIIF) putting Ayana up for sale.

ONGC recently launched a renewable energy subsidiary and NTPC Green Energy is planning an IPO, hinting at their growing focus on clean energy.

Ayana has a strong project portfolio, making it an attractive target for both companies.

Also read: Top Green Energy Stocks in India

The Internet and Mobile Association of India (IAMAI) raised concerns about the new Digital Competition Bill, fearing it could hinder investments in startups.

This Indian industry body argues the bill's rules might limit business growth. This comes despite a deadline extension for feedback on the bill.

Some industry groups previously requested consultations be delayed until after the upcoming Lok Sabha elections to ensure a new government is involved.

Also Read: Will the Digital India Act Destroy the Indian Data Ecosystem?

Virat Kohli & Anushka Sharma backed Go Digit’s IPO off to a strong start! The retail portion for 9.6 million shares was completely subscribed by 15 May.

Overall, the first day saw 36% subscription for the ₹2,615 crore IPO priced between ₹258 and ₹272 per share.

The company earlier raised ₹1,176 crore from anchor investors.

Funding for female-founded startups in India dropped significantly in 2023. According to a report by WinPe, women received only 9.3% of venture capital funding last year, down from 14.7% in 2021.

This puts India behind other regions like Europe and the US in terms of gender equality for funding.

The World Bank also found similar trends in emerging markets, highlighting a wider funding gap for female founders. The question is what’s being done to prevent it?

Also read: Top Women Entrepreneurs in India

Popular Indian spice brands MDH and Everest are under scrutiny yet again by another country's regulator.

New Zealand is investigating the spice brands’ products for possible ethylene oxide contamination. This chemical is a carcinogen, and its use in food is banned in New Zealand.

A few days ago, Hong Kong & Singapore banned both brands, causing multiple allegations to befall both Indian brands.

Also read: Is the Indian Food Industry in danger?

Cipla's promoters, the Hamied family, sold 2.04 crore shares (2.53%) worth about ₹2,600 crore.

The reason for stake sale is said to fulfil personal needs & philanthropy. Promoters vouch to remain committed to the company with a holding of over 31%.

This sale comes 8 months after failed acquisition talks with Torrent Pharma. Cipla stock price rose after the news.

LIC gets 3 more years to meet public shareholding Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957.

This means the government has more time to sell its shares (potentially preventing a price drop) and investors seem happy about the delay.

The deadline for LIC to reach 10% public ownership is now 16 May 2027. This caused a stock price hike of 3% to the day's high of ₹962.

Blackstone, along with Abu Dhabi and Singapore's sovereign wealth funds, is reportedly in talks to buy a controlling stake in Haldiram Snacks, India's largest snack company.

This could be the biggest ever buyout in India, valuing Haldiram between $8-8.5 billion (around ₹66,500 crore).

The deal hinges on a family business merger getting finalised in the next few months.

Shriram Finance approved selling its housing subsidiary, Shriram Housing Finance, to Warburg Pincus for ₹4,630 crore.

This comes after exploring options to sell a controlling stake in the subsidiary since December 2023.

The deal includes equity and convertible instruments, subject to regulatory approvals. Previously, another firm was in talks for a minority stake but didn't proceed.

Indian e-commerce platform Meesho raised $275 million (₹32.37 crore) from investors, with talks ongoing for a larger $600 million round. This would potentially increase the company’s valuation at $3.9 billion (₹32,370 crore).

This funding will be used for an upcoming IPO in India and cover relocation costs.

Meesho is aiming to compete with major players like Flipkart and Amazon and has seen strong growth.

Across key industries, the adoption rate of AI reached 48% in FY2024 and is expected to climb even higher in FY25.

Banking and finance lead the pack at 68%, while tech sits at 60-65%. Other sectors like healthcare, manufacturing, and retail are also embracing AI, with adoption rates ranging from 10% to 52%.

This suggests AI is transforming various industries across India. But the danger regarding privacy and error prone data remains the same. 

Wipro's brand new CEO, Srinivas Pallia, is reportedly close to settling lawsuits against former executives, including ex-CFO Jatin Dalal. Dalal allegedly breached employment contracts.

The exact terms are unknown but a settlement is expected this week.

This comes after Pallia took over in April, following the resignation of Thierry Delaporte under whose leadership the lawsuits were filed. 

Tata Motors plans to merge its vehicle financing subsidiaries with Tata Capital via a share-swap agreement. This will involve Tata Sons (the main Tata group company) giving Tata Motors shares in Tata Capital in exchange for its financing subsidiaries.

The agreement would help simplify operations and improve the company’s financial health.

It would also streamline the futuristic plans as Tata Group is planning to bring multiple IPOs in the next 2-3 years.