India planning tighter FDI rules for E-commerce segment
The Department for Promotion of Industry and Internal Trade may issue a clarification through a Press Note, prohibiting e-commerce platforms from holding a stake in a seller, directly or indirectly.
BharatPe, Centrum team up for PMC Bank bid
Fintech platform BharatPe has put in a joint bid with financial services firm Centrum to acquire Punjab and Maharashtra Cooperative Bank. Acquiring PMC Bank will save them time and effort in building a bank from scratch. If successful, the less than three-year-old startup will be one of the first fintech to get a small finance bank license from the Reserve Bank of India.
Tata closes in on BigBasket and 1mg
The Tata Group has finalized a $200-250 million primary cash infusion in BigBasket as part of its larger deal ($1.2 Billion) to acquire its majority stake. The deal is likely to provide a full exit to two of BigBasket’s biggest investors, Chinese e-commerce giant Alibaba and scandal-hit private equity firm Abraaj Group. Tata Group is also close to finalizing a $200-250 million investment in e-pharmacy 1mg.
BPCL may buy Oman oil company OQ’s stake in Bina refinery for Rs 2,000 crore
BPCL has given a loan of Rs 1,254.10 crore to BORL (Bina Refinery) and subscribed to share warrants of Rs 935.68 crore. BPCL has also subscribed to zero percent compulsorily-convertible debentures of Rs 1,000 crore. The decision to buy OQ’s remaining stake in the Bina Refinery was taken by BPCL’s board of directors in December’20.
Total SE set to acquire a 20% stake in Adani Green Energy
Total SE is planning to buy a 20% stake in Adani Green Energy Ltd as well as a 50% stake in a 2.35 gigawatts (GW) portfolio of its operating solar assets for $2.5 billion. Total will also get a seat on the board of Adani Green Energy. In October 2019, Total SE had invested ₹5,700 crores to acquire a 37.4% stake in city gas distributor Adani Gas Ltd.
Domestic mutual funds report higher redemption in December
The profit booking in several funds due to double-digit returns and outflow from several small to medium funds due to rebalancing aggravated the redemption pressure. The balance funds, which are supposed to be all-weather funds, have seen outflow in every month of 2020.
Government to conduct a nationwide survey to identify willful EPFO & ESIC defaulters
The government is set to begin a nationwide exercise to identify companies that did not deposit social security dues under EPFO & ESIC as a part of a crackdown against wilful defaulters.