BUSINESS
Zomato's $100M investment to turn Grofers into unicorn: Report
According to TechCrunch, the proposed investment values the seven-year-old startup Grofers, which counts SoftBank as its largest investor, at over $1 billion. Zomato's proposed investment is part of a broader round, in which others including Tiger Global and SoftBank Vision Fund 2 are expected to chip in some capital. Zomato said it had no comment to make, citing sources, the report said.
Strong fiscal policy support needed to kick start growth: EY India
According to the consultancy firm's June edition of Economy Watch: "The primary focus of the fiscal stimulus package should be on the health sector. "This could ensure meeting the short-term healthcare demand arising from Covid's second wave and a possible third wave besides supporting growth and employment in the economy."
ADNOC, Reliance sign pact for chemical project in Ruwais
The two on Tuesday announced that through the agreement, Reliance will join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA'ZIZ in Ruwais, Abu Dhabi. The agreement capitalises on the growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders.
Finance Minister asks ministries to frontload capital expenditure
While reviewing the progress, the Finance Minister asked the Ministry of Housing and Urban Affairs to expedite the capital expenditure and make efforts for frontloading it, said an official statement, adding that the Steel Ministry was asked to frontload capex and facilitate private investment by providing support and removing bottlenecks.
Bharti to invest $500 million more in OneWeb
Post the investment, the total funding raised by OneWeb would amount to $2.4 billion. The latest investment announcement comes as OneWeb prepares for its eighth launch on July 1, delivering the highly anticipated and strategically valuable Arctic region coverage down to 50-degree latitude.
India's energy demand set to rise as Covid subsides: Ind-Ra
According to the ratings agency, the demand continued to see a recovery in June 2021 on a year-on-year basis. However, this will be below the pre-pandemic levels, due to the extension of Covid-19 restrictions, especially in southern states. "The southern states saw only a marginal increase of 1.9 per cent YoY of energy requirement during the first 20 days of June due to strong restrictions, given the higher cases than the rest of India."
SEBI board okays tightened norms regarding Independent Directors
As per the amended norms to be effective from January 1, 2022, appointment, re-appointment and removal of independent directors shall be made through a special resolution of shareholders for all listed entities. Further, the composition of NRC has been modified to include two-third IDs instead of existing requirement of majority of IDs.
Equity markets need to be prepared for tighter monetary policies ahead
A report by Kotak Institutional Equities noted that that global central banks will have to start preparing to exit the extraordinary amounts of stimulus as economies gather steam over the next few months. The pace of 'tapering' -- reduction in asset purchase -- and rate increases by central banks will depend on inflation.
FB, Stellaris Venture Partners to scale young businesses
"We know that timely skilling can unlock multiple growth opportunities for small businesses that are the backbone of India's economy. As business after business moves online in current times, the need for timely digital up-skilling becomes even more urgent to drive their recovery and growth," Archana Vohra, Director, Small and Medium Businesses at Facebook India, said in a statement.
Walmart Vriddhi to help MSMEs access medical support to navigate Covid
The new program helps MSMEs support their family members and employees with telecare services and health advice and provides ongoing access to pandemic-related business advice and resources. MSMEs have been receiving capacity-building support via Walmart Vriddhi since the start of the pandemic, helping them grow to new markets through Flipkart and Walmart channels and the open marketplace.
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