Morning Scan: All the big stories to get you started for the day
Tata Group gets logistics in place for super app rollout for employees
As part of the testing of its super app, the Tata Group is putting its e-commerce logistics in place in Jharkhand’s Jamshedpur and Mithapur in Gujarat for online deliveries to its employees through the app, The Economic Times reported.
Why it’s important: TataNeu super app is planning to bring almost all of Tata’s consumer and financial products rolled into one application.
Tata Digital is testing the TataNeu app among the group’s half-a-million employees before the public launch, likely in January.
Both places are major manufacturing centres of the Tata Group.
The cities have a large number of Tata employees.
Bandhan eyes Future Generali Life stake
Bandhan Financial Holdings has offered to buy Future Group’s stake and buy a controlling interest in Future Generali India Life Insurance Company, The Economic Times reported.
Why it’s important: It is a three-way joint venture between the Future Group, Industrial Investment Trust and Italy’s Generali that owns 49 percent in the JV while IIT holds 17 percent and the rest with Bandhan.
The holding company of Bandhan Bank is ready for a control premium to buy Future Group’s 34 percent and another 17 percent stake in the insurer.
Future is likely to open for a deal but it depends on Generali’s plan.
Bandhan is powerful in the financial services sector with its wide distribution network.
Birla to invest in Zand, UAE’s first digital-only independent bank
Kumar Mangalam Birla is partnering with Hamed bin Zayed Al Nahyan, the managing director of Abu Dhabi Investment Authority to invest in Zand, The Economic Times reported.
Why it’s important: Zand is UAE’s first digital-only independent bank.
The plan is to invest $ 50-$ 100 million but could deploy more as the business scales up.
The central bank of the Emirate thinks Birla is fit and proper to invest in its banking system, the first Indian to do so.
The investment is likely from Birla’s private family office.
Pepperfry to go for IPO by next June
Pepperfry plans to file for an IPO by June, Mint reported.
Why it’s important: It plans to complete the pre-IPO funding round by the year-end.
The furniture marketplace retailer claims it was on the cusp of profitability last year but has focused on growth instead.
The company is also ramping up its offline presence by expanding its store network in metros and smaller cities.
Pepperfry stores are primarily experiential centres and not for selling products.
Ashish Shah, co-founder and chief operating officer, Pepperfry, said: “We are raising a pre-IPO round of between $ 50-100 million. While we have enough money in the bank, we will raise more money to align a good set of investors on our side before we hit the IPO.”
Yes Bank plans to approach NCLT against Dish TV India
Yes Bank Ltd is getting ready with the paperwork to sue Dish TV India Ltd over its refusal to hold a special shareholders meeting, Mint reported.
Why it’s important: The lender is approaching the NCLT to direct the company to either share shareholder details so it can call the meeting on its own, or instruct it to set a date for an EGM.
Yes Bank is Dish TV’s largest shareholder with a 25.63 percent stake.
The move would mark the beginning of a legal wrangle for control of Dish TV.
Yes Bank wanted to sack managing director Jawahar Goel and four independent directors, and approve the induction of seven directors.
CRED to enter wallets payment through HipBar buy
Credit card bill payments platform CRED is entering the wallet payments business, Mint reported.
Why it’s important: For this purpose, CRED is buying liquor delivery startup HipBar Pvt. Ltd, which has had a prepaid payment instrument licence since August 2016.
The PPI licence allows firms to offer payment systems such as digital wallets, pre-paid transit cards, vouchers, etc.
CRED founder Kunal Shah and his brother Rohan Shah Naresh have joined the HipBar board as directors on October 12.
HipBar’s app allows consumers to buy a range of alcoholic beverages and pay using its wallet.
BSNL can now offer broadband in planes
Inmarsat said its strategic partner BSNL has got the necessary approvals to offer high-speed mobile broadband services to Indian airlines and ships, Mint reported.
Why it’s important: This move allows passengers to remain connected in the air.
BSNL has got the licenses to deliver the Global Xpress (GX) mobile broadband services in India.
It means that India’s airlines will be able to deploy GX for in-flight connectivity within India and throughout the world.
Public Sector banks told to push financial inclusion
The Centre has asked public sector banks to aggressively target financial inclusion, expand pension and insurance coverage and use financial technology to extend credit to borrowers during the festive season through co-lending arrangements, Business Standard reported.
Why it’s important: The government is planning district-wise loan melas to support the economy.
PSBs asked to target individuals aged 21 years without bank accounts.
Banks will have to open accounts for such individuals under the Pradhan Mantri Jan Dhan Yojana.
The lender will provide 100 percent RuPay cards to the account holders for a digital push.They will also provide Kisan Credit Cards to PM-KISAN beneficiaries.