Category: 1 Minute-Read

Ride-hailing firm Ola Consumer on Friday it does not adjust pricing based on the operating system of a user's mobile device. Its global rival Uber had denied similar allegations of differential pricing for Android and Apple phones on Thursday.

Ola Consumer's statement was issued in response to a consumer's claim that booking identical rides on Android and iOS devices resulted in different fares.

The clarification aims to address concerns regarding pricing transparency, especially after reports of perceived discrepancies in ride fares between Android and iOS users. Dynamic pricing, a key feature of ride-hailing services, adapts fares in real time based on factors like peak hours, route conditions, and vehicle availability.

On January 23, notices were sent by the Central Consumer Protection Authority (CCPA) to ride-hailing services Ola and Uber due to allegations of differential pricing based on the type of mobile phone used to book rides. This action was prompted by complaints from consumers who reported seeing varying prices for the same rides depending on whether they booked using an iPhone or an Android device. 

Union Minister of Consumer Affairs Pralhad Joshi announced on X, via social media, that inquiries have been initiated to address concerns of possible differential pricing practices by these major cab aggregators.

The CCPA notices were issued after Minister Joshi issued a warning to companies last month regarding the ministry's zero tolerance policy towards practices that exploit consumers.

The minister expressed concern about potential unfair trade practices, specifically mentioning cab-aggregators using differential pricing based on various factors. Such practices, if confirmed, would be a violation of consumers' rights to transparency and fair pricing, as stated in a post on X.

"This, prima facie, looks like unfair trade practice where the cab-aggregators are alleged to be using differential pricing based on the factors mentioned in the article below. If so, this is blatant disregard for consumers' rights to know," he said in a post on X.

In response to a social media post, Uber explained that differences in pick-up points, estimated time of arrival, and drop-off locations can lead to variations in prices for rides. The company assured that trip pricing is not personalized based on a rider's cell phone manufacturer.

Bharti Airtel, one of India’s largest telecom services providers and Bajaj Finance, the country’s largest private-sector Non-Banking Financial Company (NBFC), on January 20 announced a strategic partnership to create one of India’s largest digital platforms for financial services and transform last mile delivery. 

The one-of-a-kind partnership brings together Airtel’s highly engaged customer base of 370 million, 12 lakh+ strong distribution network, and Bajaj Finance’s diversified suite of 27 product lines, and distribution heft of 5,000+ branches and 70,000 field agents.

Airtel will initially offer Bajaj Finance’s retail financial products on its Airtel Thanks App for seamless and secure customer experience, and later through its nation-wide network of stores. 

The combined strength of the companies’ digital assets will enable Airtel and Bajaj Finance to significantly deepen penetration of financial products and services. 

Gopal Vittal, Vice Chairman and MD, Bharti Airtel, said, “Airtel and Bajaj Finance, two trusted names in this country, have the shared vision of empowering millions of Indians with a diverse portfolio of financial needs. The combined reach, scale and distribution strength of the two companies will serve as the cornerstone of this partnership and help us succeed in the marketplace. We are building Airtel Finance as a strategic asset for the group and will continue to invest in and grow the business. Today, we are trusted by over 1 million customers and our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers.”

So far, two products of Bajaj Finance have been piloted on the Airtel Thanks App. By March, four products of Bajaj Finance will be available to customers on the Airtel Thanks App. These include Gold Loan, Business Loan, a co-branded Insta EMI Card and Personal Loan. Airtel will progressively offer close to 10 financial products of Bajaj Finance within this calendar year. 

Rajeev Jain, MD of Bajaj Finance, said, “India’s digital ecosystem has been at the heart of data-driven credit underwriting and financial inclusion. Our partnership with Airtel not only leverages India’s digital infrastructure for inclusive growth but also brings together the expertise and reach of two of India’s leading and most-trusted brands. Together with Airtel, we seek to be the financier of choice to India and enable millions to access financial services, even in remote areas. We are excited to join hands with Airtel at a time when Bajaj Finance is harnessing the power of AI to enhance efficiencies and elevate customer experiences.”  

Airtel customers have the opportunity to apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nation-wide network of stores. Airtel-Bajaj Finserv EMI card provides access to a range of offers available to Bajaj Finance customers. Users will benefit from flexible EMI options and payment plans for purchasing various goods, including electronics, furniture and groceries at over 1.5 lakh partner stores across more than 4,000 cities. Additionally, the co-branded card is applicable for e-commerce transactions on multiple platforms. 

The Airtel Thanks App now also enables customers to secure a gold loan, empowering new-tocredit customers to access finance and integrate with the formal financial system. 

As part of the partnership, both companies are committed to strong regulatory compliance, data privacy and security, and seamless customer service.

The Union Cabinet on January 17 approved a Rs 11,440 crore revival plan for the debt-laden Rashtriya Ispat Nigam Ltd (RINL) to reverse its fortunes. 

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the revival plan for RINL for Rs 11,440 crore, an official statement release said. 

The infusion includes Rs 10,300 crore as equity capital into RINL and conversion of Rs 1,140 crore working capital loan as 7 percent non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern. 

The equity infusion of Rs 10,300 crore into RINL will help it overcome the operational problems related to raising working capital and start blast furnace operations in the most productive way, the statement said. The financial condition of RINL is critical, it added. 

Information and Broadcasting Minister Ashwini Vaishnaw said that with this revival package many of the legacy problems that RINL used to face will be resolved.  

The revival package would allow the company to gradually reach its full production capacity, which is critical and to have stability in the Indian steel market by augmenting steel production, and also save the livelihoods of employees (regular and contractual). 

The revival plan envisages that RINL will start full production with two blast furnaces in January 2025 and with three blast furnaces by August 2025. 

Under the Ministry of Steel, RINL operates the Visakhapatnam Steel Plant (VSP), the only offshore steel plant in Andhra Pradesh. It has an installed capacity of 7.3 Mtpa of liquid steel. 

RINL has exhausted the sanctioned borrowing limits from banks for working capital and was not in a position to get further loans from banks. RINL also defaulted on the capex loan repayments and interest payments in June 2024. 

The government-backed National Asset Reconstruction Company Ltd (NARCL) is reportedly set to take control of Jaiprakash Associates Ltd (JAL) after no competing bids surfaced for its ₹12,000 crore offer. 

Process advisor IDBI Capital Markets & Securities (ICMS), which had extended the bid deadline by a week to January 14, received no challengers, sealing NARCL’s position as the sole bidder, according to several newspaper reports.

JAL, a Noida-based conglomerate, owes ₹57,177 crore to creditors, including ₹15,465 crore to the State Bank of India and ₹10,443 crore to ICICI Bank. NARCL’s bid offers lenders a recovery of 23%, comprising 15% cash and 85% government-guaranteed security receipts — a structure unique to NARCL. The acquisition, once finalized, will be the largest in NARCL’s portfolio, a critical move to boost its performance after a slow fiscal year.

Earlier this month, nearly a dozen entities expressed interest in JAL’s assets, but none matched or surpassed NARCL’s offer. "It was decided there is no point in extending the timeline since no serious bids are expected," said a person familiar with the process. The formal handover is expected to conclude by March, allowing lenders to record the recovery within the current fiscal year.

JAL, one of the largest unresolved insolvency cases under the Insolvency and Bankruptcy Code (IBC), entered bankruptcy proceedings in 2017 following directives from the Reserve Bank of India. Legal battles have delayed resolutions, but NARCL’s takeover is poised to consolidate valuable assets, including operational cement plants with a capacity of over 9 million tonnes, real estate near the Yamuna Expressway, luxury hotels, a hospital, power plants, and the Buddh International Circuit.

The ₹12,000 crore bid is second only to Videocon Industries’ ₹65,000 crore insolvency case in terms of debt magnitude. As the largest resolution in its history, JAL’s acquisition marks a significant milestone in India’s efforts to resolve high-value distressed cases

Foxtale, a D2C skincare brand, has secured $30 million (approximately Rs 250 crore) in a Series C funding round led by Japanese multinational KOSÉ Corporation. The round also saw continued participation from Panthera Growth Partners, Z47, and Kae Capital. The company’s partnership with KOSÉ Corporation aims to bolster the global beauty giant’s footprint in India, creating a synergy that combines Foxtale’s D2C expertise and deep understanding of the Indian beauty market with KOSÉ’s global experience.

“This collaboration is poised to redefine beauty standards in India, a billion-dollar market,” said Romita Mazumdar, founder of Foxtale. Speaking to Business Today, Mazumdar emphasised that the newly raised funds would be channelled into enhancing the company’s R&D capabilities. “We’ve always considered research to be the foundation of our brand’s success, and we’re committed to continuing our investment in advanced technologies. This will enable us to create even more targeted and innovative skincare solutions, specifically designed to meet the unique needs of Indian consumers. By pushing the boundaries of innovation, we aim to stay ahead in the market and keep delivering products that truly make a difference.”

Founded in 2021, Foxtale plans to leverage KOSÉ’s advanced technological prowess in R&D to expand its innovation pipeline. While the brand currently offers 20 SKUs, Mazumdar hinted at the possibility of introducing new product lines. “The funding by KOSÉ Corporation will enable the company to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India,” Mazumdar said. “Beyond growth, this partnership also marks a step towards fostering stronger global relations, blending international expertise with local insights.”

Kazutoshi Kobayashi, President and CEO of KOSÉ Corporation, highlighted the significance of the partnership. “We are very happy to have concluded a capital and strategic partnership with fast-growing Foxtale in the premium mass skincare market on the 10th anniversary of our entry into the Indian market. Through this partnership, we will take a major step forward into the next decade as we aim to establish a greater presence in the Indian market and expand our business,” he said.

Differentiating itself from competitors, Foxtale prioritises efficacy and customer-centric solutions over fleeting trends. “Our dedication to quality and efficacy is reflected in our loyal customer base, with many coming back for more,” Mazumdar noted. She also discussed the brand’s profitable offline channel, which contributes 10% of the revenue and operates with minimal receivable days. “Many of our distributors across India work on an advance payment model, which aligns with our strategy to maintain an optimal working capital cycle for the business. With this approach, we will continue to grow our offline presence with discipline and a focus on the right metrics.”

Although Foxtale is yet to turn profitable, it has achieved 150% growth in FY25, doubling last year’s revenue of Rs 300 crore. Most of its sales—50%—come from its own platform, while 40% are derived from other online channels, including e-commerce and quick commerce. The remaining 10% comes from its offline reach.

With a strategic roadmap in place and the backing of a global beauty powerhouse, Foxtale is positioned to make significant strides in India’s thriving skincare market.

India witnessed 38 per cent increase in M&A activity growing from $79 billion the previous year to $109 billion in CY24, reflecting robust investor confidence. Also after a brief slowdown last year, Indian conglomerates are again driving significant activity across sectors, focusing on diversification and strategic expansion, with their deal contribution almost doubling in CY24 to $48 billion from $26 billion the previous year, said V Jayasankar, Managing Director, Kotak Investment Bank.

The bank also said that CY24 saw the highest ever fundraising in the history of Indian equity capital markets at $74 billion and the momentum is expected to continue with a $35 billion IPO pipeline this year. The companies are continuing to consider IPOs as a source of funding capex with 40 per cent of primary funds coming from IPOs. According to the investment bank, fundraising activity in India has been notably broad-based, spanning all sectors, unlike global capital markets such as the US, which are often dominated by a few key industries like technology, healthcare, or financial services. 

It also highlighted how the domestic capital pool is providing stability to the volatility from FII flows. As per the bank’s report, domestic investors contributed a total of $62 billion, out of which 50 per cent came from the SIPs, compared to $0.4 billion from FIIs in CY24. Also demat accounts increased to 18 crore by October 2024, primarily from non-traditional states like Bihar, Uttar Pradesh, Madhya Pradesh etc. India's equity capital market saw robust performance across all major sectors with market returns diversified across small mid-cap and large-cap companies. IPOs in CY24 gave strong returns of 32.8 per cent on an average.

Another trend the bank noticed was MNCs preferring India as a listing destination, listing their Indian subsidiaries or flipping their corporate office to India or consolidating their global business under one Indian entity to list in. MNCs are also increasingly monetising their holdings contributing almost 1/3rd of sell downs in CY24. Hyundai’s success prompted multiple MNC conglomerates to consider value unlocking through India IPOs. So, MNCs are increasingly looking at Indian public markets as a viable monetisation route.

Hyundai Motor India IPO worth $3.3 billion was India’s biggest IPO till date. Hyundai shares made a debut on the Indian stock exchanges in October last year and the stock was listed at Rs 1,931 on BSE, a discount of 1.5 per cent to the issue price of Rs 1,960 per share. Currently, Hyundai stocks are trading at Rs 1,787 on BSE.

Gautam Adani met with Chhattisgarh Chief Minister Vishnu Deo Sai on January 12 and announced an investment of Rs 65,000 crore for the Adani Group’s energy and cement projects in the state, officials reported. 

Adani visited the CM at his official residence in Raipur, the capital of Chhattisgarh, according to a statement from the state’s public relations department. 

During their meeting, Adani revealed plans to invest Rs 60,000 crore in expanding the Adani Group’s power plants in Raipur, Korba, and Raigarh. This expansion will increase Chhattisgarh’s total power generation capacity by 6,120 MW, the statement noted. 

In addition, the Adani Group chairman pledged Rs 5,000 crore for the development and expansion of cement plants in the state. 

Following the Chief Minister’s advice, Adani also promised Rs 10,000 crore over the next four years to support initiatives in education, healthcare, skill development, and tourism through the Adani Group’s Corporate Social Responsibility (CSR) efforts and beyond. 

The meeting further explored opportunities for collaboration in manufacturing defense-related equipment, setting up data centers, and establishing a Global Capability Centre in Chhattisgarh, the statement added

FMCG major Hindustan Unilever (HUL) incorporated a new subsidiary Kwality Wall's for the proposed demerger of the ice cream business of the company. 

"Kwality Wall’s (India) Ltd (KWIL) has been incorporated for the purpose of the proposed demerger of the company's ice cream business, which is currently under evaluation by the Board of the company," the FMCG major said in a regulatory filing on January 10. 

HUL will own 100 percent of the issued and subscribed share capital of KWIL. The newly-formed entity has authorised capital of Rs 250 crore, as per the disclosure.

Earlier on November 25, 2024, HUL approved the demerger of the ice cream business, which owns brands like Kwality Wall’s, Cornetto and Magnum into an independent listed entity. 

The existing shareholders of the FMCG major will receive shares in the new entity in proportion to their shareholding in HUL, it had said. 

The board of HUL decided to de-merge the ice cream business, based on the recommendation of the Independent Committee, which was formed by the FMCG major earlier in September 2024. 

The company highlighted the ice cream category as a high-growth market that contributes around 3 percent to HUL’s total revenue. To fully unlock the potential of this market, significant investments are needed.  

It said the ice cream business operates under a unique model that includes specialised cold chain infrastructure and a distinct channel landscape, which limits potential synergies with the rest of HUL’s operations.  

The company’s restructuring aims to prioritise HUL’s core business areas and expand its footprint in growing sectors like beauty, foods, health and wellbeing. By divesting the ice cream business, HUL will provide greater flexibility and focus for that segment, ultimately optimising value for shareholders.  

Earlier this year, HUL's parent entity, Unilever PLC, had expressed its intention to separate its global ice cream business across jurisdictions. For the financial year ended March 2024, HUL’s revenue from the sale of products was Rs 59,579 crore.

German automobile manufacturer Mercedes-Benz India said on Thursday that it is planning to introduce eight new products in CY2025. “The roadmap for 2025 is clear. We will focus on our product portfolio… and increase our luxury touch points across India,” says Santosh Iyer, MD, Mercedes-Benz India. 

Of the eight new launches, the company will launch its much-awaited model AMG GLE 53 Coupe by Q2 of 2025. The German automobile manufacturer plans to invest Rs 450 crore in India over the next three years. As part of its expansion plan, the company will have 20 new touchpoints by the end of 2025. Of these, 18 are getting upgraded in Q1 of 2025. 

In 2024, the company registered its highest-ever sales, with 19,565 units sold in the domestic market, marking a 12.4% year-on-year growth. “It is truly a historic moment because we always had the best quarter. All four quarters were really strong,” says Iyer. 

According to Iyer, both the luxury car market as well as Mercedes-Benz India grew by 9% in calendar year 2024. “When you look at the second half of the year, it was not as strong. The market grew by 3% we grew by 16%,” Iyer said. He also said that one in every two German luxury cars sold in India was Mercedes-Benz. 

“The strong growth in H2 was possible due to the long-wheelbase E-class, the new launches in our electric car portfolio,” says Iyer. The EV share of Mercedes-Benz India’s overall car portfolio has exceeded 6%, representing a 94% year-on-year growth in penetration.

In 2024, Mercedes-Benz India's biggest growth came from the Top-End Vehicles category. According to Iyer, one out of every four Mercedes-Benz cars sold in India was a Top-End Vehicle. The company has witnessed 30% year-on-year growth in this segment. “This also shows and reflects in a lot of ways the growing maturity of the luxury car market in India,” Iyer said.

Notably, the company also launched its highly anticipated Electric G Wagon G580 in Edition one specification at Rs 3 crore. The deliveries would take place between the months of October and December this year.

Adani Ports and Special Economic Zone (APSEZ) has achieved a significant milestone by securing a spot in the global top 10 list of transportation and transportation infrastructure companies in the S&P Global Corporate Sustainability Assessment (CSA) rankings for 2024.

As the only Indian company featured in the rankings, APSEZ has demonstrated its commitment to corporate sustainability on a global scale. With a score of 68 out of 100, the company has seen a notable improvement of three points compared to the previous year. APSEZ now stands in the 97th percentile within its sector, showcasing its continuous efforts towards sustainability and responsible business practices.

The company has reported achieving the highest scores in various criteria within the social, governance, and economic dimensions, such as transparency and reporting, materiality, supply chain management, information security, cybersecurity and system availability, and customer relations. Additionally, the company maintained its top position in the environmental dimension for the second year in a row.

As of December 31, 2024, 60 per cent of 318 companies in the transport and transport infrastructure sector were assessed for CSA 2024.

“We firmly believe responsible business practices drive innovation and long-term success. The latest recognition reflects our commitment to sustainability and corporate responsibility. Our team’s dedication to integrating sustainability across all our operations has been key to this achievement. We remain committed to our Net Zero by 2040 goal,” said Ashwini Gupta, whole-time director and chief executive officer of APSEZ.

APSEZ, the largest private port operator in India, currently has a cargo handling capacity of 633 million tonnes per annum (mtpa) and aims to expand this to 1 billion mtpa by 2030. The company operates at 13 Indian ports and terminals, commanding 24% of the nation's total port capacity.

On a global scale, APSEZ is actively involved in developing a transshipment port in Colombo, Sri Lanka, and oversees operations at the Haifa Port in Israel and Container Terminal 2 at Dar Es Salaam Port, Tanzania. It has set a target to increase its international cargo volumes from 29 mtpa in 2025 to 150 mtpa by 2030.

As per forecasts by Elara Capital, APSEZ is anticipated to expand its market share in India to 33% by FY30. The company is also focusing on bolstering its logistics business.