Top headlines: RIL arm buys stake in Netmeds; Dream11 new IPL title sponsor

From Dream11 winning IPL 2020 title sponsorship rights, govt likely to take up airport privatisation today to Apple planning Made in India iPhones next year, here are the top news of the day

Reliance Retail acquires majority stake in Netmeds for Rs 620 crore

The online pharmacy space is set to become a hotly contested segment with Reliance Industries (RIL) now throwing its hat into the ring. The Mukesh Ambani-owned conglomerate on Tuesday announced acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore. This investment represents 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries - Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt. Limited, a late evening statement by RIL said. Read More...

IPL 2020: Dream11 wins title sponsorship rights; pips Byju's, Unacademy

The suspense around the title sponsor of the Indian Premier League (IPL) for the 2020 edition came to an end on Tuesday, with gaming app Dream11 emerging the winner with a bid of Rs 222 crore. IPL Commissioner Brijesh Patel confirmed to Business Standard that Dream11’s bid was more than the offers made by the two other contenders — Unacademy and Byju’s, which had set aside Rs 171 crore and Rs 201 crore, respectively, for the title sponsorship. The Tata group, Patel said, had expressed an interest, but did not put in a bid. “We were left with three start-ups in the race. One may argue that they have Chinese investments, so what purpose did it serve. But the fact remains that these firms were ready to set aside investment for the title sponsorship and they put bids in the end. The others did not,” Patel said. Read More...

China influence in IPL far from over with Dream11 bagging title rights

If Vivo’s abrupt exit as the title sponsor for the Indian Premier League (IPL) had given hope of an IPL without Chinese influence, the entry of Dream11 indicates that escaping the dragon is easier said than done. While the Mumbai-based gaming company founded by an Indian duo is at the forefront of the investment in the league, China’s influence on the country’s most coveted sports property is far from over. Tencent Holdings — a multinational conglomerate from China — is a key player behind the IPL deal. Read More...

Govt likely to take up next round of airport privatisation on Wednesday

The Union Cabinet on Wednesday is likely to take up the next round of airport privatisation. The Airports Authority of India’s proposal to sign a concession agreement with Adani Enterprises for public-private partnership of airports in Guwahati, Jaipur, and Thiruvananthapuram is lined up for consideration, an official said. These are part of the six airports won by the Adani group under a competitive bidding process. In February, the group signed a concession agreement with the AAI for managing airports in Ahmedabad, Lucknow and Mangalore but approval regarding the other three was deferred. Read More...

Govt fails to update Food Act list, millions of migrants left in cold

Distribution of free food as announced by the Atmanirbhar Package – to those who do not possess a ration card but are in extreme need like migrants – has been a problematic area. A major reason for many people being left out from the ration system is non-updation of beneficiary list under the National Food Security Act (NFSA) since 2011. The Act governs the distribution of cheap foodgrains in the country. It guarantees a minimum 5 kg of foodgrains per person per month – at a subsidised rate of Rs 5 a kg for rice and Rs 3 per kg for wheat – to almost 800 million people. This is based on the cut-off of 67 per cent as per the 2011 Census. Read More...

Covid-19: Why there are still miles to go before India has a vaccine

The quest for a Covid-19 vaccine may have started in the laboratories but that’s only the start of a long process that involves the government and private sector working on the other issues that bridge the gap from lab to jab — from manufacturing and manpower to logistics and distribution priorities. That is why most of those involved in the race for a vaccine are studiously non-committal about a timeline. The 2020-end deadline that is being bandied about in the public domain is purely speculative. Read More...

AGR case: Spotlight on treatment of public resources under IBC framework

The on-going case relating to payment of Adjusted Gross Revenue (AGR) dues in the Supreme Court of India has put the spotlight on the treatment of public resources under the Insolvency and Bankruptcy Code (IBC) framework. When the apex court posed the question to Solicitor General Tushar Mehta, appearing for the Department of Telecommunications, whether spectrum can be sold by telecom companies undergoing proceedings under the IBC, his response clearly brought out the differences in thinking between the Department of Telecom (DoT) and Ministry of Corporate Affairs (MCA) in this matter. Read More...

Apple plans to roll out Made-in-India iPhone 12 by middle of next year

Stepping up its thrust on manufacturing in India, American tech giant Apple is planning to roll out locally made models of its upcoming iPhone 12 by the middle of next year, sources close to the development have said. This will be the seventh iPhone model to be made in the country, giving a boost to Prime Minister Narendra Modi’s Atmanirbhar vision. Also, the local production of its latest iPhone SE (2020) is expected to begin by the end of this year. Till recently, iPhone production in India was limited to older models at a lower price tag. Read More...

India in talks with 13 nations for air bubble arrangement: Minister Puri

India is negotiating with 13 countries, including Australia, Japan and Singapore, to establish separate bilateral air bubble arrangements for international flight operations, Civil Aviation Minister Hardeep Singh Puri said on Tuesday. Under a bilateral air bubble pact, airlines of both the countries can operate international flights with certain restrictions. Since July, India has established such bubbles with the following countries - the US, the UK, France, Germany, the UAE, Qatar and the Maldives. Read More...

India-Japan-Australia supply chain in the works to counter China

India, Japan and Australia have begun discussions on launching a trilateral Supply Chain Resilience Initiative (SCRI) to reduce dependency on China, necessitated by Beijing’s aggressive political and military behaviour. The initiative, first proposed by Japan, is now taking shape, according to the Economic Times.