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Online classes short term answer, need to make schools resilient: Nandan Nilekani

15Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Online classes short term answer, need to make schools resilient: Nandan Nilekani

The rapid shift to teaching and learning activities online prompted by the closure of schools due to the Covid-19 pandemic is only a "short-term response" and we need to fundamentally reimagine schools as a resilient system which can function under continuous turbulence, according to Infosys Chairman Nandan Nilekani. Classroom should not be the only location, teacher the only facilitator and textbook not the only medium, is the roadmap laid by Nilekani for a "resilient" school system while delivering the keynote address at a virtual conference on 'Future of Schools: Overcoming Covid-19 challenge and beyond' organsied by Ashoka University. "The rapid shift to move everything online, zoom classes, teaching through smart phones, all of this is part of a short-term response which was ne...

Cipla acquired 22 percent stake in GoApptiv

11Jun By Press Trust of IndiaNo Comments

ACQUISITION

Cipla acquired 22 percent stake in GoApptiv

Pharma major Cipla will acquire 21.85 percent stake in GoApptiv on a fully-diluted basis in two phases. The cost of acquisition is Rs 9 crore (Rs 5.80 crore in the first stage and Rs 3.20 crore in the second stage), it said in a regulatory filing. In the first stage, subscription of 15,392 compulsorily convertible preference shares and purchase of 6,927 equity shares is expected to be closed within 30 days from the execution date, subject to certain conditions precedent,.In the second stage, subscription of 12,314 compulsorily convertible preference shares is expected to close by October 31, subject to certain conditions precedent, it added. GoApptiv offers digital solutions for integrated brand sales management, digital marketing and channel engagement for pharmaceutical compan...

8Jun By Press Trust of IndiaNo Comments

INDIA

No better time to bet on India than now, says Gautam Adani

NEW DELHI, 8th June 2020: The recent slump in economic growth notwithstanding, India will be one of the world's top consumption centers and a manufacturing and services hub for the next several decades, billionaire Gautam Adani has said, stressing there is no better time to bet on India than now. India's economic growth slipped to 4.2% in 2019-20 fiscal (April 2019 to March 2020) its slowest pace in more than a decade. International rating agencies as well as the Reserve Bank of India (RBI) have forecast a contraction in GDP in the financial year that began in April 2020 on account of the coronavirus-induced slowdown. "What we must realize is that there are no absolute right or wrong ideas. What is required during an unprecedented, hard to model, a crisis like COVID-19, is a Governm...

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

5Jun By Press Trust of IndiaNo Comments

BUSINESS

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

Dutch investigators last week arrested three former employees of a local firm suspected of laundering $1.2 billion through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by billionaire Mukesh Ambani, a charge vehemently denied by Reliance Industries. According to Cobouw, a Dutch publication, the three suspects were released on Friday, after three days. East West Pipeline Ltd (EWPL), which was previously known as Reliance Gas Transportation Infrastructure Ltd (RGTIL), denied that any money was laundered at any stage during the implementation of the project and that higher capital cost of a pipeline would result in higher tariff for users for receiving natural gas through the line. Ambani’s listed firm Reliance Industries, too, denied any ...

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

1Jun By Press Trust of IndiaNo Comments

BUSINESS

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

Mumbai, Jun 1, 2020: Billionaire banker Uday Kotak, who had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will sell 2.8 percent stake in the lender for at least $90 million (Rs 6,800 crore). The move would bring the curtains down on a long standoff between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, and the case is still pending. "The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share," a person familiar with the development told PTI. As per the term sheet, the deal would be worth $90 million at the lower end of the price band. Currently, Kotak and his family hold a 28.8 percent stake ...

16May By Press Trust of IndiaNo Comments

INDIA

Lava to shift operations from China to India, Invest $100 Million cr in 5 yrs

Mobile devices maker Lava International said it is shifting its China operations to India following recent policy announcements by the Indian government. The company plans to invest around $100 million (800 crore) over the next five years to scale up its mobile phone development and manufacturing operations in the country. "We had around 600-650 employees in China for product design. Now we have shifted designing to India. Our sales requirements for India were met from our local plant. "We used to partially export mobile phones from China to the rest of the world, which will now happen from India," Lava International Chairman and Managing Director Hari Om Rai told PTI. During the lockdown period, Lava met its export demand from China. "My dream is to export mobile devices t...

ShareChat acquires Memer, looking for more buyouts

27Apr By Press Trust of IndiaNo Comments

ACQUISITION

ShareChat acquires Memer, looking for more buyouts

Indian social media platform ShareChat has acquired Kae Capital-backed meme-sharing app Memer and is looking for more buyouts, the company said on Monday. The deal size was however not disclosed by the company. ShareChat claims to have around 6 crore monthly active users and aims to cross the 12-crore mark by the end of 2020. "We are on an active lookout for startups that complement our product capabilities and share the vision of serving diverse content and social needs of Indian masses. Memer happens to be the first step towards this approach,"Manohar Charan, vice president for corporate development and strategic finance, ShareChat said in a statement. The integration of Memer into ShareChat will help it bring more variations to content, a better user experience that may lea...

OYO cuts 25% of fixed pay of Employees; sends some staff on Leave

22Apr By Press Trust of IndiaNo Comments

News

OYO cuts 25% of fixed pay of Employees; sends some staff on Leave

Softbank backed online hotel room booking platform OYO informed employees that 25 percent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19. The company, which has around 10,000 employees in the country, is a leading player in the hospitality industry that has been ravaged by the coronavirus pandemic. The nationwide lockdown, which has been extended till May 3, to curb spreading of infections has also significantly disrupted economic activities. "We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit ...

TVS Motor acquires UK-based Norton Motorcycles

17Apr By Press Trust of IndiaNo Comments

ACQUISITION, Automobile

TVS Motor acquires UK-based Norton Motorcycles

TVS Motor has acquired UK-based iconic bike manufacturer Norton Motorcycles for GBP 16 million (around Rs 153 crore). The company has acquired Britain's most iconic sporting motorcycle brand Norton in an all-cash deal for a consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries, TVS Motor Company said in a statement. Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time. Norton Motorcycles is known for its classic models and range of luxury motorcycles ranging from authentic retro classic reboots of the famous Commando to its contemporary 200 bhp, 1200cc V4 superbikes. "This is a momentous time for us at TVS Motor Compan...

7Apr By Press Trust of IndiaNo Comments

FUNDING

Lido raises over $7.5 Million in Funding led by Ant Financial

Education technology firm Lido Learning has raised over Rs 56 crore in funding led-by Ant Financial-backed BAce Capital to expand its offering to Indian students, the company said on Tuesday. "Lido Learning, an ed-tech startup focusing on live online tutorials, has just closed a USD 7.5 million (about Rs 56 crore) Series B round. The round is led by Ant Financial-backed Bace Capital, and completes the ed-tech startup’s overall funding at USD 10.5 million. Existing investors also participated in the round," the statement said. Lido is BAce Capital’s first ed-tech investment in India, as part of a strategy to continue investing in early stage companies in emerging economies, focusing on India and Southeast Asia. "Our vision is to build 250 million unique learning journeys for 250 m...

Trump has small financial interest hydroxychloroquine firm: NYT

7Apr By Press Trust of IndiaNo Comments

USA

Trump has small financial interest hydroxychloroquine firm: NYT

President Donald Trump, who has aggressively promoted the use of hydroxychloroquine to treat coronavirus patients in and has asked India to export the anti-malarial drug to the US, has a small personal financial interest in the French pharma giant Sanofi, one of the manufacturers of the drug, according to a media report. Hydroxychloroquine, an old and inexpensive drug used to treat malaria, is seen as a viable therapeutic solution by President Trump to coronavirus that has so far killed more than 10,000 Americans and infected over 3.6 lakh within weeks. On Monday, Trump warned India that the US may retaliate if it did not export hydroxychloroquine despite his personal request, saying he would be surprised if New Delhi did not relent as it has good relations with Washington. If hy...

US Orders First Shutdown of Website over Coronavirus Fraud

23Mar By Press Trust of IndiaNo Comments

USA

US Orders First Shutdown of Website over Coronavirus Fraud

The US Department of Justice announced that it had shut down a website claiming to sell a coronavirus vaccine, in its first act of federal enforcement against fraud in connection with the pandemic. Lawsuits had been filed against the site coronavirusmedicalkit.com, which claimed to sell vaccines for COVID-19, the disease caused by the novel coronavirus, when in fact there is no such vaccine, the Justice Department said in a statement. A Texas federal judge on Saturday ordered the site to shut down, according to the statement. Its homepage, however, was still accessible as of Sunday evening. "Due to the recent outbreak for the Coronavirus (COVID-19) the World Health Organization is giving away vaccine kits. Just pay $4.95 for shipping," read a statement on the homepage. It was ...