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Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

25Oct By Press Trust of IndiaNo Comments

FUNDING

Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

Online grocery store Big Basket has sought government's approval to infuse Rs 100 crore foreign direct investment to further expand its business. The company, which sells fruits, vegetables and other food products online, plans to use the funds to strengthen back end infrastructure, increasing collection centers and processing units, sources said. According to a company official, foreign investment of Rs 100 crore is sought to be put in by existing investors, including an overseas venture capital fund. As per the current policy, 100 per cent foreign direct investment is allowed in trading of food products, including through e-commerce. But the proposals require approval from the Foreign Investment Promotion Board (FIPB), under the Finance Ministry. The government is making effo...

Tata Sons Remove Cyrus Mistry as Chairman, Ratan Tata Steps in

24Oct By Press Trust of IndiaNo Comments

News

Tata Sons Remove Cyrus Mistry as Chairman, Ratan Tata Steps in

In a major shakeup, Tata Sons has removed Cyrus Mistry from the post of Chairman. The decision was taken at athe board meeting held in Mumbai on Monday. Ratan Tata will be the interim Chairman, the board announced in a statement. A search committee has been set up to find a successor. 'The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons,' the statement said, adding that the committee has been given four months to complete the process. CEOs at the operating company level have not been touched in the rejig.

Mahindra Launches New Platform For Vehicle Auction

24Oct By Press Trust of IndiaNo Comments

News

Mahindra Launches New Platform For Vehicle Auction

Mahindra First Choice Wheels (MFCWL) today announced the launch of a platform that allows buyers to participate in traditional 'on the ground' used-car auctions via internet in real-time. The platform, True Time Bids will significantly improve efficiency of how vehicle auctions are conducted in India today, the company said in a statement. MFCWL ran a pilot project of True Time Bids with Kotak Bank prior to its launch. MFCWL Senior Vice President of e-Business B Ganeshkumar said: "The pilot launch of Truetimebids.com with Kotak has been extremely successful and we look forward to taking this platform to all our clients over the next few weeks. "Stating that the platform will fundamentally change the way vehicles are disposed at auctions, he added: "Our clients are continuously loo...

Patanjali to Enter Textile Manufacturing Sector, Says Baba Ramdev

22Oct By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Patanjali to Enter Textile Manufacturing Sector, Says Baba Ramdev

Patanjali is entering the textile manufacturing sector, its founder Yoga guru Baba Ramdev today said and expressed hope that the groups growth rate will swell to 200 per cent in the next fiscal. Patanjali group will make a big venture in textile manufacturing sector and apart of traditional kurta-pajama, it will come out with foreign wears like jeans, Ramdev said at the inaugural function of the two-day Global Investors Summit here. "Our growth rate is 100 per cent in the current fiscal, which is going to climb to 200 per cent in the next financial year," he said. He said Patanjali group wants to throw up Rs 10,000 crore income avenues to farmers in farming, milk production and other sectors in the next 2-3 years. Ramdev said that big economies globally were facing a slowdown but our...

Former HCL Tech CEO Sets up Rs 100-cr Fund For New Venture Techcelx

21Oct By Press Trust of IndiaNo Comments

FUNDING

Former HCL Tech CEO Sets up Rs 100-cr Fund For New Venture Techcelx

Following in the footsteps of many of his industry peers like Nandan Nilekani and Azim Premji, former HCL Technologies chief executive Anant Gupta has now set up a Rs 100-crore fund to support ventures developing cutting-edge technology products. Gupta, whose departure from HCL Technologies was announced today, has founded a new investment firm 'Techcelx' that will focus on developing next-gen digital technology products and platforms. "With Techcelx, I am pursuing my long-term goals and passion towards promoting our country's entrepreneurship and innovation potential in the technology space," Techcelx Founder Chairman and CEO Anant Gupta said. The Rs 100-crore fund will focus on ventures with specialisation in technologies like machine learning, IoT (Internet of Things), artifici...

Now Book Ola, Uber Through Google Search in India

19Oct By Press Trust of IndiaNo Comments

News

Now Book Ola, Uber Through Google Search in India

Consumers will now be able to book a ride on Ola and Uber directly from Google Search. Earlier this year, Google had introduced the feature on Google Maps, where a dedicated tab with information for cab services was made available to Indian users, in addition to the existing driving, public transport, or walking options. "Now with this integration, commuters across the country can ask Google for directions and book ride services directly from Google Search," Google said in a statement. They will get to see a tab for ride services, both Uber and Ola, with fare estimates and pick-up times if a car is available near their location, it added. When a user requests for specific information like Taxi to Delhi or Ola/Uber to airport, the Google Search app or browser will direct the use...

Ban on Pak Artists, Nation First: Mukesh Ambani

19Oct By Press Trust of IndiaNo Comments

INDIA

Ban on Pak Artists, Nation First: Mukesh Ambani

Reliance Industries Chairman Mukesh Ambani on Monday joined issue with those opposing a ban on Pakistan artists in India, saying the nation should come first and not art and culture. "I am absolutely clear about one thing -- for me, it is always country first. I am not an intellectual, so I don't understand all these. But undoubtedly like for all Indians, India is the first for me," Ambani said in Mumbai on Monday. The billionaire businessman was answering questions from the audience on ban on Pakistan actors and other artists at the 'Off the Cuff' show organised by The Print, a digital media outfit owned by senior journalists Shekhar Gupta and Barkha Dutt. Asked whether he would join politics, Ambani replied in the negative, saying "I am not made for politics." The statement from the ri...

How Autonomous Technology Reduced Rajdhani, Shatabdi Travel Time

12Oct By Press Trust of IndiaNo Comments

INDIA

How Autonomous Technology Reduced Rajdhani, Shatabdi Travel Time

A signalling system upgrade on congested routes has helped the Indian Railways to reduce the travel time of 14 premier trains, including the Rajdhani Expresses from the national capital to Howrah and the Patna and Delhi-Amritsar Shatabdi. A total of 350 Mails/Expresses and 74 Superfast trains, including Rajdhanis and Shatabdis, are now reaching destinations 5-25 minutes before time because of removal of bottlenecks and rationalisation of timetable, said a senior railway ministry official. The journey time of Rajdhani services for Bhubaneswar, Sealdah and Dibrugarh and Chennai-Coimbatore and Howrah-Puri Shatabdi trains has come down due to the improvement in the signalling system. The official said the Route Relay Interlocking (RRI) system was installed on busy routes to ensure faster ...

From Booking Ticket to Ordering Meal, All on New Rail Application Soon

8Oct By Press Trust of IndiaNo Comments

News

From Booking Ticket to Ordering Meal, All on New Rail Application Soon

A seamless travel experience for rail commuters with a swipe of a finger is in the offing as Railways plans to revamp its mobile application and include “all passenger services” for its customers. “We are preparing an integrated mobile application for railway passengers which will take care of all their needs. “It will be an app that will take care of the entire journey — from booking a ticket to booking a taxi, pre-ordering a meal, requesting for porter services, lodging at a retiring room, ordering a bed roll, complaining about lack of cleanliness in a coach, accessing digital entertainment, reserving a hotel, booking an airline ticket in case of a waitlisted rail ticket, among other services,”said an official from the Non-Fare Directorate of the Railway Ministry. Ern...

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

7Oct By Press Trust of IndiaNo Comments

News

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

Life Insurance Corporation of India and other pension funds "must step in" to fund startups, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said on Friday. "LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF. Speaking at a session on startups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned. "I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs. On the Rs 10,000-crore Fund of Funds, the secretary s...

Automation Threatens 69% Jobs in India: World Bank

7Oct By Press Trust of IndiaNo Comments

News

Automation Threatens 69% Jobs in India: World Bank

Automation threatens 69 per cent of the jobs in India, while 77 per cent in China, according to a World Bank research which has said that technology could fundamentally disrupt the pattern of traditional economic path in developing countries. “As we continue to encourage more investment in infrastructure to promote growth, we also have to think about the kinds of infrastructure that countries will need in the economy of the future. We all know that technology has and will continue to fundamentally reshape the world,” World Bank president Jim Kim said. “But the traditional economic path from increasing productivity of agriculture to light manufacturing and then to full-scale industrialisation may not be possible for all developing countries,” Mr. Kim said in response to a question at the ...

Intex in Collaboration With Tata’s mRupee Launched Its Own Digital Wallet

6Oct By Press Trust of IndiaNo Comments

BUSINESS

Intex in Collaboration With Tata’s mRupee Launched Its Own Digital Wallet

Domestic handset maker Intex has partnered with mRUPEE, a Tata Teleservices subsidiary, to launch mobile wallet Intex MyWallet. The wallet will offer easy and quick integrated payment functionalities and conveniences within the device related to recharge, money transfer, shopping, booking train, movie, bus tickets and more in just one click, Intex said in a statement. "This is in line with our focus to offer the customers additional value which is being created right from video, gaming, healthcare, utility, entertainment, e-commerce/mobile advertisement, all packed in their handsets at customers fingertips," Intex Technologies Head VAS Vineet Singh said. Company's larger rival, Micromax, also has a mobile wallet service Udio in partnership with TranServ and Visa. As part of its tie...