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RIL to Set up Subsidiary for Digital Platform Initiatives

26Oct By Press Trust of IndiaNo Comments

News

RIL to Set up Subsidiary for Digital Platform Initiatives

Reliance Industries Ltd board has approved the formation of a wholly-owned subsidiary for digital platform initiatives and investment of Rs 1.08 lakh crore in the unit. The subsidiary will also acquire RIL's equity investment of Rs 65,000 crore in Reliance Jio Infocomm Ltd (RJIL), it said in a regulatory filing. RIL said that RJIL board has approved a scheme of arrangement between the company and certain classes of its creditors including debenture holders for transfer of identified liabilities of up to Rs 1.08 lakh crore to RIL. "Rights Issue of Optionally Convertible Preference Shares (OCPS') aggregating up to Rs. 1,08,000 crore for the purpose of payment of consideration for transfer of identified liabilities - WOS (wholly owned subsidiary) to subscribe to this issue," it adde...

Trent to acquire stake in Booker India for $3 Million

24Sep By Press Trust of IndiaNo Comments

ACQUISITION

Trent to acquire stake in Booker India for $3 Million

Tata group's retail chain Trent Ltd will acquire 51 per cent stake in Booker India Pvt Ltd (BIPL) in a cash deal of around Rs 22 crore, a regulatory filing said. Trent in the filing to BSE on Tuesday said the acquisition would help in business expansion by adding six additional stores. "It is informed that the Company has agreed to acquire 51 per cent of the share capital of BIPL, for a consideration of Rs 22 Crores approximately. BIPL operations involve 6 stores," Trent said. BIPL operates five stores while its wholly-owned subsidiary Booker Satnam Wholesale operates one store. The company expects to complete the transaction by the end of October this year. BIPL had a turnover of Rs 238 crore for the financial year ended on March 31, 2019 and Rs 43 crore of Booker Sat...

15Sep By Press Trust of IndiaNo Comments

ACQUISITION

Visa Completes Acquisition of Verifi

San Francisco, United States: Visa has completed the acquisition of Verifi, a leader in technology solutions that reduce chargebacks. The acquisition of Verifi strengthens Visa’s role of facilitating trust and transparency across the buying experience by extending its dispute resolution capabilities to support a broad range of payments brands and partners across the ecosystem. The combination of Verifi’s best-in-class dispute resolution tools with Visa’s suite of risk and fraud management services will: Save valuable time and resources by connecting all parties in the dispute management process in near real-time to resolve disputes before they become chargebacks. Give buyers and sellers intelligent, data-driven tools that foster collaboration, build trust, and improve the ove...

Microsoft CEO Satya Nadella’s father died

13Sep By Press Trust of IndiaNo Comments

News

Microsoft CEO Satya Nadella’s father died

13th Sept 2019- Former bureaucrat of India & father of Microsoft CEO Satya Nadella, B N Yugandhar died today. He was 82. Yugandhar had served in the Prime Ministers Office during late PV Narasimha Raos regime and also as director of Lal Bahadur Shastri National Academy of Administration at Mussorie. He died in the afternoon, sources close to him said. Yugandhar had not been keeping well for some time now, they said. His wife predeceased him and Satya Nadella is their only child, the sources said. Yugandhar, a 1962 batch IAS officer, had also served as secretary in Union Rural Development Ministry. As a member of the erstwhile Planning Commission, he was instrumental in getting an entire chapter on disability issues included in the Plan, official sources said. Condoli...

India has wage problem, not job problem: Mohandas Pai

17Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

India has wage problem, not job problem: Mohandas Pai

Bengaluru: Former Infosys CFO and multi-sector investor T V Mohandas Pai said India does not face a job problem, but one of the wages, as a lot of low paid jobs being created do not find favour with degree holders. "India is not producing good jobs, but creating a lot of ₹10,000- ₹15,000 low-paid jobs which are not fancied by degree holders. India has a wage problem, not a job problem," Pai said. Also, India has regional and geographical problems, Pai said. Pai suggested that India adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers. "We should look at what China has done. They first opened up the labour intensive industry invited the rest o...

4Jun By Press Trust of IndiaNo Comments

INDIA

1,862 start-ups registered with this Indian portal received orders worth Rs 275 cr

As many as 1,862 start-ups have registered with the Government e-Marketplace (GeM) portal and have received orders worth Rs 275 crore till April, a top official said Tuesday. The portal was launched in August 2016 for online purchase of goods and services by all the central government ministries and departments. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek said, start-ups can now get government orders on GeM Startup Runway while getting an exemption from prior turnover, prior experience and earnest money deposits. "1,862 start-ups have registered, receiving 7,697 orders worth Rs 275 crore till April," he said in a series of tweets. He also said 1,87,004 jobs have been reported by 16,105 start-ups, which are recognised by the ...

Uber partners IOC to offer discounts on fuel for driver-partners

31May By Press Trust of IndiaNo Comments

INDIA

Uber partners IOC to offer discounts on fuel for driver-partners

NEW DELHI: Uber Thursday said it has partnered Indian Oil Corporation Ltd (IOCL) to offer special benefits, including discount on fuel, to the ride-hailing company's driver-partners in India. In a statement, Uber said over 12,000 driver-partners have already registered for this benefit. "The agreement with IOCL will offer delivery partners discounts on petrol, diesel and CNG in IOCL petrol pumps across India. This initiative is a part of Uber's UberCARE programme for driver partners," the statement added. Vigyan Kumar, executive director (retail sales), IOCL, said, "IOCL has always been striving to add to the fuelling experience of customers coming to its retail outlet". "...through our association with UBER, we would be giving one more reason for a UBER driver-partner to...

US Secretary fears Huawei will pass information to Chinese govt

30May By Press Trust of IndiaNo Comments

USA

US Secretary fears Huawei will pass information to Chinese govt

The Trump administration is opposing Huawei as it fears the State-controlled telecom giant will pass on information to the Chinese government of which it is an "instrument" and deeply connected with, US Secretary of State Mike Pompeo has said. Escalating the bruising trade war with China, the US Department of Commerce recently blacklisted Huawei over security concerns and barred American companies from installing its telecom equipment. Earlier in the week, US President Donald Trump said there was a possibility of including the Huawei issue in the ongoing trade negotiations with China. "Huawei is an instrument of the Chinese Government. They are deeply connected," Pompeo said to a Business News in an interview. Responding to a question on the US efforts to oppose Huawei globall...

Spencer’s Retail acquire Nature’s Basket for $43 million

20May By Press Trust of IndiaNo Comments

ACQUISITION

Spencer’s Retail acquire Nature’s Basket for $43 million

Sanjiv Goenka Group's Spencer's Retail said it will acquire Godrej Industries' grocery chain Nature's Basket for $43 million (around Rs 300 crore). Nature's Basket's acquisition will make Spencer's Retail a national player, giving it access to the western parts of India through its 36 stores in prime locations in Mumbai, Pune and Bangalore. "...The Board of Directors of the company...has approved a proposal for acquisition of entire 100 per cent stake held by Godrej Industries Ltd in its wholly owned subsidiary Nature's Basket Ltd, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above."This acquisition will bring in many synergies in Spencer's business and fits in well with Spencer...

Google will never sell data to 3rd parties: Sundar Pichai, Google CEO

9May By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Google will never sell data to 3rd parties: Sundar Pichai, Google CEO

Google will never sell any personal information of its users to third parties, CEO Sundar Pichai has said, amidst growing global concern over the misuse of personal data by some social media giants. In an opinion piece in The New York Times published on Tuesday, he also said that privacy cannot be a "luxury good" that is only available to people who can afford to buy premium products and services.The 46-year-old Indian-origin CEO of Google said he believed that privacy was "one of the most important topics of our time."People today are rightly concerned about how their information is used and shared, yet they all define privacy in their own ways, he said. "To make privacy real, we give you clear, meaningful choices around your data. All while staying true to two unequivocal policies...

28Apr By Press Trust of IndiaNo Comments

INDIA

About 200 US companies seeking to move manufacturing base from China to India: Report

Washington: About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group has said, observing that there is a fantastic opportunity with firms looking at alternatives to the Communist giant. The US-India Strategic and Partnership Forum's (USISPF) President Mukesh Aghi said that the companies are talking to them about how to set up an alternative to China by investing in India. Aghi said that USISPF’s recommendation to the new government would be to accelerate the reforms and bring transparency in the decision-making process. “I think that's critical. We would advise to bring more transparency in the process and to make it more consultative because in the last 12 to 18 mon...

Tata Starbucks posts 30% sales growth in FY’19

26Apr By Press Trust of IndiaNo Comments

BUSINESS

Tata Starbucks posts 30% sales growth in FY’19

Tata Starbucks, a 50:50 joint venture between Tata Global Beverages and Starbucks Coffee of the US, has reported a 30 per cent top-line growth in fiscal 2018-19, driven by new stores openings and improved performance. Tata Starbucks, which is expecting to break-even in the current fiscal, has opened 146 stores till date. Tata Starbucks reported "double digit top-line growth 30 per cent for the full year, driven by new stores and improved store performance", Tata Global Beverages Ltd (TGBL) said in an investors' presentation. Tata Starbucks revenue for the 2018-19, is expected to be around Rs 450 crore. TGBL said Tata Starbucks opened 30 outlets in the previous fiscal, out of which, 15 new stores were opened during the last quarter of the financial year. The company said, it...