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Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

15May By Lavina TolaniNo Comments

BUSINESS

Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

While foreign investments have been raining in Indian e-commerce marketplace, Foxconn Technology Group has announced another write off of an additional $40 million of its $200 million in e-commerce company Snapdeal. Earlier in August 2017, FIH Mobile had written in its annual report that its entire $200 million investment in Jasper Infotech ( Snapdeal owner and operator) cannot be recovered. Moreover, Foxconn had registered impairment loss of around $160 Mn for its investment in Jasper Infotech for six months and the loss period ended June 30, 2017. FIH Mobile, The subsidiary of world's largest contractor Foxconn has forecasted that the recoverable amount from its investment in Jasper Infotech is $3 Mn while citing the failed merger between Flipkart and Snapdeal as being one of th...

BlackRock to Sell Stakes to DSP Group and Exit Indian JV

8May By Lavina TolaniNo Comments

BUSINESS

BlackRock to Sell Stakes to DSP Group and Exit Indian JV

The world's largest asset manager BlackRock Inc. is all set to sell its 40% stake in DSP BlackRock Investment Managers Pvt. Ltd. to joint venture partner DSP Group, adding to the club of foreign asset managers that have left from Indian fund industry. As far as sources are concerned, DSP Blackout Investment Manager is currently valued at Rs. 5000 crores. A person familiar with the matter on the promise of anonymity said, As of now, BlackRock is exiting the JV. BlackRock has been in talks with DSP for about a year and initially, they were interested to buy DSP’s 60% stake. DSP rather chose the option of retaining its footprint in India. The world's largest asset manager in-houses around $6.32 trillion in assets worldwide. It is a 40:60 joint venture between BlackRock and DSP Group whic...

Reliance Industries to Inject Rs 60,000 Crore Capital in Jio

7May By Sheldan RungasamyNo Comments

BUSINESS

Reliance Industries to Inject Rs 60,000 Crore Capital in Jio

Reliance Industries is set to pour Rs 60,000 crore capital in its telecom business, Jio, this fiscal year as the company wishes to roll out its broadband services and expand its wireless network faster, according to two people close to the company. Additionally, Reliance Jio Infocomm Ltd might also borrow the astronomical sum of Rs 1 trillion, according to those sources who wished to remain anonymous. “This is being done as Jio wants to fast-track its plan to scale up its capacity and coverage which would require further infusion of funds,” said one of the sources. Anshuman Thakur, head of strategy and planning at Jio did reveal in an interview on 27 April that the company would keep investing on laying fiber even though it already had the largest optical fiber network in India. ...

6May By Lavina TolaniNo Comments

BUSINESS

India’s First Trio (Public-Private-Foreign) Business Deal is a Reality Now!

The world is set to witness one of the world’s biggest fighter jet deals in play at the moment as the global aerospace maker, Boeing has come to an agreement with India’s state-owned Hindustan Aeronautics Limited (HAL) and private sector Mahindra Defence Systems to locally manufacture the combat jet F/A-18E/F Super Hornet as reported by U.S. company said on Thursday. India had last week issued a request for information for 110 combat jets for the air force, giving a push to the first step towards the long-delayed deal that could be worth more than $ 12-15 billion. HAL-Boeing-Mahindra Partnership Highlights 1. The deal will come into force under the Make India Program Initiative supported by the Prime Minister of India for reinforcing state-of-the-art production facility in t...

5May By Lavina TolaniNo Comments

Automobile, BUSINESS

Hero Cycles Launches 75 New Bike Range For UK Market

Indian owned Hero Cycles which is also world's largest bike manufacturer has launched a keenly anticipated maiden range of bikes on Thursday, May 3 catering to the UK and European market under the new 'Insync' brand in Manchester. The Insync range of 75 new bikes will mark the first product to be launched by Hero's new design team that is currently operating from the £2 million Hero Cycles Global Design Centre (HGD) in Manchester. The HGD had come to inception on January 2017, following Hero's investment in the Manchester-based distribution house Avocet Sports Limited. The Ludhiana-headquartered operation is leveraging its UK base as a springboard into mainland Europe integrating cycling into major projects involving traffic management, smart cities and carbon emission reduction. ...

Reliance Retail achieve $10 Billion Sales Mark

30Apr By Lavina TolaniNo Comments

BUSINESS

Reliance Retail achieve $10 Billion Sales Mark

Mukesh Ambani's Reliance Retail has become the first retailer in India to cross the $10 billion sales mark after doubling its revenue during the year that ended in March. The firm's previous year's revenue currently stands at ₹69,198 crore, which is the combined total of revenue from rival firms like Avenue Supermarket, Future Group, Tata Trent and Shoppers Stop. However, since Reliance also deals in fuel retailing business, its number cannot be directly compared with contenders that run food and grocery supermarkets and lifestyle department stores. Mukesh Ambani, Chairman of Reliance Industries said while interacting with the media, We have established strong foundations in retailing and digital services business with world-class supply chain management and network inf...

28Apr By Sheldan RungasamyNo Comments

BUSINESS

Reliance Registers Positive Revenues Across Several Business Streams

Reliance Industries released filings showing that it registered an all time high net profit for the fourth quarter, amounting to Rs 9,435 crores, thanks to advantageous outcomes in the refining and petrochemical business. The firm, which revealed its fourth quarter and fiscal year accounts, showed a 17.3% increase in profit compared to last year’s figure amounting to Rs 8,046 crores. The hike is primarily attributed to an increase in the start-up of petrochemicals projects and new understandings about refining and petrochemical products. Additional hikes were reported in the filings, such as a 21.8% increase in revenue to Rs 90,894 crore, exports increasing by 32.5% to Rs 51.295 crore in the fourth quarter, ending the fiscal year on March 31, 2018. Moreover, Network 18 Media and I...

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

27Apr By Sheldan RungasamyNo Comments

BUSINESS

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

Patanjali, India's fast moving consumer goods (FMCG) company founded by Baba Ramdev denied reports suggesting that it placed a bid to acquire debt-ridden edible oil maker Ruchi Soya Industries for Rs 9,000 crore. A spokesperson for the company SK Tijarawala wrote in a tweet, “The news of applying a bid of 9,000 crore rupees by Patanjali is wrong. We are evaluating. We understand the value of money of the common people of this country.” However, SK Tijarawala did not deny Patanjali’s interest in acquiring the firm, but for a lesser price. “After examining the company’s vitals and balance sheet, the value of the deal should be at most between Rs 1,800-2,000 crore,” he said. He also describes the acquisition as synergistic with Patanjali’s values since it was “swadeshi. Vital resource...

Foodpanda Strengthens Payment Portfolio With PhonePe Deal

25Apr By Sheldan RungasamyNo Comments

BUSINESS

Foodpanda Strengthens Payment Portfolio With PhonePe Deal

Foodpanda, the food delivery app announced on Tuesday that it will begin a partnership with PhonePe to provide digital payments to every users on their platform. Moreover, Foodpanda users will benefit from a cashback of 50% up to Rs 100 on their first order as a first offer from PhonePe. This partnership will now enable consumers to benefit from several methods of mobile payment such as PhonePe Wallet, UPI (Unified Payment Interface), Credit and Debit cards which can now be used to pay for food orders on the app. “The partnership with PhonePe is in sync with the country’s swift movement towards digital payments considering they are less time consuming, secured and reliable. Like this, we intend to enter several other partnerships in the future to create a robust food tech ecosystem f...

Mahindra Electric Collaborated With Cab Aggregator for E-vehicle Service

23Apr By PriyankaNo Comments

BUSINESS

Mahindra Electric Collaborated With Cab Aggregator for E-vehicle Service

Mahindra Group and online taxi aggregator company Meru cabs announced a collaboration for a pilot Electric Vehicle project in India. As per the press release by the Mahindra Group, the pilot project will see Meru deploy a fleet of eVeritos, the all-electric sedan by Mahindra and the model will be replicated in other cities soon. Mahindra Electric CEO, Mahesh Babu said, "As pioneers of electric mobility, we at Mahindra Electric are happy to lead electric fleet adoption in India and are glad to partner with Meru for pilot deployment of eVeritos in Hyderabad." "This is definitely going to make it easier for the city to adopt EV technology and will also be in line with our constant endeavor to make EVs more accessible to a larger urban population. We are now looking forward to working...

Reliance Debuts in Railway, Bags Contract Worth Rs 774 Crore

19Apr By Lavina TolaniNo Comments

BUSINESS

Reliance Debuts in Railway, Bags Contract Worth Rs 774 Crore

Reliance Infrastructure Limited EPC has successfully bagged the Letter of Award (LOA) from Rail Vikas Nigam Limited (RVNL) for its new railway project worth 774 crores. The project is aimed at the construction of third rail line between Jimidipeta and Gotlam on East Coast Railway on Engineering, Procurement and Construction (EPC) basis, revealed the company on Thursday. It will also undertake construction of 13 railway stations and staff quarters while including work in track, electrification, civil, telecom and building the rail line that will run in Andhra Pradesh and Odisha. Arun Gupta, CEO, Reliance Infrastructure EPC, said, RInfra shares a good credential in the successful execution of complex EPC projects, especially in railway and metro arena. This order will mark our debut i...

Patanjali Ayurved Earning Reach $2 Million via Online Sales

19Apr By NitishNo Comments

BUSINESS

Patanjali Ayurved Earning Reach $2 Million via Online Sales

Baba Ramdev led Indian FMCG company Patanjali Ayurved registered an online sales of up to Rs 15 crore every month and expect it to grow further every month. "Our online business is between Rs 10 to 15 crore per month, and expecting to increase it further every month. Our online business is doing good despite the fact that we are not offering any discounted sales to the consumers" said CEO of Patanjali, Acharya Balakrishna. According to Balakrishna, who was speaking at an event, "the company would continue to invest in the food processing and connect with more farmers. This would also create more employment opportunities." For current fiscal, Balakrishna said, "We have done better than the last year (FY 2018) and expected, even more, this fiscal. We have tried to improve our internal s...