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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...

Avendus Capital’s Second Hedge Fund Crosses Rs 1,000 crore

18Apr By Lavina TolaniNo Comments

BUSINESS

Avendus Capital’s Second Hedge Fund Crosses Rs 1,000 crore

The second hedge fund launched by Mumbai based private equity firm, Avendus Capital titled Avendus Enhanced Return Fund (AERF) has crossed Rs. 1000 crore in assets under management within last four months of its launch as reported by the financial service group on Tuesday. AERF is an alternative investment fund that belongs to close-ended category III. "The fund will invest approximately 70% of the proceeds in the long-only portfolio, and 30% in the long/short portfolio", the statement said Andrew Holland and Vaibhav Sanghavi who are already managing Avendus Absolute Return fund will be managing AERF too. Andrew Holland, CEO at Avendus Capital Public Market Alternate Strategies said, Investors have been looking for investment opportunities that can make them participate in the me...

IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025

17Apr By PriyankaNo Comments

BUSINESS

IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025

Swedish home furnishings chain IKEA today said it has signed a memorandum of understanding (MoU) with the Gujarat government to set up its stores in the state with an expected investment of up to Rs 3,000 crore in the long term. IKEA, which received government approval in 2013 for its Rs 10,500-crore proposal to open retail stores under 100 percent FDI, has earlier signed MoUs with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail stores. The company plans to open 25 stores by 2025 in nine Indian cities. The MoU with Gujarat government stands for a mutual commitment from both parties and intends to provide clarity on working methods and ensure a legally and ethically compliant, corruption-free business environment, IKEA said in a statement. "Gujarat is...

Reliance and JM Financial’s Joint Bid Rejected For Alok Industries

16Apr By Lavina TolaniNo Comments

BUSINESS

Reliance and JM Financial’s Joint Bid Rejected For Alok Industries

Reliance Industries has reported that its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the committee of creditors (CoC). JM Financial had bid jointly with Reliance Industries to acquire mega textile producer Alok Industries. As per the guidelines of Insolvency and Bankruptcy Code, a failure in approval of the resolution plan within the prescribed timeline can make the assets go into liquidation. A RIL spokesperson in a regulatory filing to the exchanges said, We have been lately informed that our plans have not aligned favorably with Committee of Creditors as required under the Insolvency and Bankruptcy Code. Alok Industries had earlier reported that Corporate Insolvency Resoluti...

Blackstone Looking to Invest 60% of its Fund in India

16Apr By Lavina TolaniNo Comments

BUSINESS

Blackstone Looking to Invest 60% of its Fund in India

Investment opportunities in India have been growing at a rapid rate over past few years. This has led to major firms setting India at the heart of their investment strategy. As per the information obtained from sources, Blackstone Group is set to invest 60% of its maiden Asia focused fund into the Indian economy. "Blackstone plans on deploying $4 billion in Asia over next 5 years", said a person involved in the matter, requesting anonymity. About 40% of the deal fund for every deal done in Asia will be contributed by Blackstone equity fund, while the new Asia fund-BCP Asia will invest the remaining 60%. Anuj Kapoor, MD at USB India said, Until now, the focus of private equity interest in Asia was strongly inclined towards China, especially catering to scale of opportunity and rel...

Titan Sets 50000 Crore Gross Revenue Target

14Apr By Sheldan RungasamyNo Comments

BUSINESS

Titan Sets 50000 Crore Gross Revenue Target

Titan, Tata Group’s daughter company announced that it is targeting a gross revenue of Rs 50,000 crore by FY 22-23 and is forecasting its jewelry business to keep driving the sales of the company. “Titan now aspires to touch 50 million customers across all its businesses and achieve the UCP (Uniform Consumer Price) revenue of Rs 50,000 crore by 2022-23,” Titan Company Ltd released in a BSE filing. Therefore, the jewelry business will remain the major driver of revenues of the company. The target revenue is Rs 40,000 crore that will allow Titan to own about 10% of the jewelry market share. UCP is a synonym for Maximum Retail Price (MRP) of the products for sale. UCP revenues refer to the sum total of the MRP from all the items sold by the firm and includes discounts, channel and fr...

India to give 50% stake to Saudi Aramco in Mega Refinery

12Apr By Lavina TolaniNo Comments

BUSINESS

India to give 50% stake to Saudi Aramco in Mega Refinery

Saudi Aramco, an alliance of India state refineries has agreed to build a mega refinery based petrochemical project on India's west coast for an estimated $44 billion, as per the sources involved in the oil deal. The move will grant 50 percent stake to Saudi Aramco, in a planned 1.2 billion barrel per day amount granting the oil kingdom a new outlet for its oil. Khalid al-Falih, Saudi oil minister is expected to visit Delhi for International Energy Forum post which the preliminary agreement on the deal will be announced by Wednesday. We see India as a priority for investments and for our crude supplies,” Saudi Arabia Energy Minister Khalid al-Falih said. "We see India as a priority for investment as well as crude oil.We are very much interested in retail and want to be consumer...

3Apr By Sheldan RungasamyNo Comments

BUSINESS

Keventers Steps in The Goa Market

Keventers, the 2 century old dairy brand announced it would expand into the energetic and exciting Goa market, with the first shop opening at MG Road, Panjim and a second in Titos Lane in Baga. Coming 2019, Goa will become the fifth city with the most of Keventers outlets coming short only to Delhi, Mumbai, Bengaluru and Hyderabad. Keventers are optimistically looking to grab a huge portion of the market in Goa and are predicting an overall growth rate of 100% over the next year. The foray in Goa is fueled by revenue forecasts believed to stand at around Rs 25 crores annually. “We at Keventers are really excited to bring India’s favorite milkshake to Goa and are extremely optimistic about the response. Goa has a unique confluence of heritage, culture and coolness which is definiti...

Hero Motocorp Sold 75 Lakh Motorcycles and Scooters in 2017-18

1Apr By NitishNo Comments

BUSINESS

Hero Motocorp Sold 75 Lakh Motorcycles and Scooters in 2017-18

India's largest two-wheeler company Hero MotoCorp has crossed the 75 lakh units sales mark in 2017-18 fiscal year. The automobile company has sold 66.6 lakh bikes and scooters in 2016-17, becoming the first company to achieve such milestone globally. As per the press release, the automobile maker is now targeting 1 crore unit sales by the year 2020. On March 28, three days ahead of the close of the current financial year 2017-18, the company has surpassed 75 lakh unit sales mark. In order to achieve sales targets, the company has lined up a slew of new launches in the next fiscal to consolidate its market leadership. The company continues to hold more than 50 percent market share in the motorcycle segment. "We plan to launch four new products in the financial year 2018-19 in th...

This is How You Can Advertise Your Platform in IPL 2018 Using Hotstar Adserve

31Mar By Lavina TolaniNo Comments

BUSINESS

This is How You Can Advertise Your Platform in IPL 2018 Using Hotstar Adserve

While Indian Premier League is just around the corner, video streaming service of Star India, Hotstar has launched a self-service ad tool called Hotstar Adserve. This is simply one lucrative opportunity for small-sized advertisers to showcase their advertisements on a well-known platform that attracts massive viewership globally. Star India is the proud digital and television rights holders of the IPL globally after signing a 5-year contract last year for a colossal Rs 6,247.5 crore bid. The cricket tournament is scheduled to begin on 7th April and will be broadcast in six languages, namely Tamil, Telegu, Kannada, Bengali, Hindi, and English. This diversity of languages is an initiative from Hotstar to reach over 700 Mn viewers across digital and television platform during this year’s 6...

27Mar By Sheldan RungasamyNo Comments

BUSINESS

JSW to Invest $500 Mn in Texas Plant

JSW Group announced an additional investment not exceeding $500 million on its steel pipes and plates factory in Texas, which will allow them to make full use of the 1 million ton installed facility they acquired in 2007 instead of obtaining raw steel from Latin America and India. The group acquired the facility from then bankrupt company Baytown steel asset for the sum of $810 million. Since then they have only been using approximately 30 per cent of the facility. Since acquiring the location, JSW invested almost $220 million in working capital and suffered a loss of $170 million, contributing to a total exposure to the facility to $1.2 billion, according to a statement released by JSW Group chairman Sajjan Jindal. He also added that the facility has helped the company turn cash pro...