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Uber Infuses $8 Million into India Ops- Distributed Between Mumbai And Delhi
7Jul By RishabhNo Comments
BUSINESS

Uber Infuses $8 Million into India Ops- Distributed Between Mumbai And Delhi

San Francisco-headquartered cab-aggregator Uber infused another amount of Rs 51.64 crore (about $7.9 million) into its Indian arms in May, documents filed with the Ministry of Corporate Affairs show. The money was distributed between Mumbai-based Uber India Systems Pvt. Ltd which received Rs 45.2 crore ($6.9 million) and Delhi-based Uber India Technology Pvt. Ltd got Rs 6.42 crore ($991,000). The funds came from Uber’s Netherlands-based subsidiaries, Uber Holdings International BV & Uber International BV (for Uber India Systems) and Besitz Holding BV & Mieten BV (for Uber India Technology). In its effort to capture markets and acquire customers, Uber has been making losses globally. The company’s 2016 net revenue stood at $6.5 billion while adjusted net losses were $2.8 billi...
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Amazon Pumps in Rs 1,680 Crore More in India Unit
6Jul By Press Trust of IndiaNo Comments
BUSINESS

Amazon Pumps in Rs 1,680 Crore More in India Unit

Global giant Amazon has invested an additional Rs 1,680 crore in its India unit as it looks to further strengthen operations in the booming e-commerce market here. The fresh infusion part of Amazons USD 5 billion commitment to Indian market will also provide more arsenal to the Indian entity that is locked in an intense battle for leadership with local rival, Flipkart. Amazon Seller Services (Amazon India) received the funds last month, as per regulatory filings with the corporate affairs ministry. "We remain committed to our India business with a long- term perspective to make e-commerce a habit for Indian customers and invest in the necessary technology and infrastructure to grow the entire ecosystem," an Amazon India spokesperson said in an e-mailed response. In June...
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Reliance Jio Files 54 Global Patents in FY17
29Jun By Press Trust of IndiaNo Comments
BUSINESS

Reliance Jio Files 54 Global Patents in FY17

New Delhi- Mukesh Ambani-owned Reliance Jio, known for its aggressive data and voice offerings, filed a total 54 global patents during 2016-17. RIL, in its latest annual report, said its telecom venture has been a catalyst in Indias digital ecosystem and that data consumption on Jio network is "higher than the total mobile data consumption in the US, and twice that in China". "Jio envisages to usher in the era of visuality where video will replace voice as the new communication medium...Jio has so far filed 54 global patents," said RILs annual report for 2016-17. Exuding confidence that Jio network is "future ready" and can be upgraded as technologies advance to 5G, 6G and beyond, the report said that the company is working towards expanding its reach to over 95 per cent of popula...
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VIVO Retains IPL Title Sponsorship in Massive Deal
27Jun By Press Trust of IndiaNo Comments
BUSINESS

VIVO Retains IPL Title Sponsorship in Massive Deal

New Delhi, Jun 27 (PTI): Mobile manufacturers VIVO today retained the Indian Premier Leagues title sponsorship for the next five years with a whopping Rs 2,199 crore bid, a mammoth 554 per cent more than the previous contract. "The premium global smartphone manufacturer bid Rs. 2199 crores, which is a 554 per cent increase over the previous contract. In the upcoming five IPL seasons (2018 - 2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns," the BCCI said in a statement. The annual break-up of the deal works out a nearly Rs 440 crore per year. The Board had last month invited bids for the title sponsorship of the cash-rich and glitzy event for the period between August 1, 2017 and July 31, 2022. VIVO had he...
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TATA Group is Looking To Acquire Air India
22Jun By PriyankaNo Comments
BUSINESS

TATA Group is Looking To Acquire Air India

Tata group is believed to be discussing buying a stake in debt-laden Air India amid the government looking at various options, including full or partial privatisation, to revive the national carrier, sources said. When contacted, a Tata group spokesperson said, "We dont comment on speculations." Tata's already have two airline joint ventures Vistara and AirAsia India. Staying afloat on taxpayers money, Air India has been in the red for long and various proposals, including government think-tank Niti Aayog suggestion for complete privatisation, have been made. Sources said Tata group is evaluating options on buying stake in Air India. In this regard, there have been internal meetings as well as meetings with government representatives, sources added. There was no official word f...
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Mahindra Aviation Unit Bags Contract From Airbus
21Jun By Ankita SinghNo Comments
BUSINESS

Mahindra Aviation Unit Bags Contract From Airbus

European aviation major Airbus has awarded a long-term contract to Mahindra Aerostructures to manufacture and supply a set of components made of hard metals. These components aerospace steel, titanium and Inconel - will be used in manufacturing single aisle A320neo and wide-body A350XWB aircraft, a release said here today. This will be the first direct work package from Airbus to Mahindra Aerostructures, which will execute the work together with its sub-tier French firm Segnere SAS, it said. According to the release, the products will be delivered directly to Airbus facilities in Europe from India and France, thereby providing the leading aircraft maker an optimum mix of cost structures and logistics flexibility. Segnere has several years of experience working with hard metals ...
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Flipkart-eBay India Deal Gets Indian Government Nod
16Jun By Ankita SinghNo Comments
BUSINESS

Flipkart-eBay India Deal Gets Indian Government Nod

E-commerce major Flipkarts proposed acquisition of eBay India has received approval from the Competition Commission. Besides, the fair trade regulator has given nod to eBay Singapores subscription of compulsorily convertible preference shares (CCPS) issued by Flipkart. In a tweet, the Competition Commission of India (CCI) said that it has approved "subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart". As per the notice submitted to the regulator, the transaction relates to the acquisition of 100 per cent share capital of eBay India by Bangalore based e-commerce firm Flipkart. The transaction also involves the acquisition of certain compulsorily convertible preference shares of Flipkart by eBay Singapore, as per the notice. Earl...
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Magicbricks Posts 20% Growth in Revenue in 2016-17
13Jun By Press Trust of IndiaNo Comments
BUSINESS

Magicbricks Posts 20% Growth in Revenue in 2016-17

Realty portal Magicbricks today reported 20 per cent growth in revenue during last fiscal at Rs 132.6 crore. It posted 30 per cent growth in revenue during the fourth quarter at Rs 36 crore, Magicbricks said in a statement. "While there has been short-term pressure on the pace of growth post demonetisation, we saw search queries recovering strongly in the fourth quarter of 2016-17, indicating consumer sentiment revival. We beat the slowdown through a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances," Magicbricks CEO Sudhir Pai said. In the ongoing fiscal, the company plans to launch a series of new business lines around commercial real estate, the rental segment, luxury and NRI segments. It will also integrate produc...
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Cisco Open Its First Global Digital Experience Centre in India
10Jun By AdityaNo Comments
BUSINESS

Cisco Open Its First Global Digital Experience Centre in India

American hardware major Cisco today said it is witnessing a jump in demand by Indian banks since the demonetisation move, which made it open its first global digital experience centre here. "Overall we see a significant ramp-up requirements are coming from them, especially since November last year. That is where we have also seen growth," Cisco Indias president Dinesh Malkani told reporters here. He said digital solutions are "top of the mind" even for the state-run lenders, who are wanting solutions on a variety of aspects. The company has nine innovation centres globally at places like San Jose, London, Tokyo and Berlin, but this is a global first where it has launched a dedicated digital experience centre targeted at the banking, insurance and financial services sector. A co...
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