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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...

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

15Feb By NitishNo Comments

ACQUISITION

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

Gujarat based India's first listed e-commerce company Infibeam acquired 7.5% stake in CC Avenue by investing Rs 150 crore. The e-commerce company has already owns a 3.85% stake in CC Avenue through subsidiary NSI Infinium Global. The recent acquisition will merge CC Avenue with Infibeam online payment gateway at about Rs 2,000 crore. On Monday, Infibeam posted third-quarter net profit to Rs 12.8 crore from Rs 50 lakh a year earlier. Revenue rose 14% to Rs 102.7 crore. “Integration of the payment platform with logistic and warehousing, ad and domain registry along with its data centre and data analytics, the value-added services provided by Infibeam would make a full circle in providing all services under one roof,“ said Vishal Mehta, the managing director of Infibeam. “CC Avenue s...

Vibrant Gujarat Startup Summit To Be Held In October

8Jul By RishabhNo Comments

News

Vibrant Gujarat Startup Summit To Be Held In October

Gujarat government would be organising Vibrant Gujarat Start-Up Summit, a first of its kind event dedicated to the start-ups, on October 21 and 22 at Mahatma Mandir in Gandhinagar here, a senior official said. It would be in the run-up to the Vibrant Gujarat Global Summit to be held in January next year, said Additional Chief Secretary, Industries and Mines, Arvind Agarwal. "To focus more on this sector, we have decided to organise a special summit for start-ups. This summit is for everyone who is interested in learning how to build and grow a business from ground up," said Agarwal at a press conference. It would be organised in association with FICCI and Entrepreneurship Development Institute of India (EDI). The event will see participation of more than 3,500 delegates from across I...

30Mar By AnkitaNo Comments

INDIA

Gujarat, Maharashtra Together Contribute 46 Percent To India’s Exports: Report

According to an ASSOCHAM study on 'Export Performance of States', the analyzed data between 2007-08 and 2014-15 reports that Gujarat and Maharashtra account for more than 46 percent of the merchandise consignments from the country and with the addition of three next best performing sources of shipments, the top five states claim over 69 per cent of India's entire export earnings. While Gujarat and Maharashtra have been vying for the top spot, the latter became the best performing states shipping goods worth USD 72.83 billion in 2014-15. Gujarat had export shipments of USD 59.58 billion in the same period while Tamil Nadu emerged as the third largest sourcing state with USD 27.47 billion of the consignments, noted the study prepared by ASSOCHAM Economic Research Bureau. Though Gujarat...