Minda Industries, one of the world’s biggest auto-parts makers, said it will acquire German autoparts maker Delivis Group for 21 mln euros (Rs 163 cr). Minda, which supplies parts to almost all major automakers in India including Maruti Suzuki, said the acquisition is designed to “maintain technology leadership in lighting products market in India”. Delvis […]
Amazon, the US-based online retailer, released a bunch of numbers on the final day of its five-day festival sale to paint a surprisingly rosy picture of its performance during the biggest sales event of the annual online calendar. Notable among the numbers was a 15-fold jump in the sales of smartphones during the sale period, […]
US Secretary of Commerce Wilbur Ross today said that e-commerce giant Amazon, one of the biggest foreign investors in India, had scaled down its plans for investments in this country after the government came up with new, protectionist and restrictive ecommerce rules. In what was seen as a nasty blow to the likes of Walmart […]
Telecomms provider Bharti Airtel today said that it has been chosen as the strategic Network Solution Partner by Faridabad Smart City Limited (FSCL) to help set up a high-capacity network in Delhi’s satellite town of Faridabad. Airtel, which has its global headquarters not far from Faridabad, will provide “a range of connectivity solutions to build […]
Pharmaceuticals maker Lupin has appointed a new head of quality for the company, as it strives to remain compliant with international safety and manufacturing norms throughout its vast manufacturing base across the world. Johnny Mikell, the new global head of quality, comes from a similar role at Canada-based pharmaceutical manufacturer Apotex, and has 35 years […]
With the final battle over TV channel pricing drawing close, Mukesh Ambani-led Reliance Jio has decided to side with cable operators and consumer organizations, instead of going with broadcasters and channel owners, despite the Reliance Group’s stake in TV18 Broadcast. The final battle over TV channel pricing is all set to play out at India’s […]
Reliance Jio has upped the ante in its fight for domination of the Indian telecom market, reducing the price of its cheapest ‘semi-smartphone’ to just Rs 699 for the current Diwali season. Unlike its earlier offer of Rs 500 for the JioPhone, the Diwali offer comes without the need to exchange any old phone. Moreover, […]
Mahindra & Mahindra, one of India’s biggest home-grown automakers, reported continued pain in its passenger vehicle department, but sales decline a its commercial vehicle and tractor divisions seemed to show signs of moderation in September. Domestic sales of passenger vehicles were down 33% in September, doing worse than August, when they had declined 32%. The […]
Subramanian Swamy is often accused of propagating outlandish ideas and suggestions, but at least on the issue of addressing a slowdown in India’s GDP growth, he seems to be closer to the truth than India’s ruling establishment. Both Sitharaman and Swamy are united in recognizing the need for a ‘stimulus’ to nudge the economy from […]
Naveen Jindal, chairman of Jindal Steel & Power Ltd, one of India’s biggest steelmakers, today said the country is going through an economic slowdown, but assured investors that his company would continue to improve profits and reduce debt. Like its peers in the infrastructure and construction businesses, JSPL has very high levels of debt. During […]
NTPC Ltd, formerly known as National Thermal Power Corporation, took another step in its journey towards reducing its dependence on coal-fired plants by signing an agreement to develop two hydropower stations with a combined capacity of 520 MW. The two projects, for which NTPC has signed agreements with the Himachal Pradesh government, can be classified […]
Sterlite Technologies Ltd said it has acquired UK-based Impact Data Solutions Group at an enterprise value of around 12 million British pounds (Rs 105 cr). Enterprise value includes non-cash costs assumed by the company, including the takeover of any debt that the target company has. The exact cash payout was not revealed, nor was the […]
The size of apartments on sale in India are shrinking like never before, mostly due to a new affordable housing subsidy scheme announced by the government in early 2017. Under this credit subvention scheme, the government will today pay up to Rs 3.5 lakhs to banks on behalf of anyone who takes a home loan […]
Directors of diagnostic chain Thyrocare today said no to founder and chairman Arokiaswamy Velumani’s offer to buy out its latest venture aimed at democratising access to cancer diagnostic services. At present, cancer screening and diagnostic services are extremely expensive, and Velumani — the son of a landless farmer — has been working for some time […]
Thomas Cook India today clarified that the financial troubles of its former, UK-based parent, Thomas Cook Group Plc, will have zero impact on the Indian company as the former parent has sold off its entire stake in the Indian unit seven years ago. Thomas Cook Group, founded in 1841 in Britain, sold its 77% stake […]
Kerala government has issued a request for proposals from artificial intelligence companies to develop a real-time mass surveillance and facial identification system to be deployed across the state. The surveillance cameras will be connected to powerful computers, and any person whose name has been entered into the system will be detected the minute he or […]
The country’s top decision-makers in education have blamed the poor show of Indian universities on the global rankings on a lack of “cultural diversity” on campuses, and called for the presence of more foreign researchers and academics at Indian institutions. Inviting more foreign students and researchers to Indian campuses is the only way Indian universities […]
Even as Vodafone Idea announce big initiatives to expand their network and increase 4G speeds, new data released by telecom regulator TRAI shows that the telco has been left far, far behind by rivals Bharti Airtel and Reliance Jio in 4G expansion over the last one year. While both Bharti Airtel and Vodafone Idea started […]
United Bank of India said its board of directors has approved in principle a plan to raise ‘up to Rs 3,000’ cr via a preferential sales of shares ahead of its merger with two other banks. A preferential sale of shares, as distinct from a private placement, is a quicker form of selling shares to […]
Reliance Jio’s Fiber broadband’s trial customers in five cities in Kerala will be moved to the newly announced commercial plans by month-end, according to a company official, followed by an expansion of activities beyond these five locations. At present, Jio Fiber has around 5,000 customers in five cities — Trivandrum, Kochi, Calicut, Thrissur and Kannur. […]
