 Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd. Bamnipal Steel would invest in the debt-ridden company and acquire control on the closing date. As per the terms of approved Resolution Plan, Bamnipal Steel Limited (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e. at Rs 2 per share, for an aggregate amount of Rs 158.89 crore. |
| Source- The Moneycontrol |
 The government has approved the merger of the local unit of Norway’s Telenor with Bharti Airtel, clearing the last hurdle for the deal to go through. The Department of Telecom (DoT) had transferred all licences and liabilities of Telenor India to Bharti Airtel. Airtel will begin integrating Telenor India’s operations across seven circles- Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. |
| Source- The Hindu |
 FIH Mobile, the investment subsidiary of Foxconn Technology Group, the world’s largest contract manufacturing giant, has written off an additional $40 million of its $200 million bet on Gurgaon-based online marketplace Snapdeal. The latest write-down comes about nine months after the Hong Kong-listed unit of the Apple iPhone manufacturer announced that it had undertaken an impairment loss of $160 million. In its 2017 annual report, FIH Mobile has stated the company had come to the view that its entire $200 million investment in Jasper Infotech, first announced in September 2015, cannot be recovered. |
| Source- The Economic Times |
 Chinese e-commerce giant Alibaba had purchased leading Pakistani online retailer 'Daraz', continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market. China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative, a strategy to increase trade links that are led primarily by infrastructure projects. Daraz, founded in 2012, was purchased from Rocket Internet, a Berlin-based incubator of online startups. |
| Source- The Economic Times |
 US-based retail giant Walmart has confirmed that it will buy 77% stake in India's largest e-commerce startup Flipkart for $16 billion. Walmart bought the stake in Flipkart for 16 billion dollars The acquisition, which is the largest e-commerce deal in the world, will value the homegrown startup at a reported amount of $20.8 billion. |
| Source- The Livemint |
 IT firm Cognizant has acquired privately-held Belgium based Hedera Consulting, a move that will strengthen the former’s consulting and digital transformation capabilities for clients in Belgium and the Netherlands. The size of the deal was however not disclosed. Founded in 2009, Hedera specialises in business advisory and data analytics services across sectors, helping clients in areas like growth strategy, innovation, marketing, sales and customer service. |
| Source- The Livemint |
 Tata Consultancy Services has created the history as the market capitalisation of the company has hit the 100 billion dollar mark, making it the first Indian IT company to achieve the mark. TCS shares rose by 2% to Rs. 3476.75, pushing the market capitalisation of India's biggest outsourcer to Rs. 6,64,918 crore. Shares of TCS had surged by nearly 7% recently, making investors richer by over Rs. 40,000 crore in a day. TCS joined the ranks of the world’s 100 most valued organizations and now ranks 97th. The last Indian name to cross that threshold in 2007 was Reliance Industries Ltd. |
| Source- NDTV |
 Digital payments company PayPal and the Federation of Indian Export Organisations (FIEO) signed an agreement for promotion of outbound shipments among small and medium enterprises (SMEs) leveraging the partners' expertise and technology products. As part of the agreement, PayPal will work with FIEO to educate SMEs on how to leverage global opportunities, help them receive money in a safe and timely manner with PayPal products. FIEO contributes to more than 70% of India's exports. |
| Source- The Times of India |
 Homegrown e-commerce giant Flipkart has forged a strategic partnership with online travel company MakeMyTrip to offer travel services on its platform. Additionally, the services of MakeMyTrip's other brands, Goibibo and redBus, will be available to Flipkart consumers as part of the deal. |
| Source- The Indian Express |
 Ride-hailer Ola has acquired Mumbai-based Ridlr, an end-to-end public transport ticketing and commuting app. The acquisition will complement Ola’s efforts to integrate its mobility platform with public transportation infrastructure. Founded in 2012, Ridlr enables users to search and book public transport options on their mobile phones. |
| Source- The Hindu |
You need to login to perform this action.
You will be redirected in
3 sec
