Category Archives: Economy

Samara-Amazon bags Aditya Birla’s retail chain for Rs.42 billion

Aditya Birla Retail (ABRL) signed a deal with home-grown private equity fund Samara Capital and global e-commerce giant Amazon. Reportedly, the deal is cracked for a sum of Rs.42 billio, though, the exact amount is not disclosed by the officials yet. Almost 11 years after setting up the food and grocery retail business, the Birlas […]

PNB Scam: India’s largest law firm under CBI scanner

The Central Bureau of Investigation is looking into India’s largest law firm after they seized documents related to the Punjab National Bank scam at their office in Mumbai, Reuters reported on Wednesday. India’s largest law firm, Cyril Amarchand Mangaldas or CAM, is being scrutinised by probe agencies after they seized documents related to the Rs. 13,000 crore fraud at […]

Government’s mega plan to merge BoB, Dena Bank, and Vijaya Bank

The government has come up with the decision to merge Bank of Baroda, Dena Bank, and Vijaya Bank with an aim to reduce costs and provide customer services effectively. The decision was taken at the ministerial panel meeting headed by Finance Minister Arun Jaitley which oversees merger proposals of state-owned banks. Railway Minister Piyush Goyal […]

Infosys to buy Finland’s firm Fluido for $76 Million

India’s second largest software services exporter Infosys Ltd. has agreed to acquire Finland’s company Fluido for $76 million to strengthen its enterprise cloud capabilities and presence in Europe. Infosys officials confirmed the deal on Friday and in a statement said the deal value includes earn-out, management incentives, and bonuses. “The acquisition is expected to close […]

India needs to be vigilant regarding Rupee weakness

The country needs to be extremely vigilant to check weakness in the rupee, and the task was to minimise volatility and avoid contagion to other macro policies, an official of the prime minister’s economic advisory panel said on Friday. Prime Minister Narendra Modi is set to meet officials on Saturday to decide ways to address […]

Amazon’s Jeff Bezos launches $2 billion philanthropic fund

Chief Executive Officer at Amazon, Jeff Bezos launched a new philanthropic initiative on Thursday with an initial commitment of $2 billion investment to help homeless families and make pre-schools for low-income communities. The fund will be split between Day 1 Families Fund and Day 1 Academies Fund. Bezos also updated the details for the same […]

Google to comply with RBI norms for payment services

Internet giant Google is said to comply with the Reserve Bank of India (RBI) for payment services to host customer data locally, according to the top officials in the Ministry of Electronics and Information Technology. The official, who was present at a meeting between Union Minister for Electronics and IT, Ravi Shankar Prasad, and Google […]

NCLAT Verdict: SBI halts to sell Essar steel loans

Largest public sector Lender State Bank of India on Friday withdrawn the process of selling debt of Essar Steel NSE 0.00% to asset reconstruction companies (ARCs) after NCLAT’s verdict asking the lenders of the debt-ridden firm to consider the second round bid of Numetal and mining baron Anil Agarwal-led Vedanta. The National Company Law Appellate […]

Alibaba’s co-founder Jack Ma retires early at 54

Alibaba’s co-founder and Executive Chairman and China’s richest person Jack Ma announced his retirement from the company on Friday evening. Jack Ma gave 20 years of his career to the company and took the company to a top position where it is today. Soon after Ma’s retirement announcement, the shares of the company fell by […]

KKR, Temasek, CPPIB’s eyes at SBI General Insurance 4% stake sell

SBI General Insurance Co. is all set to put its 4% stake on sell and this has drawn interest from three major global private equity investors – KKR, Singapore’s Temasek Holdings Pvt. Ltd., and Canada Pension Plan Investment Board (CPPIB). Reportedly, a source said that all the above firms have expressed their initial interest towards […]