While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
Becoming a unicorn is surely a marker for a company in its growth story, but it's not a major achievement nor is it a turning point of any significant worth.
Capital dumping is being used by foreign e-commerce firms to subsidise and engage in predatory pricing, oil-to-telecom conglomerate Reliance Industries (RIL) has told the Associated Chambers of Commerce and Industry of India (Assocham) in an internal document. The document alleges that this is leading to massive unemployment and financial distress among small merchants and kirana stores. It consists of various recommendations and proposed changes that deal with Press Note 2 of 2018 (PN 2), which RIL wanted Assocham to present to the government, according to sources.
'India is so poor that political parties will not be able to wipe out poverty from our country in another 100 years. I am of the opinion that development can come only through corporates.' 'Tomorrow, if Tata or Birla or Reliance takes up another 500 panchayats, it will boost the Indian economy also.' Sabu M Jacob, managing director of the Kitex group whose NGO Twenty20 has just won a panchayat election in Kerala, speaks to Shobha Warrier/Rediff.com
Global retail behemoths seem to have read the signals right.
Tesco, which has sought the government's permission to buy 50 per cent stake in Tatas-owned Trent Hypermarket Ltd, will have to invest atleast $55 million in creation of fresh back-end infrastructure.
The first quarter of 2018 saw infrastructure and real estate drive investment worth close to $8 billion across 180 deals
This year's list includes 40 influential people under 40 years of age in five categories -- finance, technology, healthcare, government and politics, and media and entertainment.
Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore. PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
'While dairy farmers are suffering from low prices, consumers are paying a high price for milk.'
Cash-&-carry chains claim of the products they sell 85-90% is local.
India's growth presents a win-win partnership for the country and the US, and American companies have a great opportunity to contribute to that, Modi told the CEOs.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
Retail giant Walmart and Bharti have decided to part ways.
American CEOs expected to meet Modi on Sunday include Apple's Tim Cook, Walmart's Doug McMillon, Caterpillar's Jim Umpleby, Google's Sundar Pichai and Microsoft's Satya Nadella.
Stressing the need to clearly define what constitutes the legal lobbying activities by business groups in India, Corporate Affairs Minister Sachin Pilot on Monday said lobbyists should present their views to policymakers in public and not behind the closed doors.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
PhonePe via Bharat Bill Payment System (BBPS) plans to get into a number of new verticals, including fee payments in schools and colleges, payments at hospitals and other services
Billionaire Mukesh Ambani's Reliance Industries has started a limited test use of WhatsApp to connect customers to grocery stores, days after Facebook decided to invest USD 5.7 billion in digital assets controlled by the company. JioMart, an e-commerce venture of Reliance Retail, "has already started interacting with customers on WhatsApp for grocery orders" in Navi Mumbai, Thane and Kalyan, Credit Suisse said in a report.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced to raise Rs 7,350 crore from two investors -- Singapore's sovereign wealth fund GIC and Global alternative asset firm TPG -- by selling a stake in group's retail arm.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
Online biggies and global retail giants are working on being omnipresent in both the virtual and the real world to see what helps them get the numbers, says Karan Choudhury.
What sets 2018 apart from previous years is the magnitude of the shocks that hit our brand ecosystem, says Bharat Bambawale.
From convincing film-makers to do shows for online, to having a slate with some of the best films and shows, Amazon Prime Video has come a long way since it came to India four years ago.
While the government's recent moves may have been necessary in some cases, these would have an adverse impact on the investment cycles of some of these companies. The marquee global names are suddenly finding themselves out of favour as local flavour is gaining currency in the run up to 2019 elections.
Fresher hiring is expected to more than double compared to last year.
The government on Thursday clarified that the multi-brand retail store set up by a global retail entity will have to be 'company owned and company operated' and not operated by any franchisee.
Instead of making the sellers bleed, experts say, e-commerce giants Amazon and Flipkart have roped in banks to offer discounts to buyers.
Patience has kept IKEA, the euro 27-billion Swedish retailer, going despite entry hurdles. So says Juvencio Maeztu, its chief executive officer for India.
India's shift towards US companies for technology investments and partnerships fits well with the present government's 'Atmanirbhar Bharat' and 'Make in India' initiatives, say experts.
A summary of sports events and sports persons, who made news on Tuesday
The deal brings the two start-up stalwarts - Bansal and Ola co-founder and chief executive officer Bhavish Aggarwal - together in the backdrop of growing foreign control in this space.
Bharti Enterprises has had a joint venture with Walmart in the wholesale trade for years in India.
Bansal has picked up a majority stake in Chaitanya Rural Intermediation Development Services, a company which runs microfinance institution Chaitanya India Fin Credit.
Carrefour, the world's largest retailer after Walmart, is learnt to be rationalising its expansion plans in India, prompted by a worsening global economy, particularly in Europe.
E-commerce firms like Amazon, Flipkart, Myntra and others witnessed successful festive season sales this year, Experts say e-commerce adoption in the country is accelerating by multiple years or what it would have looked like in 2025.
Many bureaucrats have in the recent past switched sides to join companies.
Supertech is just one among the many real estate players returning to commercial projects.
Is there more than meets the eye to Kitex Garments, the world's second-largest children's garment producer, abandoning Kerala for Telangana?
Employees can take 'unlimited bereavement leave' in case of loss of a family member. All employees are encouraged to take breaks on a daily basis. This includes a mandatory 1-hour lunch break where no other meetings can be scheduled.
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