Vikas Lifecare Secures 60% Stake in Dubai Firm
Vikas Lifecare Ltd (VLL), an Indian company that recycles plastic waste into industrial products, has announced that it will acquire 60% stake in SKY 2.0 Club, the largest nightclub in the Middle East and Asia, for USD 79 million (around Rs 650 crore). The deal is expected to be completed in the current financial year. […]
Sony and Zee Entertainment: Merger Plans Cancelled
Sony-Zee merger deal terminated: What went wrong? The proposed $10 billion merger between Sony Group Corp’s India unit and Zee Entertainment Enterprises Ltd has been officially called off by Sony, citing unmet conditions and a leadership dispute. The deal, which was announced in December 2021, aimed to create India’s largest entertainment company, with the financial […]
GQG Boosts Its Stake in Adani Stocks During December Quarter
GQG Partners, a U.S.-based investment firm, has increased its stake in seven Adani Group companies in the December quarter, according to stock exchange data. The firm, led by Rajiv Jain, is betting on the execution ability of the Adani Group in its core infrastructure sector. Adani Ports and Special Economic Zone (APSEZ) GQG Partners hiked […]
Tata Group’s Record IPL Sponsorship: Rs 2,500 Crore Till 2028
The Tata Group has secured the title sponsorship rights for the Indian Premier League (IPL) for five years, from 2024 to 2028, paying a record-breaking amount of Rs 2,500 crore (US$301 million approximately). This is the highest-ever sponsorship value in the history of the league, which has become one of the most popular and lucrative […]
Jio Financial Services Launches Laptop, Phone, Airfiber Rentals
Jio Financial Services, a subsidiary of Reliance Industries, has launched a new service that allows businesses to rent laptops, phones, airfiber and other tech devices. The service, called Device as a Service (DaaS), is a corporate financing model that aims to improve cash flow and IT fleet management for companies. What is DaaS? DaaS is […]
ZestMoney Acquired by DMI Group in Strategic Move
In a surprising turn of events, the DMI Group, a pan-India financial services platform, announced the acquisition of ZestMoney, a leading buy now pay later (BNPL) startup, on January 17, 2024. The deal is said to be a fire sale, as ZestMoney had shut down its operations in December 2023 due to funding crunch and […]
Amazon Receives CCPA Notice for ‘Shri Ram Mandir’ Sweets Sale
Amazon, the e-commerce giant, has been issued a notice by the Central Consumer Protection Authority (CCPA) for allegedly engaging in deceptive trade practices by selling sweets with misleading claims of ‘Sri Ram Mandir Ayodhya Prasad’. The action was initiated based on a complaint by the Confederation of All India Traders (CAIT), who accused Amazon of […]
Akasa Air to Initiate Flights from Noida International Airport
Akasa Air, the new low-cost airline backed by billionaire investor Rakesh Jhunjhunwala, has announced its plan to start flights from the upcoming Noida International Airport (NIA), also known as Jewar Airport, in Uttar Pradesh. The airline has signed a memorandum of understanding (MoU) with NIA on Friday, becoming the second carrier to partner with the […]
Up to 2,800 Jobs at Risk as Tata Steel Plans to Shut Down UK Blast Furnaces
Tata Steel, the India-owned steel giant, announced on Friday that it will close its two blast furnaces in Britain by the end of this year, putting up to 2,800 jobs at risk at its Port Talbot steelworks in Wales. The company said the decision was part of its plan to turn around its loss-making UK […]
Matix Fertilizers Faces Rs 100cr Claim from GEECL Amid GSPA Controversy
Introduction Matix Fertilizers & Chemicals Limited, a company that operates West Bengal’s only large integrated fertilizer plant at Panagarh near Durgapur, is facing a legal dispute with Great Eastern Energy Corporation Limited (GEECL), a natural gas producer. GEECL has claimed more than Rs 100 crore from Matix for allegedly not honouring the terms of the […]