India’s FIU Registers PayPal Under Anti-Money Laundering Law
PayPal, the American online payments gateway service provider, has finally registered its operations with the Financial Intelligence Unit of India (FIU-IND), in compliance with the Prevention of Money Laundering Act (PMLA) and the Reserve Bank of India’s (RBI) recent regulatory framework governing cross-border payment aggregators (PA-CB) . This comes after a protracted legal battle between […]
Tech Mahindra 100% Acquisition of Orchid Cybertech for $3.27M
Tech Mahindra, one of the leading IT services companies in India, has announced that it has acquired 100% stake in Orchid Cybertech Services Inc (OCSI), a Philippines-based customer experience firm, for USD 3.27 million (over Rs 27 crore) in an all-cash deal. The acquisition will strengthen Tech Mahindra’s relationship with TPG Telecom, a major Australian […]
Mitsubishi Acquires 30% of TVS Mobility’s New Entity
Mitsubishi Corporation, the Japanese conglomerate, has entered into a strategic partnership with TVS Mobility, one of India’s leading automobile dealerships, to acquire 30% stake in its new entity, TVS Vehicle Mobility Solution Ltd (TVS VMS). The deal was announced on February 19, 2024, and is expected to close by March 31, 2024. TVS VMS is […]
Sony Joins Prime Video to Launch Stream in India
Sony Pictures Entertainment has partnered with Prime Video India to launch a new OTT service called Sony Pictures – Stream. The service will offer international movies, popular TV shows, and content from SonyLIV and Crunchyroll India on Prime Video Channels. The service is available at an introductory price of Rs 399 per year. Sony Pictures […]
Mehul Choksi’s Gitanjali Gems liquidation: NCLT
The National Company Law Tribunal (NCLT) has ordered the liquidation of Gitanjali Gems, a jewellery retailer promoted by absconding diamantaire Mehul Choksi, under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The order was pronounced on February 7, 2024, by a division bench consisting of Judicial Member Kuldip Kumar Kareer and Technical […]
Xiaomi Premium Journey Will Persist: Muralikrishnan B
Xiaomi, the Chinese tech giant, has been a dominant player in the Indian smartphone market for many years. However, in recent times, the company has faced stiff competition from rivals like Samsung, Vivo and OnePlus, especially in the mid-range and premium segments. To regain its lost market share and customer preference, Xiaomi has embarked on […]
Paytm and Axis Bank to UPI Third-Party Route
Paytm and Axis Bank Partnership Paytm, India’s leading digital payments platform, and Axis Bank, one of the largest private sector banks in the country, are set to apply this week for the third-party application provider (TPAP) route for Unified Payments Interface (UPI), according to a report by Moneycontrol. The joint application will be submitted to […]
Rubber Import Duty Remains Unchanged, Confirms Official
The government has confirmed that the import duty on rubber will remain unchanged at 10%, despite the requests of the domestic rubber industry to increase it to 25%. The industry had sought a higher duty to protect itself from cheap imports, especially from China and Vietnam, which have been flooding the Indian market. Reasons for […]
Tata Group Market Cap Surpasses Pakistan’s GDP at $365B
The Tata Group, India’s largest and most diversified conglomerate, has achieved a remarkable feat of surpassing the gross domestic product (GDP) of Pakistan in terms of its market capitalisation. According to various reports , the aggregate market value of the Tata Group enterprises is around $365 billion or over Rs 30 lakh crore, which is […]
Adani Group in Rs 21k Cr Funding Talks with Sovereign Funds
The Adani Group, one of India’s largest conglomerates, is in advanced talks with sovereign funds based in West Asia to raise over Rs 21,000 crore ($2.6 billion) for its airport expansion and green hydrogen projects, according to a report by Business Standard. Airport expansion of Adani Group The Adani Group, which acquired six airports in […]