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Infosys sets up digital innovation centre in Providence

2019-02-15T14:35:16+00:00February 15th, 2019|Uncategorized|

IT services firm Infosys has set up a digital innovation and design centre in Providence, US, and said it has hired over 100 people in the state of Rhode Island. This hiring is part of its target of creating 500 jobs in the state by 2022, Infosys has said in a statement. In May 2017, Infosys had announced that it will set up four technology and innovation hubs and hire about 10,000 locals in the US over a two-year period. [...]

Greenlam to acquire Swiss company

2019-02-15T08:10:20+00:00February 15th, 2019|Uncategorized|

Decorative laminates maker Greenlam Industries Ltd will acquire Switzerland-based decorative surfaces trader Decolan SA for 1 million Swiss francs ($994,000 or Rs 7 crore) in cash. Greenlam said in a stock-exchange filing the acquisition will help it serve the European market with faster deliveries, better distribution control and service. The company will make the acquisition through Singapore-based wholly owned subsidiary Greenlam Asia Pacific Pte. Ltd. The transaction is expected to be completed by 30 June. Incorporated in 2012, Decolan is [...]

Wistron, Foxconn plan to invest $1bn in India

2019-02-15T08:01:43+00:00February 15th, 2019|Uncategorized|

Global electronics contract manufacturers Wistron and Foxconn plan to invest a combined $1 billion (Rs 7,500 crore) over five years to expand their production facilities in India. Wistron is expected to begin manufacturing iPhone 8 in the country, while Foxconn’s plans are to support higher levels of manufacturing of existing clients such as Xiaomi and Nokia phones. Between the two Taiwanese companies, Wistron has applied to the government to invest $0.7 billion (Rs 5,000 crore) and Foxconn $0.35 billion (Rs [...]

Norway’s NMI, others invest in Svasti Microfinance

2019-02-14T13:50:28+00:00February 14th, 2019|Uncategorized|

Mumbai-based Svasti Microfinance Pvt. Ltd has raised $4.8 million (Rs 34 crore) from a clutch of investors including Nordic Microfinance Initiative (NMI) and Serum Institute of India CEO Adar Poonawalla. Svasti will use the capital to expand its branch network, increase its portfolio of loans to small and medium-sized companies, it said in a statement. The lender will also use the money to provide other financial services such as consumer finance and insurance in partnership with other leading institutions. Arunkumar [...]

Lohia Group acquires Israeli company

2019-02-14T13:30:57+00:00February 14th, 2019|Uncategorized|

Kanpur-based Lohia Group has acquired an Israeli company, Light and strong Ltd, specialising in aerospace and military carbon fibre and glass fibre composite components production, with the aim of becoming a leading supplier for global original equipment manufacturers (OEMs) in the aerospace and defence sector. The Group's director, Anurag Lohia, said that the acquisition would help establish a firm international footprint for the group and in further growing new markets. He added, “We believe this marks the beginning of our [...]

Tiger Global leads Series A round in Fyle

2019-02-14T13:19:32+00:00February 14th, 2019|Uncategorized|

Expense management start-up Fyle has scooped up $4.2 million (Rs 30 crore) in its Series A round led by Tiger Global.  The Bengaluru-based start-up also saw the participation of existing investors – Pravega Ventures and Beenext in this round. Pravega, Beenext along with Girish Mathrubootham-led Freshworks had participated in $1.1 million round in Fyle in April last year. The development comes two months after media reports suggested the comeback of Tiger Global in India with funding in Fyle along with [...]

UAE may invest in petrochemical projects, store oil in India

2019-02-15T14:37:18+00:00February 13th, 2019|Uncategorized|

Betting big on rising oil demand in the world's third largest energy consumer, UAE said it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India. UAE's Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50 per cent stake in the planned $44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra. It has hired space at the underground strategic oil storages built at Mangalore and Padur [...]

Allianz invests $200mn in Edelweiss platform

2019-02-15T14:37:22+00:00February 13th, 2019|Uncategorized|

Allianz Investment Management, part of German insurer Allianz Group, has invested $200 million (Rs 1,420 crore) in a private debt platform of Indian financial services group Edelweiss. This investment is the first private-debt commitment by Allianz in India’s stressed assets segment, Edelweiss said in a statement. Allianz, one of the world’s largest insurers, has been quickly expanding its activities in India. In November, Allianz and Asian logistics real estate developer ESR Group, backed by private equity firm Warburg Pincus, set [...]

UK firm in talks with ASL to build Tractor-trailer in India

2019-02-13T06:28:52+00:00February 13th, 2019|Uncategorized|

Keen on expanding footprint to India, UK-based Susaimo International is in advanced talks with India's ASL Industries for manufacturing light-weight British designed tractor-trailers in India. Surya Kumar Singh, Director and Founder, Susaimo International, said the company plans to foray into automotive tractor-trailer manufacturing in India with initial estimates of 6,000 trailers a year. Susaimo International is a registered company in England and Wales, specialising in consultancy in engineering and manufacturing. It is also engaged in products and process development in [...]

Haldiram’s inks pact with France’s Brioche Dorée

2019-02-12T14:09:37+00:00February 12th, 2019|Uncategorized|

Indian snacks maker Haldiram’s has signed its first partnership outside the family and entered into an exclusive master franchisee partnership with French bakery cafe Brioche Dorée. The venture with the world’s second-largest bakery chain is led by Ashish Agarwal, a fourth-generation member of Haldiram’s promoter family, through individual entity HR Bakers. One Brioche Dorée outlet is already functional in Connaught Place in New Delhi. Another four are expected in the first year of operations, Agarwal said, and they could be [...]