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Indian drugs giant Cipla’s subsidiary in the United States has formalised a two-stage agreement to acquire Avenue Therapeutics Inc for about $215 million. Avenue Therapeutics is focussed on the development and commercialisation of an intravenous version of Tramadol, a painkiller. Executed through Cipla’s US subsidiary InvaGen Pharmaceuticals Inc, the deal involves two closing stages for the proposed acquisition. The first stage involves InvaGen or its affiliates acquiring up to 33.3 per cent stake in Avenue by buying new shares for [...]

Silverline, a Salesforce Platinum Cloud Alliance Partner headquartered in New York City, has announced that it has established a wholly-owned subsidiary in India. Located in Bengaluru, the announcement of Silverline India was described as an important step toward global growth for Silverline. Silverline CEO Gireesh Sonnad said: “As we continue to highlight the positive experiences of our customers, partners, and employees, it has become clear that we also need to focus on the growth of our teams by establishing a [...]

Mphasis Ltd, an Indian information technology company that is majority-owned by private equity firm Blackstone, has acquired US-based cloud automation company Stelligent Systems LLC for $25 million (Rs 180 crore) in cash. Stelligent is a technology services company that specialises in software automation on Amazon Web Services (AWS), the cloud computing arm of e-commerce giant Amazon.com Inc. The deal will boost Mphasis’ end-to-end capabilities in the public cloud domain especially within AWS services, the Indian company said in a statement. [...]

US-based motorcycle manufacturer Cleveland CycleWerks Ltd is bullish about its success in the Indian market and plans to launch more products and have 30 showrooms across the country by the end of next year. The company which forayed into the country this year with two products in the 200 plus cc category and unveiled three dealerships was having the right strategy for success, a top official said while acknowledging that many motorcycle manufacturers were already in the market. Scott Colosimo, [...]

Cloud services firm Appirio, a Wipro acquired entity, has opened a new office in Porto, Portugal to expand its European operations and meet growing demand in the region. Appirio, which provides cloud-based services that help organisations create next-generation worker and customer experiences, is considered one of the key acquisitions of Wipro to strengthen digital technology services. It helps partners integrate cloud-based software such as Workday, Medallia and Salesforce into their business areas across customer service, marketing, operations and order management. [...]

Bengaluru- and California-based Meesho, an online marketplace for resellers, has raised $50 million (Rs 365 crore) in a Series C round of funding, the company said in a statement. China's Shunwei Capital, Russian billionaire Yuri Milner’s DST Partners and RPS Ventures, a fund set up by former SoftBank managing director Kabir Misra, were the new investors in the round. Existing investors Sequoia Capital India, SAIF Partners, Venture Highway and Y Combinator also took part in this round, Meesho said. The [...]

As India eyes the world's biggest tea market in China, local firm Jay Shree Tea & Industries Ltd struck a $1 million export deal with a Chinese company. The company signed the contract with Chinese company COFCO (China Tea) for export of black tea, the Indian Embassy said. The deal, signed at China's International Import Expo in Shanghai, came after an Indian tea promotional event was organised by the Indian Embassy in Beijing. China is India's 10th largest tea export [...]

Indian impact investor Aavishkaar Group plans to raise $300 million for its South Asia-focused fund early next year to invest across financial services, agriculture, energy and health. The fund will be used for investments in Vietnam, Indonesia, Myanmar and Laos among others. Vineet Rai, Managing Partner and CEO, Aavishkaar Venture Management Services, said: “We are avoiding India and China, and looking more at smaller markets which have unutilised potential.” Aavishkaar is part of the Aavishkaar-Intellecap conglomerate, which also owns companies [...]

Chinese consumer durables firm Midea aims to manufacture its products locally in the country by next year and is setting up a new facility in Pune at an investment of Rs 1,350 crore ($185 million). Krishan Sachdev, MD of Carrier Midea India and Midea Group India region, said: "India is a strategic growth market and we expect our investments in this market to yield good growth. Considering the potential of the market we have committed over Rs 1,350 crore investment [...]

The management consulting team of KPMG is looking to hire nearly 8,000-9,000 people in India, a tenth of them to be deployed on projects overseas, as they see global clients increasingly want one of the Big Four audit firms to implement solutions and demonstrate results for the strategy guidance it gives them. KPMG is consolidating its global delivery capability in India, its largest offshore base, hiring engineers and executives to deliver on the promises its consultants make to clients. Analysts [...]