Mirae invests over $100mn in Indian start-ups

    2019-05-17T13:02:30+00:00May 17th, 2019|Uncategorized|

    South Korean financial services firm Mirae Global Asset Management has invested a little more than $100 million across four transactions in India in its first year of operations, with its latest bet of $35 million on ride-hailing major Ola. The firm plans to continue its pace of investments in India’s start-up space and is also exploring an India-dedicated fund. Mirae had set up operations in April last year after it roped in Ashish Dave, a former executive at venture capital [...]

      Sterlite commissions first power project in Brazil

      2019-05-17T12:43:40+00:00May 17th, 2019|Uncategorized|

      Sterlite Power said it has delivered first power transmission project in Brazil 28 months ahead of schedule. A company statement said, "Sterlite Power celebrates the kick-off of operations in the Arcoverde project. This is the first of 10 projects assigned to the company in Brazil.” According to the statement, the company began construction work on the Arcoverde project in May 2018. The project boasts 400 MVA in power, covers 139 km of transmission lines, 281 towers and a new substation [...]

        Engineers India Ltd signs pact for Mongolia refinery

        2019-05-17T10:25:38+00:00May 17th, 2019|Uncategorized|

        State-owned Engineers India Ltd said it has signed an agreement to provide project management consultancy for a new 1.5 million tonne refinery being set up in Mongolia. The pact was signed with Mongol Refinery State Owned LLC, the company said in a statement. The contract was signed in the presence of D. Sumyaabazar, Minister of Mining and Heavy Industry of Mongolia. India had extended a $1 billion (about Rs 7,000 crore) line of credit to Mongolia during the visit of [...]

          ExxonMobil, GAIL gear up for India green JV

          2019-05-16T12:57:18+00:00May 16th, 2019|Uncategorized|

          ExxonMobil Corp., the world’s most valuable energy company, may shortly form a partnership with state-owned GAIL (India) Ltd to set up a green energy platform in India. The US oil major’s increasing focus on India is an acknowledgement of the growing importance of the world’s third largest energy consumer. The proposed joint venture (JV) to be announced shortly by the Irving, Texas-based company also marks a change in the international energy architecture, with India at the centre of oil majors’ [...]

            Morgan Stanley to invest $20mn in Manipal arm

            2019-05-16T12:54:00+00:00May 16th, 2019|Uncategorized|

            Morgan Stanley India Infrastructure (MSII) has committed an investment of about $20 million (Rs 145 crore) in Manipal Health Enterprise, the healthcare arm of Manipal Education and Medical Group, for an undisclosed stake. The tie-up involves an investment of $14 million (Rs 100 crore) in Healthmap, a Public Private Partnership for diagnostic imaging in Indian healthcare, a statement said. Dilip Jose, MD and Chief Executive, Manipal Health Enterprises, said: "Healthmap has been at the forefront of making quality diagnostic imaging [...]

              Grofers gets $200mn from SoftBank, others

              2019-05-16T12:34:12+00:00May 16th, 2019|Uncategorized|

              Grofers India Pvt. Ltd has raised $200 million (Rs 1,406 crore) in a new funding round led by SoftBank Vision Fund, marking a turnaround in its fortunes three years after it scaled down operations and sacked some employees. The capital will help the Gurugram-based online grocer fight off competition from bigger rival BigBasket, which raised $150 million earlier this year from South Korea’s Mirae Asset, British investor CDC Group Plc and China’s Alibaba Group. Grofers and BigBasket also compete with [...]

                Dailyhunt in early talks to raise funds from SoftBank

                2020-03-24T11:33:10+00:00May 15th, 2019|Uncategorized|

                Regional language news aggregator Dailyhunt is in initial talks with Japan’s SoftBank to raise more than $150 million. If this transaction goes through, it will mark SoftBank’s first independent investment in the content space, which has seen several start-ups coming up over the past few years. SoftBank’s recent investments include leading a $413 million round in logistics company Delhivery and $60 million in grocery start-up Grofers. SoftBank’s interest in the Indian regional content space comes at a time the start-ups [...]

                  Xiaomi to sell phones via vending machines in India

                  2019-05-15T11:57:13+00:00May 15th, 2019|Uncategorized|

                  Chinese handset maker Xiaomi is set to install its own vending machines for smartphones and accessories in major Indian cities. The latest move comes as the company works on ways to retain its dominant position in the hyper-competitive smartphone market in India. Called as 'Mi Express Kiosk', these vending machines will allow consumers to make purchases and pay for the transaction through credit or debit cards, cash and UPI. The company said this innovative model offers "the efficiency of e-commerce [...]

                    Citigroup ties up with Paytm

                    2019-05-15T11:07:25+00:00May 15th, 2019|Uncategorized|

                    India’s top digital payments firm Paytm launched a credit card with Citigroup, widening its financial product base while giving its banking partner an opportunity to vastly expand its credit card customer base in the country. The new card should help Paytm stay a step ahead of rivals in the fiercely competitive digital payments market in India where companies from Alphabet Inc-owned Google to Walmart-owned PhonePe, are all scrambling to grab a piece of the digital payments pie that is projected [...]

                      Ford may fuel India drive with $1bn

                      2019-05-13T13:16:19+00:00May 13th, 2019|Uncategorized|

                      Ford Motor Co is likely to make an additional investment of as much as $1 billion in Indian operations over five to seven years as it restructures or exits key businesses around the world. Although the Indian passenger vehicle market crawled to its slowest growth in recent years in FY19, Ford is looking to make the country a centrepiece of its long-term global strategy. At least $500 million will go toward two SUVs that will be developed by Ford’s India [...]