Mukesh Ambani’s Reliance Industries is in talks to sell 1.7-1.8% stake in its retail arm for about Rs 7,500 to American private equity investor Silver Lake, Financial Times reports The companies are reportedly in the advanced stage of the negotiation. Reliance Retail is expected to be valued at over Rs 4.3 lakh crore if the deal materialises. Earlier this year, Reliance Industries had announced that Silver Lake will invest $747.3 million (Rs 5,655.75 crore) in its Jio Platforms.
Drones, robotics part of government’s Atma Nirbharta plan
The Department of Promotion for Industry and Internal Trade is looking at certain ‘focus sectors’ to reduce imports and increase domestic production, The Economic Times reported. Central government reportedly aims to be self-reliant in about 25 sectors including drones, robotics and electric vehicle equipment manufacturing. India wants to increase manufacturing and imports in sectors such as ceramics and glass, ethanol, ready to eat food, aluminum, gym equipment, toys, and sporting goods, according to the report.
Tencent shares fall after PUBG ban in India
Shares of Chinese technology behemoth Tencent fell by over 2% a day after India on Wednesday banned gaming app PUBG Mobile and other apps including Tencent Weiyun, WeChat Reading, WeChat Work, and PUBG Mobile Lite, the Entrackr reported. Data available on the Hong Kong Stock Exchange (HKEX) website showed the stock of Tencent Holdings closing 2.02% lower at HK$534 on Thursday, the report said. In the last week of June, the Ministry of Electronics and Information Technology (MeitY) had banned 59 Chinese apps from mobile and non-mobile use by Indians, citing concerns around the sovereignty and integrity of India.
Zomato to buy health and fitness app Fitso
Online food aggregator Zomato is close to buying Gurugram headquartered health and fitness app Fitso, MoneyControl reported. The startup is valued at roughly $20 million. Negotiations have reached an advanced stage and the term sheet is being finalised, the report said citing an anonymous source.
American Express sets up DART lab at IIT Madras
Financial services firm American Express has established a data analytics, disk and technology (DART) laboratory at the Indian Institute of Technology (IIT) Madras. The lab, inaugurated on Thursday, will work as a hub of research in risk analytics and behavioral sciences by leveraging machine learning/artificial intelligence (ML/AI) and related technologies, according to a statement. The lab’s prime objective is to focus on risks that originate from human behavior and decisions. The firm has also announced an establishment of multi-year scholarship grants and awards for students at IIT Madras, the statement added.
Social gaming firm Rooter unveils gaming, esports streaming feature
Sports engagement platform Rooter on Friday rolled out a gaming and esports streaming feature on its app. The new feature lets users stream any game via the mobile app as well as their PCs with audio-video quality and features, the Delhi based company said in a statement. The platform aims to have a 5 million monthly user base before the Indian Premier League starts. Rooter was set up in 2016 by Piyush and Dipesh Agarwal.
Paytm’s losses decline 40% for FY20
Digital payments platform Paytm on Friday announced that its FY20 revenue has increased to Rs 3,629 crore while losses declined 40%. This revenue increase includes Paytm Money, Paytm Business, Paytm Payout and Paytm Postpaid, the company said. The overall transaction grew by over 50%. According to a statement by the company, Paytm's Android-based point-of-sale devices have been gaining traction among small and medium enterprises and Kirana stores. One 97 Communication owns the platform.
Anuj Tejpal joins Oyo as the chief commercial officer
Hotel aggregator OYO on Friday said that it has appointed Anuj Tejpal as its global chief commercial officer, effective September 1, 2020. In his new role, Tejpal will work with regional chief executive officers (CEOs) and leaders to drive global delivery of revenue for hotels which includes various facets like direct demand, and revenue management, a statement said. OYO claims to have over 43,000 hotels in 800 cities across 80 countries.