Software services provider Tech Mahindra has announced the acquisition of a 51% stake in mobile value added services provider Comviva, in which Bharti Airtel has a major stake.
Infiniti Retail Ltd, a wholly-owned subsidiary of Tata Sons, is acquiring Australian retailer Woolworths’ wholesale arm in India for about Rs 200 crore. The acquisition comes in the wake of the Australian firm deciding to exit the specialty consumer electronics category and divest the business in Australia and New Zealand as well, apart from India.
Former Chairman of LIC, S.B. Mathur, has been appointed as the Chairman of National Stock Exchange (NSE). The oversight panel for India’s showcase KG Basin gas field off the Andhra coast has given Reliance industries (RIL) and BP Plc permission to pump over $1 billion into the flagging field, but with a rider that three satellite gas finds would be declared viable only if they drill more wells at their own expense.
Karl Slym, former GM India Managing Director, has taken over as the Managing Director of Tata Motors.
Apple has become the world’s most valuable company, ever. Its surging stock has propelled the company’s value to $623 billion, beating the record for market capitalization set by Microsoft in the heady days of the internet boom.
The National Housing Bank (NHB) has announced the formation of the Indian Mortgage Guarantee Company, a joint venture of the US-based financial security company Genworth, Asian Development Bank and International Finance Corporation. This is the first mortgage guarantee company in India. The company will help mortgage lenders avoid pilling up of bad debts in case of borrower’s default.
Reliance Industries Ltd. (RIL) has repurchased shares worth Rs 2,512 crore from its public shareholders, making it India’s biggest share buyback programme ever, overtaking an earlier exercise by Piramal Healthcare.
Yahoo! Inc. has appointed Marissa Mayer as its CEO. She is the fifth CEO in four years. Mayer, 37, would be charged with helping the company regain the attention of Web surfers. She shifts from Google, a company she had joined in 1999 as its 20th employee. She was Google’s first female engineer.
Mukesh Ambani’s Reliance Industries Ltd (RIL) has formally incorporated a new firm to enter aerospace and defence ventures. The new company is Reliance Aerospace Technologies Pvt Ltd. Dr Vivek Lall (43), one of India’s most respected aerospace expert, has been appointed as the head of the new company.
Sahara Group has agreed to buy a controlling stake in new York’s landmark Plaza Hotel for $570 million. The 105-year-old luxury hotel, overlooking the New York’s Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom holdings company. Reliance Brands, a unit of energy major Reliance Industries, is bringing the oldest American men’s clothier chain Brooks Brothers to India. Brooks Brothers is owned by Italian billionaire Claudio del Vecchio, son of founder of Luxottica, the world’s largest eye-wear company whose brands include Ray-Ban and Oakley.
MediaPro, the Star-Zee joint venture that controls the distribution of 78 channels will now have to face serious competition from IndiaCast, which is a TV18 and Viacom18 joint venture to create a platform to distribute nearly 57 channels.
The Coca Cola Company has announced a further $3 billion in investment in India over the next eight years.
Gaana.com is the first full-fledged music streaming application for India’s store of Windows 8 Release Preview. It is also the first music serving application for Surface (tablet from Microsoft) in India.
In one of the biggest investments in single brand retail...