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Brand

Banan buys back Sagar Ratna for Rs 132 cr

Jayaram Banan, the company’s founder, has reacquired the iconic 88-outlet South Indian restaurant chain Sagar Ratna. India Equity Partners (IEP) had acquired 77 per cent of this franchise in 2011 for Rs 132 crore at a total valuation of Rs 175 crore.
Banan had continued to hold 22.7 per cent of the chain. Using his promoter firm of Ocean Pearl Hotels, he has now become 100 per cent owner of Sagar Ratna chain once again, buying out IEP at the same valuation, using a debt-financed model.

High-speed, ultra luxurious Tejas Express flagged off

Railway minister Suresh Prabhu on Monday flagged off the country's first high-speed and feature-rich Tejas Express from the Chhatrapati Shivaji Station here.
The new premium train will run five days a week between Mumbai and Karmali in Goa. During the monsoon season, it will operate three days a week.
The train will depart from Chhatrapati Shivaji Terminus Mumbai at 5 am every Tuesday, Wednesday, Friday, Saturday and Sunday from May 24 and arrive at Karmali at 1.30 pm on the same day.

Airtel, Voda, Idea caused Rs 400-cr loss to govt: Rel Jio

Reliance Jio has filed a complaint with the telecom ministry alleging that incumbents Bharti Airtel, Vodafone and Idea did not deposit requisite licence fee in March, which led to a potential loss of Rs 400 crore to the government.

Ikea to double India sourcing to $667 million as rollout nears

Ikea Group will double sourcing from India to 600 million euros ($667 million) as the retailer opens its first domestic outlet next year in a nation pegged to grow into the world’s third-largest consumer market.
The retailer, which broke ground on Thursday for a store in the financial capital Mumbai, is sticking to its goal of opening 25 outlets by 2025 in India despite trouble acquiring land, Juvencio Maetzu, chief executive officer of Ikea India, said in an interview. Its first store is set to open in Hyderabad early next year followed by more in Mumbai, Bangalore and New Delhi.

Paytm raises $1.4b from SoftBank

Japanese conglomerate SoftBank has pumped in $1.4 billion (over Rs 9,079 crore) in Indian digital payments platform, Paytm. The funding will help Paytm to expand its soon-to-be launched payments bank operations as well as grow its user base and introduce more financial products for consumers.
"In line with the Indian government's vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments,"

General Motors to stop selling cars in India, to focus on exports

American automobile giant General Motors will stop selling its Chevrolet cars in India by the end of this year.
The decision comes after battling unsuccessfully for two decades in the world’s most fiercely competitive car market.
But the world’s third largest carmaker will continue to manufacture and export cars from the country. The decision was announced as part of a series of restructuring from the Detroit automaker on Thursday, dealing a significant blow to India’s strategy of encouraging domestic manufacturing.

Volvo Cars to set up assembly unit in India

Buoyed by increasing sales in the competitive luxury car market, Swedish luxury car maker Volvo Cars will start a car assembly factory in India even as it gargets 25 per cent year-on-year sales growth in Asia’s third biggest economy.
“With sales volumes growing in India, it makes good business to set up a local assembly factory here,” Tom von Bonsdorff, managing director at Volvo Auto India told Financial Chronicle.

GM to stop selling cars in India but not pulling out

General Motors Co will stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world's most competitive markets where it has less than a one percent share of passenger car sales.

The decision was announced as part of a series of restructuring actions from the Detroit automaker on Thursday, and marks a significant blow to India's strategy of encouraging domestic manufacturing.

Volvo says new generation of diesel engines could be the last

Swedish carmaker Volvo’s latest generation of diesel engines could be its last as the cost of reducing emissions of nitrogen oxide is becoming too much, Chief Executive Hakan Samuelsson was quoted as saying on Wednesday.
“From today’s perspective, we will not develop any more new generation diesel engines,” Samuelsson told German's Frankfurter Allgemeine Zeitung in an interview.
However, a Volvo Cars spokesman said on Wednesday Samuelsson had been discussing options rather than a firm plan to stop the further development of diesel engines.

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