Business

11 Jul

CarTrade buys OLX India’s Auto Business in India for Rs 537 Crore

Priyanka BhowmickBusiness, IndiaBusiness, india

CarTrade Tech Ltd has announced the acquisition of Sobek Auto India Pvt., a company owned by the auto sales division of OLX India, in a deal worth Rs 537 crore. CartTrade will buy 100% of Sobek's shares and is making the purchase "to provide synergistic benefits to CartTrade Tech's existing businesses," it said in an exchange filing on Monday. The transaction will be a pure cash agreement and the acquisition is likely to be completed within 30 days. According to the exchange filing, OLX India Pvt. also sold its classified internet business to Sobek on June 30. Prasas-owned OLX made…

10 Jul

Oswaal Books announces Jitendra Kumar as brand face for two years

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness, Entertainment, india

The two-year partnership between Oswal Books and Jitendra Kumar aims to inspire and empower students by making education an engaging and enjoyable journey. Jeetu Bhaiya's association with Oswaal Books will further strengthen the brand's commitment to providing high-quality educational resources to meet the growing needs of students. Talking about the collaboration, Naresh Jain, MD, Oswal Books, said, "We are delighted to welcome Jitendra Kumar as the brand ambassador of Oswaal Books. Jitendra's versatility, authenticity and deep connection with the youth are perfectly aligned with us. Vision to transform the way students perceive and approach their educational journey. Through this association,…

10 Jul

Indian-origin 14 business owners arrested in $53 Million COVID-19 relief fraud case

Priyanka BhowmickCovid19, Health, IndiaBusiness, Health, india

A group of around 14 people, including several business owners and employees of Indian origin, have been charged in a massive fraud scheme involving a COVID-19 pandemic relief program in the US state of Texas. The case, considered the largest investigation to date by the Pandemic Response Accountability Committee (PRAC) Fraud Task Force, has led to the arrest of defendants across Texas, California and Oklahoma. The defendants are alleged to have defrauded the proceeds of the Paycheck Protection Program (PPP), a financial program introduced during the COVID-19 pandemic, as well as more than $53 million in loans to various financial…

08 Jul

Indian Oil to raise Rs 22,000 crore via rights issue

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness, india

Indian Oil Corporation (IOC) will raise 22,000 crore rupees ($2.66 billion) through a share rights issue, the state-owned refiner said on Friday. Last month, Reuters reported that the Indian government had started planning to finance energy transfer projects at three major state refineries "IOC, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) in exchange for equity." IOC, the country's apex regulator, did not specify which projects the newly raised funds would target. It said it would provide more details on rights, including pricing and timing, after board approval. Last week, BPCL said it would raise $2.19 billion…

08 Jul

Sara Ali Khan named first brand ambassador of Zouk

Priyanka BhowmickBUSINESS, Business, Entertainment, IndiaBusiness, Entertainment, india

Zouk, a 100% vegetarian lifestyle brand dedicated to bringing India-inspired designs into modern use, is thrilled to announce Sara Ali Khan as their first brand ambassador and their first brand film. She followed a very Indian but modern approach in her real and reel life and was perfect for the brand in this gesture. The news came after Zouk entered the offline store in Mumbai. "Sarah's energy, authenticity and passion for fashion make her a perfect fit for our brand. We believe that Sarah's impact and dedication to living will inspire our customers to adopt a traditional yet functional lifestyle…

07 Jul

Twitter threatens to sue Threads

Priyanka BhowmickBusiness, IndiaBusiness, india

In a letter sent by Twitter lawyer Alex Spiro to Facebook's parent CEO Mark Zuckerberg, Twitter threatened to sue Meta Platform over its new Threads platform. Meta, which launched Threads on Wednesday and has more than 30 million signups, wants to take advantage of Elon Musk's Twitter and Instagram's billions of users. Spiro, in his letter, accused Meta of hiring former Twitter employees who "had and continue to access Twitter's trade secrets and other highly confidential information," news website Semafour first reported. “Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop…

07 Jul

Motorola makes Kriti Sanon its new brand ambassador

Priyanka BhowmickBusiness, IndiaBusiness, Entertainment, india

Smartphone brand Motorola has signed actress Kriti Shannon as its brand ambassador. The company said he was brought on board to announce its 'Motorola Razer 40 Ultra' and 'Razor 40' products. Shannon will appear in two television commercials. To kick off their collaboration with Kriti Sanon, Motorola worked on two television commercials (TVCs), focusing on the 'Flip the Script' offering for the newly launched range. The campaign showcases Kriti Sanon teaming up with Motorola to explore the many possibilities of the latest Motorola razr phone while showcasing its flip side. Speaking about the partnership, Shivam Ranjan, Marketing Head, APAC, Motorola,…

05 Jul

Asics ropes on Shraddha Kapoor as brand ambassador for India

Priyanka BhowmickBusiness, Entertainment, IndiaBusiness, Entertainment, india

ASICS, Japan's global sportswear brand, has appointed Bollywood actress Shraddha Kapoor as the brand ambassador of India. The brand would like to strengthen its philosophy of 'beautiful mind, healthy body' through the association and create a niche among Indian female fitness enthusiasts. The actor will approve the brand's footwear and women's sports offers. Shraddha Kapoor commented, "I am excited to start this amazing journey with ASICS India. The growing awareness of the significance of physical and mental well-being has made it essential for everyone to prioritize their overall health. I strongly believe that a healthy body nurtures a healthy mind,…

05 Jul

PB Balaji becomes highest-paid CFO in Tata group

Priyanka BhowmickBusiness, IndiaBusiness, india

Tata Motors' Pathamadai Balachandran Balaji last year became the highest-paid chief financial officer (CFO) within the Tata Group in FY23 after leading the economic turnaround of the automotive business for the $128 billion Mumbai-based firm. Balaji, who joined the company in 2017, was paid Rs 16.73 crore in FY23 and was the highest-paid employee at Tata Motors in the same year. His salary package is 31% higher than his Rs 12.73 crore FY22 package. The Tata Group's generous payments to Balaji reflected the reverse of tata motors' fortunes, which were in constant losses. Jaguar Land Rover, a manufacturer of trucks,…

04 Jul

Shah Rukh Khan may not renew deal with crisis-hit Byju’s

Priyanka BhowmickBUSINESS, Entertainment, IndiaBusiness, Entertainment, india

According to a media report, the troubled Indian ed-tech start-up Byjus, which many see as an administration crisis, may not renew its approval agreement with Bollywood actor Shah Rukh Khan when it ends in September. Meanwhile, since the edtech platform is in serious trouble, Shah Rukh Khan's team is also hesitant to continue the relationship with the brand, according to a report, quoting someone familiar with the matter. The actor's association with the edtech platform began in 2017. The Indian edtech start-up signed up the Bollywood actor for an annual remuneration of around Rs 4 crore. This is not the…