Snapdeal funds in gojavas
Mumbai, Oct. 7: Snapdeal today said it has invested $20 million in gojavas - a third-party logistics player. This is the second round of investment made by the e-commerce major in the company. Snapdeal had entered into a strategic partnership with gojavas and made its first investment in it earlier this year. "Our partnership with gojavas has been tremendously successful. It is one of our best performing last mile logistics partners," said co-founder Rohit Bansal.
Shoppers Stop
Calcutta, Oct 7: Shoppers Stop is set to launch its mobile application by the month-end. The retail chain will also adopt the omni-channel model this month. The Omni-channel strategy will entail an investment of Rs 60 crore in the next three years. This model allows customers to book Shoppers Stop products online. Buyers can either opt for a home delivery or can collect the product from the nearest outlet. "The model is expected to cover all our stores across the country within the next one and half years," said chief operating officer Manohar Kamath.
Spacewood
Calcutta, Oct 7: Spacewood- a Nagpur-based furniture company - has secured an investment of about $14 million from the Japanese housing and wood products firm Sumitomo Forestry. The Japanese firm forayed into India by picking up a 26 per cent stake in Spacewood.
Birla venture
New Delhi, Oct. 7: Aditya Birla Group, a $41-billion conglomerate, today announced its partnership with Dubai-based private equity firm Abraaj Group to jointly invest in building and operating solar plants in India. The two will build a gigawatt-scale platform and Aditya Birla Renewables will bid for new solar projects tendered at national and state auctions. The Indian group will hold a 51 per cent stake in the venture, while Abraaj will control the remaining 49 per cent.
WPP launch
Mumbai, Oct.7: WPP, the world's largest communication services group, launched its "Data Alliance" in India as part of its strategic vision to help clients better leverage data in growth markets. India is the first market to launch Data Alliance in the Asia-Pacific region.
Insurance FDI
Hyderabad, Oct. 7: At least six insurance companies have evinced interest in raising the stake of their foreign partners from 26 per cent to 49 per cent, Insurance Regulatory and Development Authority chairman T.S. Vijayan said today.
Air India plan
New Delhi, Oct. 7: Air India plans to raise $110 million (about Rs 700 crore) from banks/financial institutions to part-fund its acquisition of six Boeing Dreamliners, which are to be delivered to the airline in the next fiscal. The carrier now has 21 Boeing 787-800 (Dreamliner) planes in its fleet.
Cairn on oil cess
New Delhi, Oct. 7: Cairn India has asked the Centre to cut the cess levied on crude produced from its Rajasthan fields as it was taking away nearly a fifth of revenues at a time when oil prices have halved. A cess of Rs 4,500 per ton is levied on crude produced by ONGC and Oil India from fields given to them on nomination basis.
Tata Steel UK
London, Oct. 7: Tata Steel today said its UK arm has concluded the actuarial valuation of the British Steel Pension Scheme and the deficit in the scheme stands at about £90 million as of March 2014.
