PVR Cinemas to acquire southern multiplex major SPI Cinemas

Aug 13, 2018 0

Mumbai– Multiplex theatre major PVR Ltd on Sunday said its Board of Directors has approved the acquisition of 71.69 per cent stake in SPI Cinemas Pvt Ltd, involved in the business of movie exhibition and allied businesses, for Rs 633 crore.

In a regulatory filing in BSE, the company said the acquisition of the stakes in SPI Cinemas will be from two shareholders viz 61.65 per cent from SS Theatres LLP and 10.04 per cent from S.V. Swaroop Reddy.

The Board of PVR also approved provisions for customary call/put options for the acquisition of the remaining 28.31 per cent stake in SPI Cinemas from SS Theatres, if triggered for a consideration not exceeding Rs 300 crore.

The completion of acquisition is expected to be over within 30 days from the execution of share purchase agreement (SPA) and the amalgamation within a period of 18 months from the date of completion of acquisition or some other mutually agreed date between the parties to the SPA.

According to PVR, the acquisition is subject to the regulatory approvals.

The SPI Cinemas has an asset base of Rs 319.63 crore, turnover of Rs 309.60 crore and net worth of Rs 73.74 crore as on March 31.

The acquisition of SPI Cinemas will give PVR a strong foot hold in the southern market.

The SPI Cinemas has 76 screens across 17 properties in 10 cities, with 13 screens to be opened in the next 12 months.

According to the regulatory filing, as part of the amalgamation SS Theatres will get 18.19 per cent fully paid up equity shares of PVR for every fully paid up equity shares of SPI Cinemas held by SS Theatres.

The acquiring company PVR said Rs 100 crore – part of the price – will be paid on deferred basis on achievement of milestones. (IANS)

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Paytm buys savings management start-up Balance Tech

Aug 9, 2018 0

Bengaluru– Digital payments major Paytm on Thursday announced the acquisition of Bengaluru-based smart-savings management start-up Balance Tech for an undisclosed amount.

Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.

“Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways,” Balance Tech CEO and Co-Founder Ankit Kumar said in a statement.

“Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives.

“We look forward to bringing in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” Kumar added.

The six-member Balance Tech team has joined Paytm product and design team and is working on further enhancing Paytm’s user/merchant interfaces, the SoftBank and Alibaba-backed Paytm said.

“They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. (IANS)

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Exide to invest Rs 550 cr for two projects in Bengal

Aug 7, 2018 0

Haldia– Exide Industries, which is aspiring to supply batteries for bullet trains, will invest over Rs 550 crore for setting up a recycling battery plant and expanding its existing facility here to manufacture Nickel-Cadmium batteries, an official said on Tuesday.

“The expansion project will mainly produce high-end Nickel-Cadmium batteries in technical collaboration with Furukawa of Japan. These batteries have applications in bullet trains, metro rail and other critical installations. This plant will also produce lead acid batteries.

“We are also setting up a battery recycling plant here. The investment will be over Rs 550 crore in these two projects,” company’s MD and CEO Gautam Chatterjee said.

Both the projects will be completed in the next 12-18 months, he said.

Earlier in the day, West Bengal’s Minister for Transport and Environment and Chairman of Haldia Development Authority Suvendu Adhikari laid the foundation for the two plants.

The new facility, which will be built on a 20 acre land allotted to the company by the Kolkata Port Trust, will have monthly 1.2 lakh battery manufacturing capacity and it will also have mega charging station.

The greenfield battery recycling plant with latest European technology will be set up on another 20 acre land given by Haldia Development Authority, Chatterjee said.

In collaboration with Italy’s Energitech Technologies, one of the leading players in this field, the plant in Haldia will have a monthly capacity of 15,000 metric tonnes, making it the country’s largest lead recycling plant.

The company already operates two lead recycling plants near Pune and Bengaluru. Their combined monthly capacity is 11,500 metric tonne of recycled lead.

Exide’s lead recycling business is carried out by its wholly-owned subsidiary Chloride Metals Ltd which clocked a turnover of Rs 2,013 crore in financial year 2017-18.

According to Chatterjee, the company has two-pronged strategy to make Haldia one of the largest and integrated self-sufficient battery making centres in South-East Asia where it manufactures everything from recycled lead to finished battery.

In the current fiscal, the lead-acid storage battery maker planned to make Rs 1,100 crore of capital expenditure including the investments of two projects.

“Haldia plant is contributing one-third of our battery production. Last year, we invested Rs 600 crore and this year, the investment will be Rs 700 crore (of the total capital expenditure),” Chatterjee said. (IANS)

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BSE Investments acquires 24% in CCRL

Aug 1, 2018 0

Mumbai– Stock exchange major BSE on Wednesday said that its subsidiary BSE Investments Ltd (BSEIL) has acquired a 24 per cent stake in CDSL Commodity Repository Ltd (CCRL).

According to BSE, CCRL will help in transforming commodity markets by creating electronic negotiable warehouse receipts (eNWR), with an aim to develop a robust framework for clearing and settlement of commodity trades.

The CCRL, which is regulated by the Warehouse Development and Regulatory Authority (WDRA), will record the storage and transfers of commodities including warehouse receipt transfers, although deliveries are in physical form.

“It is similar to the way depositories function for equities and other financial securities. A trade repository is another important step forward in improving regulatory transparency in the commodity derivatives markets in India,” the stock exchange major said in a statement. (IANS)

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Hindustan Copper to issue fresh equity to raise funds

Aug 1, 2018 0

New Delhi– State-run firm Hindustan Copper (HCL) will off-load 13,87,82,700 equity shares or up to 15 per cent of its paid up equity capital in the country’s stock markets to raise funds for its expansion projects.

The decision was taken by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday.

Accordingly, the paid-up share capital of the state-run company will increase from the present Rs 462.61 crore to Rs 532 crore, an official statement said.

The CCEA approved the issue of shares by HCL through the Qualified Institutions Placement (QIP) route as per market regulator SEBI and other guidelines.

This will bring down the government’s shareholding in HCL from 76.05 per cent to 66.13 per cent.

“The raising of fund is essential for HCL’s expansion plans to achieve production level of around 1.90 lakh tonnes of metal in copper concentrate and thus meet around 30 per cent of the refined copper demand of the country,” the statement said.

The proposed expansion plan would create employment opportunities for about 9,300 persons, it added. Expansion projects of HCL are located in Madhya Pradesh, Rajasthan and Jharkhand.

Shares of HCL closed at Rs 64.90, up Rs 4.80 or 7.99 per cent from the previous close on the BSE. (IANS)

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MyHealthcare raises $2mn in Series A funding

Jul 31, 2018 0

New Delhi– India’s digital integrated healthcare technology platform, MyHealthcare, has raised its Series A funding of $2 million, a company statement said on Tuesday.

The round of funding was led by Hunch Ventures. Ajay Nanavati, Angel Investor and Retired Managing Director of 3M India and Israel also participated in the round.

MyHealthcare, is a mobile healthcare ecosystem operated by Gurugram-based InnoCirc Ventures that enhances patient engagement and empowers them with their healthcare needs, through offerings such as health trackers, emergency services, video consult and 24×7 health monitoring.

The platform helps connect healthcare givers, hospitals, diagnostics, patients and their family and brings them into a digital ecosystem.

“With a widening gap between the availability of doctors, specialists and the demand for such care givers, we believe this gap can be bridged with data driven healthcare solutions. Our platform works with hospitals in enhancing their care solutions by transitioning the care process from paper to digital form.

“In the next phase we are working towards the use of Artificial Intelligence and Machine Learning for predictive analysis, to aid care givers in the diagnosis process,” said Shyatto Raha, founder and director of InnoCirc Ventures. (IANS)

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Health start-up Cure.fit raises $120 mn in Series C funding

Jul 30, 2018 0

Bengaluru– Health and fitness start-up Cure.fit on Monday said it has raised $120 million in a Series C round of funding.

Founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori, Cure.fit has four flagship products — Cult.Fit, Eat.Fit, Mind.Fit and Care.fit.

“Health is over $100 billion category in India and is ready for new tech-driven approach for much better consumer experience. With very high health awareness and rapid technology adoption among consumers, Cure.fit has a unique opportunity to become the go-to destination for all health needs for India,” Mukesh Bansal, Co-founder, Cure.fit, said in a statement.

With presence in Bengaluru, Delhi-NCR region and recent foray in Hyderabad, the start-up has over 75 “CULT and Mind centres” and aims to grow to over 500 centres in the next three years. (IANS)

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China says don’t blame us for failed Qualcomm-NXP deal

Jul 27, 2018 0

Beijing– China has denied any misconduct in the scrapping of $44 billion Qualcomm-NXP deal, saying the proposal failed to meet the country’s anti-monopoly concerns.

San Diego-based chipmaker Qualcomm on Thursday terminated its acquisition of Dutch tech firm NXP Semiconductors after the Chinese regulators let the final deadline pass and did not grant approval to the deal.

According to a report in The Wall Street Journal, China’s State Administration for Market Regulation said the Qualcomm-NXP proposal failed to address competition concerns.

The regulator added that they had “extended their own deal-review deadline till October 14”.

The two companies entered into one of the largest tech deals in October 2016 and the deadline to close the deal was extended several times as they waited for China to approve or deny the merger.

Eight of the nine countries where Qualcomm has businesses had approved the deal.

With no answer from China as the deadline passed on Thursday morning, Qualcomm announced to scrap the deal.

Paving the way for a $30 billion stock buyback, the company also announced to pay a termination fee of $2 billion to NXP Semiconductors that makes automotive, security and Internet of Things (IoT) solutions.

“We will continue to focus on our strong momentum in new growth industries with projected revenues of approximately $5 billion for fiscal year 2018 — up greater than 70 per cent from fiscal year 2016,” Steve Mollenkopf, CEO of Qualcomm, said in a statement. (IANS)

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India offers $100 bn Intelligent Edge opportunity: Microsoft India head

Dec 13, 2017 0

By Nishant Arora

Hyderabad– In a mobile-first and Cloud-first country like India, there now lies a new over $100 billion opportunity if we can leverage Intelligent Cloud and Intelligent Edge solutions across industries, Anant Maheshwari, President, Microsoft India, said here on Wednesday.

The Intelligent Edge brings the power of the Cloud to mobile and Internet of Things (IoT) devices, thus creating a connected ecosystem.

Microsoft today is leading the digital momentum in India with a renewed thrust on Intelligent Cloud and Intelligent Edge.

“Look at any industry in India and you will see Intelligent Edge around. Think about a farm where a farmer can leverage Intelligent Edge. Health care and education are areas where application of Intelligent Edge is now being seen in the country,” Maheshwari told reporters during the annual Microsoft media day at the sprawling, 54-acre campus here.

Azure IoT Edge is an implementation of the Intelligent Edge. Cloud-enabled computing at the edge means concentrating data, making sense of it by analysing it and then leveraging it to its full potential.

“More than just delivering devices and Cloud experiences to millions, Microsoft has now turned its focus on empowering health care and education in the country with its Next-Gen Cloud and Edge solutions,” Maheshwari said.

Almost every company will eventually become a software one at some point of time with the fourth industrial revolution and an Intelligent Cloud will chart their digital journey.

“Customers are looking to Microsoft and our thriving partner ecosystem to accelerate their own digital transformations and to unlock new opportunity in this era of Intelligent Cloud and Intelligent Edge,” the Microsoft India head stressed.

With a rich ecosystem of over 9,000 partners and nearly 102 million developers, Microsoft works with over 200,000 large, medium and small enterprises, 29 state governments and over 5,000 start-ups in the country.

“Both Telangana and Andhra Pradesh governments are leading Microsoft partners when it comes to Cloud. We are also among the first global Cloud providers to be partnered/empanelled by the Ministry of IT,” Maheshwari told the gathering, adding that Microsoft Cloud services have been deployed in 13 states so far.

Setting up India operations in 1990, Microsoft currently employs more than 8,000 people in the country.

According to Maheshwari, there are four pillars to bring in real digital transformation for India.

“Empower employees to be more productive, engage with customers to leverage better services, optimise operations and transform products – will take us on the path towards digital transformation,” he said.

When it comes to Artificial Intelligence (AI), Maheshwari said AI will create better farmers, teachers and doctors in India that will eventually help improve our lives.

In order to deliver a modern workplace to governments as well as enterprises, Microsoft has brought together Office 365, Windows 10, Enterprise Mobility and Security — all packaged into a single offering.

“We offer a modern workplace with the combination of security and mobility,” the top Microsoft executive said. (IANS)

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Odisha invites investment in downstream aluminium sector

Oct 16, 2017 0

Bhubaneswar– In order to promote investments in downstream aluminium sector, the Odisha government on Monday held discussions with over 70 Indian companies and invited them to invest in Odisha’s downstream ecosystem.

The Industries Department organised the event here in association with the Confederation of Indian Industry and highlighted the advantages of investing in Angul Aluminium Park, a first-of-its-kind project in the subcontinent with the facility to directly obtain molten aluminium from the smelter.

With the demand of aluminium expected to rise further, Odisha is setting up the Angul park. The state is the largest aluminium producer in India and accounts for 54 per cent of the country’s total smelting capacity.

Spread over 223 acres, the park will create ample opportunities for downstream industries in the state, said an official.

CII Chairman (Odisha) and Nalco CMD T.K. Chand said: “There is a huge opportunity for downstream products in the state. Investors will be getting developed land, power and training facilities. Additionally, the state government will also assist investors in setting up their operations.”

The downstream industry will have a cost benefit of Rs 10,000 per tonne and enough raw material committed to them. Nalco will provide hand-holding to all downstream and ancillary units, said Chand.

Industries Secretary Sanjeev Chopra said: “Odisha is a mineral rich state and by developing world-class infrastructure, we aim to provide an ideal business ecosystem for all related sectors to flourish. We have already received several investment proposals for the Angul park and aim to create around 15,000 job opportunities through the project.”

Investments in aluminium downstream sector have been gaining momentum in Odisha. Over five years, the state has attracted investments of Rs 893 crore, including proposals by Bahrain-based Midal Cables and Power Grid Corporation of India (PGCIL) subsidiary Grid Conductors.

Four of the five proposals drawn are for the aluminium park developed jointly by Nalco and Odisha Industrial Infrastructure Development Corporation at Angul.

S.K. Mohanty, CEO, Angul Aluminium Park, said: “Odisha accounts for 50 per cent of the aluminium production in the country. The aluminium refining capacity has gone up to 5.775 million tonnes per annum (MTPA) from 0.80 MTPA and smelting capacity to 2.634 MTPA from 0.509 MTPA. Availability of abundant raw material from Nalco, Vedanta will be very crucial for the downstream aluminium and ancillary industry.”

Companies from India like KEI Industries, Jindal Steel, Havells India, Indian Oil, Hindustan Petroleum Corporation Limited and Sterlite Technologies Ltd attended the event. (IANS)

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