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New Delhi, May 20 () Tata Power on Wednesday said its arm Tata Power International Pte Ltd (TPIPL) has acquired 10 per cent stake in Adjaristsqali Netherlands BV (ABV) from the International Finance Corporation (IFC) for USD 150,000 (about Rs 1.13 crore). <p> The 10 per cent stake acquisition has increased TPIPL's shareholding in ABV to 50 per cent. </p><p> "Tata Power International Pte Ltd (TPIPL), a wholly-owned subsidiary of the company, has acquired 10 per cent equity stake Adjaristqali Netherlands BV (ABV) from International Finance Corporation (IFC) for a sum of USD 150,000," according to a statement by Tata Power. </p><p> This acquisition has been done as per the provisions of the shareholder agreement. After this acquisition, the company through TPIPL holds 50 per cent stake in ABV. </p> ABV owns 100 per cent stake in Adjaristsqali Georgia LLC (AGL), which has developed a 187-megawatt (MW) hydro project in Georgia at a cost of around USD 500 million. It has commissioned 178 MW of the total capacity in March 2020, it stated. KKS HRS

Tata Power arm TPIPL acquires 10 pc equity in ABV; total stake rises to 50 pc

<br /><ul><li><strong>Byju’s, India’s largest online tutoring <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> and a recent entrant to the ‘unicorn club’, is looking to expand to international markets with the its latest acquisition of US-based <keyword id="2251704" type="PERSON" weightage="20" keywordseo="osmo">Osmo</keyword>.<br /></strong></li><li><strong>The acquisition comes just a month after Byju’s received fresh funding of $540 million that valued the company at $3.6 billion. <br /></strong></li><li><strong>Other Indian unicorns testing international markets include Zomato, OYO rooms, PayTm.<br /></strong></li></ul>Byju’s, one of India’s largest online tutoring startups and a recent entrant to the ‘unicorn club’ -- startups valued at $1 billion and above-- is the latest to set its eyes on <a href="https://news.crunchbase.com/news/in-international-push-indian-edtech-company-byju-buys-osmo-for-120m/">expansion into international markets</a> <br /><br />Its $120 million acquisition of Osmo, a US-based startup that makes <keyword id="3423569" type="PERSON" weightage="20" keywordseo="educational-games">educational games</keyword>, is aimed at improving learning experience for kids by blending online tutoring through apps with offline games.<br /><br />The acquisition of Osmo comes just a month after Byju’s received fresh funding of $540 million that valued the company at $3.6 billion. Byju’s, founded in 2015, is also now the <a href="https://www.businessinsider.in/indias-largest-online-learning-service-is-all-set-to-become-the-4th-highest-valued-indian-startup-with-a-254-billion-valuation/articleshow/66474294.cms">fourth most</a> valuable startup in India.<br /><br />
  <div type="image" title="Byju's 'unicorn club' story" msid="67586213" hostid="261"></div>



<br />Byju’s had been planning <a href="https://techcircle.vccircle.com/2019/01/16/byju-s-buys-ar-based-learning-platform-osmo-for-120-mn">overseas expansion</a> for a long time by collaborating with partners in the UK, Singapore and Australia, among others. The deal is expected to benefit both companies since Byju’s was seeking to also become a ‘content-driven platform’ aimed at a younger audience — kids of three to seven years of age are Osmo’s target market. While Byju’s apps mostly target school kids across grades 4-12<br /><br />Byju’s eponymous founder Byju Raveendran <a href="https://news.crunchbase.com/news/in-international-push-indian-edtech-company-byju-buys-osmo-for-120m/">told</a> Crunchbase the company currently has over 1,000 people dedicated to video and game development. <br /><br /><strong>Other Indian unicorns in the league eyeing global expansion</strong><br /><br />India’s growing unicorns are now aggressively looking to test overseas markets, keen to have a global presence, and many have already seen some success.<br /><br />The homegrown food delivery unicorn, Zomato, expanded internationally in 2012, starting with Dubai. Since then, the company has grown multifold with an array of acquisitions. In fact, Swiggy has been considering offshore expansion as well, but is currently focussed on <a href="https://www.entrepreneur.com/article/318201">hyperlocal services.</a><br /><br />Bucking the general trend of international companies expanding in the Indian market last year, digital wallets company PayTm <a href="https://www.businessinsider.in/after-revolutionizing-transactions-in-india-digital-payments-company-paytm-seeks-to-conquer-japan/articleshow/66329611.cms">launched</a> its payments app ‘PayPay’ in Japan.<br /><br />The hotel chain, OYO rooms, has also had a great year in terms of <a href="https://inc42.com/features/2018-in-review-what-were-indian-unicorns-up-to-this-year/">international investments</a>. The company forayed into China, Japan, Spain and the UK among others. The company, with its offshore expansion, is looking to have nearly 2.3 million rooms internationally by 2023.<br /><br /><strong>See also:</strong><br /><a href="https://www.businessinsider.in/a-6-year-old-indian-startup-wants-to-be-worlds-biggest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a><br /><br /><a href="https://www.businessinsider.in/software-and-internet-companies-have-stepped-up-rd-spending-more-than-any-other-industry/articleshow/67449956.cms">Software and Internet companies have stepped up R&amp;D spending more than any other industry</a><br /><br /><a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a><br />

Online tutoring startup Byju’s is the latest Indian ‘unicorn’ going global

<p><div class="KonaFilter image-container float_right"><div class="image on-image"></div><p></p></div>Cisco CEO John Chambers was <a href="http://www.businessinsider.com/cisco-plans-to-crush-facebook-vmware-2015-2">unusually enthusiastic</a> after his company's solid earnings report yesterday.</p><p>Today, he followed up with a slightly more subdued keynote appearance at the Goldman Sachs tech conference in San Francisco, where he spoke a little bit about Cisco's acquisition strategy.</p><p>Cisco is known for buying startups. In fact, Chambers said that acquisitions had added an average of 2% to its earnings per year.</p><p>In 2014 Cisco was expected to make $4 billion to $5 billion in acquisitions, the Goldman Sachs interviewer noted. Instead, it did hardly any.</p><p>When asked why Chambers said that the company's acquisition strategy has not changed. "We still like small to medium-sized acquisitions," especially if they complement what Cisco does internally with its own startup-like teams. </p><p>But he gave three reasons why they slowed down a bit last year:</p><ul><li><strong>Valuations. </strong>A lot of the startups Cisco looked were overpriced with high price-to-earnings ratios, Chambers said. "That's not a good decision for us, or for us as shareholders as well."</li><li><strong>Internal restructuring. </strong>Cisco underwent a pretty major reorganization last year, moving 40% of its employees around and breaking down individual business units to focus more across the company. Integrating acquisitions during that period would have been complicated. </li><li><strong>Taxes. </strong>Chambers has been <a href="http://www.businessinsider.com/cisco-not-acquiring-us-companies-2013-2">harping against U.S. tax policy</a> for years, as it requires companies to pay more than a 30% tax rate on revenues they make overseas if they bring that money back into the country for acquisitions (or for any other reason, like paying a dividend). As a result, Cisco still keeps most of its money overseas, and finds foreign acquisitions "easier." He is hopeful that Congress will pass <a href="http://www.businessinsider.com/repatriation-tax-holiday-proposed-by-senators-barbara-boxer-and-rand-paul-2015-1">a law proposed</a> by Senators Rand Paul and Barbara Boxer that would create a temporary  tax "holiday" for companies to bring home overseas money, but he put the chances of passage at less than 50%.</li></ul><p>Overall, he wasn't quite as cocky as he sounded on yesterday's earnings call, but he did take a little time to boast that Cisco is doing better than any time since the 1990s.</p><p>"We're back in vogue," he said. "It's like the 1990s all over again."</p><p>In fact, Cisco is once again a hot place to work in Silicon Valley, Chambers claimed.</p><p>"It <span>would surprise you how many were recruiting from so-called top players" like Google, Apple, and Facebook. </span></p><p><span>That said, Cisco did decrease its Silicon Valley headcount over the last year.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tricks-2015-2">14 things you didn't know your iPhone headphones could do</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's why one of the biggest buyers of startups didn't buy many startups last year

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Spencer Platt / Getty Images</span></p></div><p></p></div></div></strong></p><ul><li><strong><a href="http://markets.businessinsider.com/stocks/pypl-stock">Paypal</a> announced it is acquiring iZettle, a European competitor of Square, for $2.2 billion. </strong></li><li><strong>The $2.2 billion deal is Paypal's largest acquisition to date and would put the company in the field of physical payments. </strong></li><li><strong><a href="http://markets.businessinsider.com/stocks/pypl-stock">Watch Paypal trade in real-time here.</a></strong></li></ul><p><a href="http://markets.businessinsider.com/stocks/pypl-stock">Paypal</a> is up almost 2% in pre-market trading after announcing it will pay $2.2 billion <a href="http://www.businessinsider.com/paypal-buys-izettle-for-22-billion-2018-5">to acquire iZettle.</a> The Stockholm-based payments company offers mini credit card readers that allow smartphones and tablets to take payments, making it a competitor to <a href="http://markets.businessinsider.com/stocks/sq-stock">Square</a>. The deal, if closed, would be Paypal's largest acquisition, putting it in the point-of-sale business. </p><p>"The deal allows PYPL to offer an increasingly-critical omni-channel solution to merchants in those markets," Jefferies analyst Ramsey El-Assal wrote in a note to clients. "We are not surprised to see PYPL put its impressive balance sheet to work for strategic M&amp;A." </p><p>iZettle would further Paypal's effort to offer its merchants an omni-channel solution where payments can be made online as well as in-store, he wrote.</p><p>In addition, the deal opens up doors for both companies to have more of an international presence according to El-Assal. The European startup is used in 11 countries including some in Latin America while Paypal operates in 200 countries. At least in the near-term, he sees iZettle as more of an "international play" because Square and FDC's Clover already have a head start in the North American small to midsize business market. </p><p>The $2.2 billion acquisition should not weigh too heavily on Paypal's 2018 profitability, given the size of the acquisition relative to the company's large scale, he wrote. </p><p>Paypal is up 7.6% this year. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Markets Insider</span></p></div><p></p></div></div></p> <p class="tagline"><a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/melania-trump-underrated-tina-brown-donald-2018-4">Tina Brown: Why Melania Trump is the best aspect of the Trump presidency</a></h3>        <div>                    </div>    </div>

Paypal is gaining ground after announcing its $2.2 billion acquisition of a European competitor of Square

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Ryan Henriksen/Reuters</span></p></div><p></p></div></div><span>Jorge Lemann is behind some of America's most iconic consumer brands.</span></p><p>The Brazilian billionaire's investment company, 3G Capital, has backed takeovers of Kraft, Heinz, Burger King, and Anheuser-Busch.</p><p>And it isn't likely finished.</p><p>Kraft Heinz Co., which 3G put together in 2015 after first buying Heinz and then Kraft, could strike a huge deal next year, Morgan Stanley analyst Matthew Grainger predicts.</p><p>While the Brazilian management team is expected to focus on integrating Heinz and Kraft this year, they are poised for another takeover in early 2017, he wrote in a note to clients.</p><p><span>"Similar to 3G's approach in other industries such as beer, we regard its early food acquisitions as only initial steps to a long-term consolidation strategy," he wrote.</span></p><p>That's largely because Kraft Heinz has been making good progress in cutting costs and shedding its debt load.</p><p>Here is Morgan Stanley (emphasis added):</p><p style="padding-left: 30px;">"We forecast KHC will fall below 3.5x leverage in early 2017, positioning the company for another potentially transformational acquisition... The playbook is likely to remain unchanged, with 3G management targeting a company possessing opportunities for material cost reduction and selective revenue enhancement. Our understanding of current debt markets suggest KHC could maintain its investment grade rating at 4.0-4.5x leverage in an acquisition scenario, which provides an additional $30-35 Bn of debt capacity on 2017 EBITDA. <strong>We estimate that, in combination with equity financing, KHC will have capacity for an acquisition over $100 Bn toward the second half of 2017 while still maintaining a principal ownership stake at the 3G/Berkshire collective.</strong>"</p><p>Morgan Stanley isn't alone in its thinking. There's been speculations of potential 3G targets after the Kraft acquisition, which include Campbell Soup Co., General Mills, and Kellogg Co.</p><p><span>Oreo cookie maker Mondelez fit quite well with<span> Kraft Heinz's portfolio, the analysts said.</span></span></p><p><span><span>Here is Morgan Stanley again:<br /></span></span></p><p style="padding-left: 30px;"><span><span>"MDLZ has a high level of overlap with KHC's international markets, a solid long-term topline growth profile given a sizeable emerging market business and exposure to on-trend snacking categories, and ongoing cost reduction opportunities given a margin profile that - while improved - remains less efficient than competition. In addition, a hypothetical acquisition of MDLZ could provide KHC with immediate access to legacy grocery trademark rights, allowing KHC to accelerate its international expansion initiatives around the Kraft brands which in many cases are already being manufactured in existing MDLZ facilities."<br /></span></span></p><p><span><span>Mondelez recently <a href="http://www.businessinsider.com/mondelez-drops-combination-with-hershey-hersheys-shares-plunge-2016-8">ended its bid</a><span> for chocolate giant Hershey.</span></span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/numbers-brands-meaning-heinz-chanel-2016-3">The hidden meaning behind these well-known numbers in brand names</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="t3dG11dzpeVpLDXBtoJa39MeLVkt_gTj" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The Brazilian billionaire who bought Heinz and Burger King could soon be able to strike a $100 billion deal

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Shoppers may have noticed some changes at Whole Foods in recent weeks.</p></div><p></p></div></div>Whole Foods is swiftly transforming under <a href="http://markets.businessinsider.com/stock/AMZN-Quote">Amazon</a>'s control. </p><p><span>Amazon's $13.7 billion acquisition of Whole Foods <a href="http://www.businessinsider.com/amazon-buys-whole-foods-changes">formally went through</a> in August.</span></p><p><span>The changes began immediately, from cutting costs to internal restructuring. </span></p><p><span>Following the acquisition, Amazon is trying "to operate more like a traditional market," the Wall Street Journal <a href="https://www.wsj.com/articles/amazon-puts-whole-foods-on-fast-track-to-conventional-supermarket-1505986380?utm_content=buffera88bc&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer&amp;mg=prod/accounts-wsj">reported</a> on Thursday. </span></p><p><span>Here's what changes have been revealed so far - and how they'll affect Whole Foods shoppers. </span></p>

Here are all the changes Amazon is making to Whole Foods

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Spencer Platt/Getty Images</span></p><p class="caption">Mergers &amp; acquisitions have vastly increased since 2007, causing headaches for finance departments.</p></div><p></p></div></div>The increasing number of mergers and acquisitions is leading to more mistakes from finance departments. </p><p><span class="xn-location"><span><span>Acuitas, an Atlanta</span></span></span><span>-based valuation and litigation consultancy that specializes in fair value measurements, conducted an analysis of Public Company Accounting Oversight Board (<span>PCAOB)</span> inspections and found that corporate auditors are struggling to keep up with mergers and acquisitions following the 2007 financial crisis. </span></p><p>In its 2015 survey of fair value audit deficiencies, Acuitas found that 49% of fair value measurement (FVM) audit deficiencies in 2013 were attributable to an increase in mergers and acquisitions activity.</p><p>That's an increase of 4% from the same study in 2012 and an increase of 9% on average from 2008 to 2011. </p><p>The study discovered numerous mistakes being made by finance departments. Those errors include improperly testing data for cash-flow projections and improperly testing how management techniques were being used to value assets. In other instances, the finance team was failing to find intangible assets that needed to be assigned a value. </p><p>"We have seen a significant shift from the years where FVM deficiencies were largely the result of financial instruments to the current trend of business combinations and a failure to test or understand financial assumptions," said Mark Zyla, managing director of Acuitas.</p><p>"This shift has likely been caused by audit improvements for financial instruments that resulted from the PCAOB inspection process and by increased merger activity in recent years," he said.</p><p>The PCAOB discovered that 43% of all audits had deficiencies, compared to 16% in 2009. They also found that fair value measurement and impairment deficiencies accounted for 31% of those errors. </p><p>At the top 25 firms investigated, the PCAOB discovered that 45% of all deficiencies were caused by errors in FVM issues surrounding risk assessment and internal controls testing. Only 22% of errors were blamed on FVM deficiencies from 2008 and 2012.</p><p>"The auditing community should certainly be concerned about the continuing increase in deficiencies caused by a failure to assess risk and internal controls, and the PCAOB's assessment that they are caused by 'a lack of due professional care,'" Zyla said.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-extravagant-vacations-in-world-2015-9">The most expensive and extravagant vacations in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvMzRndzpNrgBqxHb0FavvEnwVT1v50q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

An increase in mergers and acquisitions is causing big mistakes inside finance departments

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty Images</span></p><p class="caption">StubHub offices in Chicago.</p></div><p></p></div></div></p><ul class="summary-list"><li>EBay-owned ticket exchange StubHub just launched an internal ad agency with the help of in-housing firm Undnyable and said it expected to reduce its agency fees by 30% to 40% in 2020 this way.</li><li>StubHub said its cost per acquisition is down 10% since it created the internal team three weeks ago.</li><li>StubHub said it wanted to be closer to the customer and save money.</li><li>Still, StubHub isn't entirely self-sufficient. It continues to use an agency, Starcom, to place its ads.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a> </li></ul><p>EBay's online ticket seller StubHub has jumped on the in-housing trend, creating an internal ad agency with the help of in-housing firm Undnyable.</p><p>Meg Ciarallo, StubHub's senior director of global brand marketing, told Business Insider that StubHub's six to seven agencies didn't justify their costs and that their campaigns' mixed messages were confusing to consumers.</p><p>She assembled StubHub's division over a five-month period with the help of Undnyable, whose founder and former agency creative director Justin Hooper also facilitated the process at her previous employer, SoFi.</p><p>StubHub still uses Publicis agency Starcom to place its ads.</p><p>Ciarallo cited a recent meeting between her creative and search engine marketing teams that she said wouldn't have happened in a more traditional setup to show that the benefit of having an internal agency is in the ability to dig into the performance data. </p><p>"On top of it all, it's much cheaper," she said.</p><h2>StubHub says cost per acquisition expenses have dropped 10% since it took creative work in-house</h2><p>Ciarallo said that StubHub planned to put 30-40% of its agency expenses into buying ads in 2020. She said the CPA (cost per acquisition) had decreased by about 10% in the first three weeks since her new internal team was formed.</p><p><a href="https://www.businessinsider.com/ad-holding-companies-are-developing-onsite-units-to-stay-competitive-2019-11">Holding companies like WPP and Dentsu are trying to defend against in-housing by</a> promoting an "embedded" model where traditional agency teams work alongside clients' employees. Ciarallo argued against that model, saying people who have worked for the company long-term simply understand it better.</p><p>She described creatives as a unique breed of human whose full potential only comes out when properly managed.</p><p>"When I started, there was a small in-house team that was de-motivated because they were doing the cast-off work," she said. "That's not the way to treat the people who know the brand the best."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/singles-day-alibaba-25-billion-largest-shopping-holiday-2018-11">How Alibaba turned a fake holiday into a $25 billion shopping extravaganza that's bigger than Black Friday and Cyber Monday combined</a></h3>        <div>                    </div>    </div>

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Tata Power arm TPIPL acquires 10 pc equity in ABV; total stake rises to 50 pc

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Online tutoring startup Byju’s is the latest Indian ‘unicorn’ going global

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Here's why one of the biggest buyers of startups didn't buy many startups last year

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Paypal is gaining ground after announcing its $2.2 billion acquisition of a European competitor of Square

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The Brazilian billionaire who bought Heinz and Burger King could soon be able to strike a $100 billion deal

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Here are all the changes Amazon is making to Whole Foods

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An increase in mergers and acquisitions is causing big mistakes inside finance departments

James Kosur

StubHub says it will cut its agency fees by as much as 40% in 2020 by taking its advertising in-house

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