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<keyword id="19971628" type="General" weightage="20" keywordseo="electric" source="keywords">Electric</keyword> two-wheeler firm Pure EV on Monday said it has raised USD 8 million (around Rs 66 crore) from a consortium of investors. The funding was led by <keyword id="20642225" type="General" weightage="20" keywordseo="bennett-coleman" source="keywords">Bennett Coleman</keyword> and Company Ltd, Hindustan Times Media Ventures, alongside <keyword id="20642226" type="General" weightage="20" keywordseo="ushodaya-enterprises-pvt-ltd" source="keywords">Ushodaya Enterprises Pvt Ltd</keyword>, existing investors and high net-worth individuals, Pure EV said in a statement. The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor. Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million, it added. "We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months," Pure EV Co-Founder &amp; CEO <keyword id="20642224" type="General" weightage="20" keywordseo="rohit-vadera" source="keywords">Rohit Vadera</keyword> stated. The company sells a range of electric motorcycles and scooters and has already sold over 70,000 units. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/retro-turned-electric-after-chetak-kinetic-luna-also-gets-a-new-lease-of-life/slidelist/107523076.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/retro-turned-electric-after-chetak-kinetic-luna-also-gets-a-new-lease-of-life/slidelist/107523076.cms" target="_blank">Retro turned electric – After Chetak, Kinetic Luna also gets a new lease of life</a><a href="https://www.businessinsider.in/business/auto/news/mg-comet-price-slashed-indias-most-affordable-ev-gets-cheaper/articleshow/107451916.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/mg-comet-price-slashed-indias-most-affordable-ev-gets-cheaper/articleshow/107451916.cms" target="_blank">MG Comet price slashed – India’s most affordable electric car gets cheaper</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lead-the-segment-in-electric-scooters-in-january-2024/articleshow/107424791.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lead-the-segment-in-electric-scooters-in-january-2024/articleshow/107424791.cms" target="_blank">Electric scooter sales grow 26% in January as Bajaj, Ather jostle behind TVS and Ola</a>

Pure EV raises $8 million in latest funding round

<keyword id="472903" type="General" weightage="50" keywordseo="directorate-of-enforcement" source="Orion">Directorate of Enforcement</keyword> (<keyword id="12163" type="General" weightage="20" keywordseo="ed" source="Orion">ED</keyword>) has attached assets worth Rs 305.84 crore of a private firm under section 37A of the Foreign Exchange Management Act, 1999 for violation of section 4 of the Act. The ED attached the assets of <keyword id="326507" type="General" weightage="100" keywordseo="joy-alukkas" source="Orion">Joy Alukkas</keyword> Verghese, Chairman of Joy Alukkas <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> Pvt Ltd. According to an official statement on Friday, the case pertains to a huge amount of cash transferred to <keyword id="6354539" type="General" weightage="50" keywordseo="dubai" source="Orion">Dubai</keyword> from India through Hawala Channels which allegedly invested in <keyword id="16632550" type="General" weightage="50" keywordseo="joy-alukkas-jewellery-llc" source="Orion">Joy Alukkas Jewellery LLC</keyword>, Dubai. The attached assets include 33 immovable properties (value Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, 3 Bank accounts (value Rs 91.22 lakh), 3 Fixed Deposits (value Rs 5.58 crore) and Shares of Joy Alukkas India Pvt Ltd (value Rs 217.81 crore). ED had earlier conducted searches on February 22, 2023, at 5 premises of Joy Alukkas group including the office of Joy Alukkas India Pvt Ltd and the residential premises of the Director of the company. "The evidence was gathered during the search from their official documents, mail and staff which clearly proved active involvement of Mr Joy Alukkas in Hawala transactions. These amounts were subsequently invested in Joy Alukkas Jewellery LLC, Dubai," the statement said. Further investigation into the matter is underway. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/leaked-messages-show-googlers-are-taking-out-their-frustrations-over-layoffs-on-its-new-bard-ai-chatbot/articleshow/98221257.cms">Leaked messages show Googlers are taking out their frustrations over layoffs on its new Bard AI chatbot</a> <a href="https://www.businessinsider.in/entertainment/news/hbo-dropped-the-1st-teaser-trailer-for-succession-season-4-heres-what-to-expect-when-the-show-returns-this-march-/articleshow/97361611.cms">'Succession' will end with its 4th season. Here's what to expect when the show returns for its final episodes this March.</a> <a href="https://www.businessinsider.in/insider-picks/news/trauma-therapists-share-6-tips-for-healing-your-inner-child-at-any-age/articleshow/98220785.cms">Trauma therapists share 6 tips for healing your inner child at any age</a>

ED attaches assets worth ₹305.84 crore of Joy Alukkas Pvt Ltd under FEMA

<keyword id="80359" type="General" weightage="80" keywordseo="yamuna-expressway-industrial-development-authority" source="Orion">Yamuna Expressway Industrial Development Authority</keyword> (YEIDA) has cancelled the land allotment of 14 group housing projects for violation of terms and conditions of lease deed and non-payment of dues. The authority has also forfeited an amount of more than Rs 209 crore of the developers, to whom a total of more than 15.25 lakh sqm of land was allotted. According to the information received, the group housing land allocation of two developers in 2019, three in 2021 and nine in 2022 have been cancelled, whereas no allotment was cancelled in 2020 due to the Covid pandemic. Of the cancelled plots, 10 are situated in Sector 22D, two in Sector 18 and one each in Sectors 22A and 26A. The cancelled projects are, namely Three Sea Residency Pvt Ltd, Sukriti Infracom Pvt Ltd, Emerald Promoters Pvt Ltd, Cosmic Infradevelopers Pvt Ltd, <keyword id="15245666" type="General" weightage="80" keywordseo="three-sea-homes-pvt-ltd" source="Orion">Three Sea Homes Pvt Ltd</keyword>, UG Infrastructure Pvt Ltd, Trivalli Project Pvt Ltd, Sunwhite Infratech, <keyword id="15245665" type="General" weightage="80" keywordseo="pratham-real-venture" source="Orion">Pratham Real Venture</keyword>, <keyword id="15245664" type="General" weightage="80" keywordseo="growth-infradevelopers-pvt-ltd" source="Orion">Growth Infradevelopers Pvt Ltd</keyword>, <keyword id="15245663" type="General" weightage="80" keywordseo="ajnara-india-pvt-ltd" source="Orion">Ajnara India Pvt Ltd</keyword>, Silverline Furnishing &amp; Furniture Pvt , SDS Housing Pvt Ltd and Infracity Pvt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-jokes-he-is-selling-perfumes-to-fund-twitter-acquisition/articleshow/94832660.cms">Elon Musk jokes he is selling ‘Burnt Hair’ perfumes to fund Twitter acquisition, changes bio to “Perfume Salesman” as sales cross 20,000</a>

YEIDA cancels allotment of 14 group housing projects due to non-payment of dues

New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

With emission and fuel efficiency norms getting tighter, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s largest car maker <keyword id="6363602" type="General" weightage="50" keywordseo="maruti-suzuki-india-ltd" source="Orion">Maruti Suzuki India Ltd</keyword> expects to have only hybrid (mild and strong), flexible fuel, compressed natural gas (CNG), electric, bio-fuel powered vehicles, said a senior official. As a result, pure petrol powered cars may not figure in the company's portfolio of cars in a decade. Already the company has stopped rolling out diesel powered cars. <keyword id="44883" type="General" weightage="100" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> is also focusing on growing its sport utility vehicle portfolio and the market share in that segment. "Pure petrol powered cars may not be there in the company's product line up, say in 10 years time as the emission and fuel efficiency norms are getting tighter," Shashank Srivastava, Senior Executive Director, Marketing &amp; Sales told IANS. He said the new Corporate Average Fuel Economy or Efficiency (CAFA per cent) norms may come into place in 2032. Unlike the norms for the tailpipe emissions, the CAFA% norms are for a carmaker's entire portfolio. More the fuel efficiency of a car, the less the tailpipe emissions. As there is a limit on achieving higher fuel efficiency with the current technology, companies are looking at alternatives. While electric vehicles are one option, it is not viable for the entire automotive segment in India in the short term owing to issues like availability of charging infrastructure, vehicle price and its payback period and others. The other option is rolling out vehicles powered by mixed fuel -- ethanol plus petrol, hybrid, flexible fuel, CNG and the like. Be that as it may, Maruti Suzuki is gearing up for unveiling its first midsize petrol-electric hybrid SUV on July 20. The vehicle will be rolled out in two variants-mild and strong. The car will be produced at the <keyword id="6374528" type="General" weightage="50" keywordseo="toyota" source="Orion">Toyota</keyword> <keyword id="298641" type="General" weightage="50" keywordseo="kirloskar-motor-pvt-ltd" source="Orion">Kirloskar Motor Pvt Ltd</keyword>'s plant in Karnataka's Bidadi. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-a-little-over-11000-people-in-the-last-six-months/articleshow/92541036.cms">11,000 and counting — that’s how bad startup job losses are after Ola, Byju’s &amp; 22 others cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-shehnai-the-musical-instrument-made-famous-by-ustad-bismillah-khan-seeks-a-gi-tag/articleshow/92692131.cms">India's Shehnai, the musical instrument made famous by Ustad Bismillah Khan, seeks a GI tag</a>

Maruti Suzuki to discontinue petrol-powered cars in 10 years

From launch vehicles to <keyword id="41531" type="General" weightage="100" keywordseo="space" source="Orion">space</keyword> tourism, India's space sector start-ups are set to soar after <keyword id="7537495" type="General" weightage="50" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword>'s maiden suborbital flight from the spaceport at Sriharikota on Friday. The Vikram-S rocket, developed over the past two years and built using 3-D printing technology, reached an altitude of 89.5 km. Chennai-based <keyword id="7122982" type="General" weightage="50" keywordseo="agnikul-cosmos" source="Orion">Agnikul Cosmos</keyword> is set to test its Agnibaan-1 in a suborbital flight sometime next month. "We plan to have the first launch of Agnibaan before the end of this year," Srinath Ravichandra, co-founder of Agnikul, told PTI. Earlier this month, Agnikul received a flight termination system from the <keyword id="119061" type="General" weightage="50" keywordseo="indian-space-research-organization" source="Orion">Indian Space Research Organization</keyword>, the first-ever such transfer for a launch vehicle developed by the private sector. As <keyword id="9750118" type="General" weightage="50" keywordseo="skyroot" source="Orion">Skyroot</keyword> and Agnikul focus on launching payloads in <keyword id="13468573" type="DOMAIN" weightage="20" keywordseo="orbit" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="orbit" meta.entityname="Orbit Multimedia Ltd." meta.entityid="5254" meta.seoname="orbit-multimedia-ltd">orbit</keyword>, <keyword id="15447669" type="General" weightage="50" keywordseo="space-aura-aerospace-technology-pvt-ltd" source="Orion">Space Aura Aerospace Technology Pvt Ltd</keyword> and <keyword id="15554246" type="General" weightage="50" keywordseo="astroborne-space" source="Orion">Astroborne Space</keyword> and <keyword id="222040" type="General" weightage="50" keywordseo="defence-technologies" source="Orion">Defence Technologies</keyword> are planning forays into space tourism and the development of crew modules and space suits, respectively. "We plan to set up India's first private astronaut training facility soon," Akshat <keyword id="13896424" type="DOMAIN" weightage="20" keywordseo="mohite" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="mohite" meta.entityname="Mohite Industries Ltd." meta.entityid="5048" meta.seoname="mohite-industries-ltd">Mohite</keyword>, co-founder and CEO of Astroborne Space and Defence Technologies said. "The maiden launch by a new start-up has significantly enhanced the credibility of Indian private space players around the globe. The capability that the sector has been claiming has been demonstrated in Space," <keyword id="12263484" type="General" weightage="50" keywordseo="indian-space-association" source="Orion">Indian Space Association</keyword> Director-General Lt Gen AK Bhatt told PTI. Bhatt said India's space economy was set to grow to USD 13 billion and the space launch segment was estimated to grow the fastest by 2025. It will be further spurred by growing private participation, the latest technology adoption and the low cost of launch services and this launch is a major landmark for this growth to take place in the coming years, he said. Inspired by Elon Musk's SpaceX, Mumbai-based Space Aura has begun developing a space capsule measuring 10 feet x 8 feet to ferry six tourists and a pilot into space. Space Aura CEO Akash <keyword id="1473207" type="DOMAIN" weightage="20" keywordseo="porwal" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="porwal" meta.entityname="Porwal Auto Components Ltd." meta.entityid="10373" meta.seoname="porwal-auto-components-ltd">Porwal</keyword> said he planned to have the maiden launch of the space capsule using a high-altitude balloon by 2025. The space capsule will be propelled by a balloon filled with helium or hydrogen gas up to 30 to 35 km above sea level where space tourists can witness the Earth's curvature and the blackness of space for around an hour, Porwal said. The space balloon will be slowly deflated and a parachute unpacked to bring down the spaceship. At a definite point, the space balloon will be detached from the capsule and the tourists brought down safely. Porwal said his company had identified two places in Karnataka and <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword> from where the flight into space could be launched. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/vikram-s-marks-the-beginning-of-private-venture-in-indian-space-programme-with-maiden-success/articleshow/95598949.cms">Vikram-S marks "The Beginning" of private venture in Indian space programme with maiden success</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/iit-kanpur-researcher-develops-technology-to-turn-acs-into-air-purifiers/articleshow/95601694.cms">IIT Kanpur researcher develops technology to turn ACs into air purifiers</a>

From launch vehicles to space tourism, Indian space start-ups aim high

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

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Pure EV raises $8 million in latest funding round

PTI

ED attaches assets worth ₹305.84 crore of Joy Alukkas Pvt Ltd under FEMA

ANI

YEIDA cancels allotment of 14 group housing projects due to non-payment of dues

IANS

Reliance expects to complete merger with Disney's India business in Q3

PTI

Maruti Suzuki to discontinue petrol-powered cars in 10 years

IANS

From launch vehicles to space tourism, Indian space start-ups aim high

PTI

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

IANS

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