Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Budget carrier SpiceJet on Monday said its subsidiary <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM &amp; MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers. SRAM &amp; MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas. So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 per cent on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>, which is facing headwinds, on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise USD 200 million, which is around Rs 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. In continuing woes for the carrier, aviation watchdog DGCA on Wednesday deregistered two more <keyword id="6357957" type="General" weightage="50" keywordseo="boeing" source="Orion">Boeing</keyword> 737 planes of SpiceJet, following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries from today and like the previous month, "salary will be credited in a graded format". Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern". On Wednesday, the airline also said that its Chief Financial Officer Sanjeev Taneja has resigned. The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment. "Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release. The airline, which had delayed its March quarter and FY2022 earnings, saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period. For the full fiscal year 2021-22, the net loss surged 73 per cent to Rs 1,725 crore from Rs 998.30 crore in the comparable period. According to the airline, business was severely impacted by the third wave of the coronavirus pandemic and high fuel prices in the March quarter. SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> said the industry has been witness to one of the most severe operating environment in the recent past, which impacted the progress and recovery made in the third quarter of FY2022. In the June quarter, jet fuel prices rose 105 per cent on a year-on-year basis and 40 per cent on a sequential basis, the airline said. "We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said. The airline's cargo arm <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> was in black during the first quarter of the current fiscal. It reported a net profit of Rs 18 crore. Cargo revenues rose 74 per cent to Rs 1,944 crore in FY2022. "We will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023," Singh said. Meanwhile, certain concerns have been flagged in the independent auditor report of the company's quarterly results. "... the group has an incurred net loss (after other comprehensive income) of Rs 7,827.82 million during the quarter ended 30 June 2022 and, as of that date, the group's accumulated losses amounts to Rs 67,471.11 million, which have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 67,719.67 million as at 30 June 2022," it said. According to the report, these conditions and other matters indicate the existence of a material uncertainties that may cast significant doubt about the Group's ability to continue as a going concern. Singh said that despite the complex operating environment and highest-ever input costs, SpiceJet has been able to sustain its operations. "Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners, including manufacturers and lessors setting the stage for our seamless growth and expansion. "As we move ahead, we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel-efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes," he added. In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airfares-may-get-costlier-this-festive-season-as-theres-no-cap-ticket-prices-from-now/articleshow/93917729.cms">Airfares may get costlier this festive season as there's no cap ticket prices from now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

SpiceJet net loss widens to ₹789 crore, CFO resigns

New Delhi, Nov 29 () Shares of <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> companies rallied in early trade on Friday after the CCI approved Amazon.com NV <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">Investment</keyword> Holdings' proposal to acquire about 49 per cent share in Future Coupons. Future Enterprises was trading 18.96 per cent up at Rs 26.35 on the BSE. Future Consumer hit a high of Rs 27.90, up 10.06 per cent. It gained as much as 14.79 per cent in early trade.
 Future Retail surged nearly 18.22 per cent to Rs 387.90. After shedding some gains, it was trading 13.61 per cent up at Rs 372.75.
 Shares of Future Lifetsyle Fashions rose 5.45 per cent to Rs 428.45. Later, it was trading at Rs 413.35, up 1.74 per cent.
 The Competition Commission of India (CCI) on Thursday said it has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 per cent share in Future Coupons.
 "The proposed combination pertains to the acquisition by the acquirer (Amazon) of approximately 49 per cent of the voting and non-voting equity shares of the target (Future Coupons Ltd)," a statement said.
 A detailed order of the CCI will follow, it added.
 Amazon.com NV Investment Holdings is a direct subsidiary of Amazon.com, Inc (ACI) and belongs to the Amazon group. ACI is the ultimate parent entity of the Amazon group, as per the statement. RUJ ANS
ANS

Shares of Future group companies zoom after Amazon-Future Coupon deal

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.flickr.com/photos/glencooper/6098671023/sizes/l/in/photolist-ahVhqp-gAtfuY-gAub5c-gAtK29-gAtcyN-gAtJLD-gAtHgq-gAteZE-gAu7Tc-gAunBn-9Udj4K-bYsoDA-bYsoYy-dJR7Kf-dnXG2c-dGo5nf-doe9ra-fur6LV-fDd16X-dJR7mf-fuFoAG-furMsi-a8JvMp-fDWc6s-fuG8x9-fuGeSf-furW3B-fuFouL-fbgmn4-ej1YXi-a18MD3-a18KMh-a18Kaf-a18Kgf-a18JY9-a18JN9-a18KAA-a15Unv-a18Mxu-a18Mpu-a15VuX-a18MuU-a15VRp-a15SMc-a18Me9-a15UMF-a18Krq-a18MEm-a18MzC-a18JzY-a18M9W/">GlenCooper/flickr</a></div></div></div>Fortune's Dan Primack <a href="http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/">reports</a> Fortress Investment Group is launching a Bitcoin fund.
Back in October, Fortress CIO Michael Novogratz alluded to his firm's growing interest in the cryptocurrency, <a href="http://www.businessinsider.com/figs-novogratz-is-bullish-on-bitcoin-2013-10">saying</a>, "Put a little money in Bitcoin...Come back in a few years and it's going to be worth a lot."
It now seems Fortress is putting its $58 billion assets-under-management where its mouth is. 
<a href="http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/">From Primack</a>:
"... The Fortress effort will be something like an unlisted currency ETF (similar to [SecondMarket's] Bitcoin Investment Trust), with Fortress also perhaps raising a separate vehicle to back Bitcoin-related startups. And there likely is some relationship to a new Bitcoin-related fund raised by Pantera Capital, a San Francisco-based hedge fund whose clients are known to include several Fortress executives."
The aforementioned SecondMarket was the first major firm to launch a major Bitcoin investment fund (we're not counting the Winklevoss' Bitcoin ETF, which does not yet officially exist). <a href="http://www.businessweek.com/articles/2013-12-27/does-it-make-any-sense-for-overstock-dot-com-to-accept-bitcoin">A few weeks ago</a>, SecondMarket founder and CEO Barry Silbert predicted 2014 would be "the year of Wall Street and Bitcoin."
It seems to be shaking out that way.
<a href="http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/">Click here to read Primack's full story at Fortune »</a>

Fortress Investment Group Is Launching A Bitcoin Fund

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersMichael Novogratz, President of Fortress Investment Group, speaks at the annual Skybridge Alternatives Conference (SALT) in Las Vegas</div></div></div>Fortress Investment Group is halted for news pending.The stock was trading up 0.18% at about $5.45 per share.Yesterday, <a href="http://www.bloomberg.com/news/articles/2015-10-12/fortress-said-to-plan-closing-down-macro-fund-run-by-novogratz">Bloomberg News</a> reported that the Fortress Macro Fund, run by Michael Novogratz, would be closing.The macro fund fell 4.67% in September and was down 17.49% year-to-date, <a href="http://www.sec.gov/Archives/edgar/data/1380393/000119312515341386/d76070d8k.htm">the firm said in</a> a recent securities filing.Novogratz, chief investment officer of the macro fund, is also expected to leave the firm, <a href="http://www.wsj.com/articles/fortress-investment-to-close-flagship-macro-hedge-fund-1444681007">The Wall Street Journal</a> reported. We'll have more shortly. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/excel-index-match-versus-vlookup-masters-find-data-2015-9">This is what separates the Excel masters from the wannabes</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="50YnY4czr4ms1vJ7yz3xzq0excz_pUMs" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Shares of Fortress Investment Group halted, news pending

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

BANGALORE: <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword>, chairman emeritus at Tata Sons, has invested in Delhi-based online marketplace <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
The company did not disclose the amount invested. The announcement comes a day after Snapdeal entered into a partnership with Tata Value Homes to sell apartment units of projects spread across five cities, namely, Bangalore, Chennai, Pune, Mumbai and Ahmedabad. 
 
Snapdeal’s cofounder and chief executive Kunal Bahl termed Tata’s investment a validation of the company’s growth. “An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company,” said Bahl. 
 
This investment also underlines the growing interest shown by India’s traditional industries in the fast-growing ecommerce sector. Recently traditional retail majors like Reliance and Arvind have made forays online. 
 The sector has also attracted large <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> in the past few months. Snapdeal raised over $233 million this year in two rounds from investors like eBay Inc, Singapore-based Temasek and Wipro chairman Azim Premji’s family office Premji Invest. Market leader Flipkart too raised two rounds of <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> this year. In July it raised $1 billion from existing investors and <keyword id="6356662" type="COUNTRY" weightage="60" keywordseo="Singapore">Singapore</keyword> sovereign wealth fund GIC. Global major Amazon also announced a $2 billion investment for its India operations in July. 
 
Snapdeal, which is estimated to have crossed $1 billion in sales this year, is rapidly adding new categories of products. Apart from apartments, it has launched a catering supplies segment recently. In the next few months the four-year-old platform is planning to add 10 more categories. Bahl has stated in the past that the company will focus on adding new merchants, new categories and focus on mobile commerce to ensure growth.

Ratan Tata, Tata Group's Chairman Emeritus, Invests In Snapdeal

<ul class="summary-list"><li>Peter Thiel has invested in an effort to create an Olympic Games that welcomes doping.</li><li>The <a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">PayPal cofounder</a> was one of several investors named Wednesday in the Enhanced Games.</li></ul><a target="_blank" href="https://www.businessinsider.com/peter-thiel-fbi-informant-charles-johnson-johnathan-buma-chs-genius-2023-10">Peter Thiel</a> is backing an effort to create an Olympic Games that welcomes using performance-enhancing drugs.<a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">The PayPal and Palantir cofounder</a> was named as one of several VCs investing in The Enhanced Games in a <a target="_blank" href="https://www.prnewswire.com/news-releases/venture-capitalists-christian-angermayer-peter-thiel-and-balaji-srinivasan-join-funding-for-the-enhanced-games-the-21st-century-olympics-without-drug-testing-302049164.html">press release</a> Wednesday. Also named were Christian Angermayer's Apeiron Investment Group and former Coinbase CTO Balaji Srinivasan."Just as the ancient Olympics were revived and renovated in 1896 for the Victorian world, the Enhanced Games is once again renovating the Olympic model for the twenty-first century," said Aron D'Souza, president of the Enhanced Games, in a <a target="_blank" href="https://www.prnewswire.com/news-releases/venture-capitalists-christian-angermayer-peter-thiel-and-balaji-srinivasan-join-funding-for-the-enhanced-games-the-21st-century-olympics-without-drug-testing-302049164.html">press release</a> Wednesday. "In the era of accelerating technological and scientific change, the world needs a sporting event that embraces the future, particularly advances in medical science."The Enhanced Games plans to have "health checks before and after competitions" as well as "advanced screening to check for pre-existing conditions, for example, cardiac risk," said Dr. Michael Sagner, MD, of King's College London, who is a member of the Enhanced Games' Scientific and Medical Advisory Commission, in the press release.Medical professionals warn that <a target="_blank" href="https://www.businessinsider.com/guides/health/side-effects-of-steroids">steroid use can have harmful side effects</a>, including mood changes, loss of bone density, and increased risk of serious infection.The <a target="_blank" href="https://www.businessinsider.com/olympics-drugs-banned-affect-athletic-performance-kamila-valieva-shacarri-richardson-2022-2">Olympic Games bans the use of hundreds of medications and drugs</a>, including categories like stimulants, anabolic agents, and hormone and metabolic modulators. Many of these can affect athletes' performance by accelerating muscle gains, improving blood flow, or boosting energy or focus.Just this week, <a target="_blank" href="https://www.businessinsider.com/olympian-slams-ioc-response-valieva-russian-doping-medal-ceremony-cancellation-2022-2">Russian figure skater Kamila Valieva</a> was retroactively disqualified from the 2022 Beijing Olympic Games after the Court of Arbitration for Sport ruled she'd violated anti-doping rules.

Peter Thiel invests in group to recreate the Olympics on steroids — literally

There is no respite for <keyword id="163404" type="General" weightage="20" keywordseo="softbank" source="Orion">SoftBank</keyword> <keyword id="45472" type="General" weightage="20" keywordseo="group" source="Orion">Group</keyword> in the ongoing global tech meltdown as the <keyword id="6373366" type="General" weightage="20" keywordseo="japanese" source="Orion">Japanese</keyword> <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> giant on Tuesday reported a massive around $5.9 billion net loss in its third quarter that ended December 31. SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies". The investment giant had lost $10 billion in the previous quarter (July-September 2022). According to the company, the fair value of its current late-stage portfolio is now more than $37 billion. On its earnings call with analysts, SoftBank said it's in the "defence mode". For the first time in decades, Masayoshi Son, founder and chief executive of SoftBank Group, skipped the analysts' call. According to <keyword id="105784" type="General" weightage="20" keywordseo="the-financial-times" source="Orion">The Financial Times</keyword>, at December-end, SoftBank said the fair value of the $100 billion Vision Fund I was down 4.4 per cent from a year earlier. The valuation for investments in Vision Fund II was down 6.2 per cent. SoftBank said it's taking a "cautious approach" to investing in the blockchain and crypto sector. Battered by heavy losses, SoftBank in September last year announced to lay off at least 30 per cent of employees at its loss-making Vision Fund. In August, SoftBank Group revealed plans to sell nearly 242 million American depository receipts (ADRs) of Chinese behemoth Alibaba, which will help it gain 4.6 trillion yen ($34 billion) in pre-tax gain from the sale. Investment bank Jefferies had predicted that SoftBank would need "$40-45 billion of cash this year" if it were to sustain. Son had warned unicorns and startups to prepare for a harsh and longer funding winter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/k-satyanarayana-raju-appointed-as-new-md-ceo-of-canara-bank/articleshow/97691108.cms">K Satyanarayana Raju appointed as new MD &amp; CEO of Canara Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-returns-ipo-papers-of-fairfax-backed-go-digit-general-insurance-co-to-refile/articleshow/97691075.cms">Sebi returns IPO papers of Fairfax backed Go Digit General Insurance, co to refile</a>

SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

<ul><li><keyword id="292871" type="PERSON" weightage="20" keywordseo="Arun-Sarin">Arun Sarin</keyword>, former <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> Group Plc CEO, has invested an undisclosed amount in <keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword>. </li><li>Sarin has been on the board of <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> as an investor and director for long now.</li><li>Earlier in May, Ola Electric had also raised funding from Ratan Tata.</li></ul>Arun Sarin, former Vodafone Group PLC CEO has invested in Indian unicorn Ola's subsidiary company Ola Electric. With the investment, he joins the board of Ola Electric as an independent director. Sarin has been on the board of Ola as an investor and director for long now. As Ola turned to electric mobility, he has invested again in the Series A round being raised by Ola Electric. Recharging India’s EV mission Ola Electric Mobility develops solutions to make electric mobility viable at scale. The subsidiary company was formed when Ola initiated its electric mobility program in Nagpur in partnership with Mahindra. “Electric Mobility at scale is the need of the hour and can help us solve some of the world’s most complex problems like climate change, pollution, over-dependence on non-renewables amongst others. Ola Electric is pioneering the change by building an ecosystem that can help catalyze the adoption of <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> globally,” Sarin said. The former Vodafone Group CEO and telecommunications industry expert is also on the board of companies like Accenture and Cisco amongst others. <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, Co-founder &amp; CEO, Ola said, “Arun’s experience of building global businesses and his deep understanding of emerging markets and opportunities will be very valuable for us at Ola Electric in executing our mission. We look forward to his continued guidance and mentorship.” In May, Ola Electric raised funding from Ratan Tata. In March, it had raised ₹400 crore from Ola’s existing and early investors - Tiger Global and Matrix India. Both Tata and Sarin are existing investors in Ola. The electric vehicle sector is gaining interest in India with large automakers like Maruti Suzuki, Mahindra and Mahindra and Tata Motors marking their entry into the segment. See Also: <a href="https://www.businessinsider.in/ratan-tata-invests-in-ola-electric-mobility/articleshow/69199801.cms">Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount</a> <a href="https://www.businessinsider.in/ola-takes-on-mahindra-glyd-with-fresh-funds-wheres-uber/articleshow/68214440.cms">Ola gets fresh funds to take on Mahindra’s Glyd – where’s Uber?</a>

Former Vodafone Group CEO Arun Sarin invests in Ola Electric

Chandigarh, Feb 18 () Germany-based Freudenberg Group CEO Ulrich Kerber on Tuesday discussed with Punjab Chief Minister Amarinder Singh the modalities for investing Rs 400 crore in the state's automotive sector. Amarinder assured Kerber of his government's full support and cooperation to undertake expansion in the state, a government statement said here. Kerber informed the chief minister that the group was in constant touch with 'Invest Punjab' team for identification of suitable site for the new project, which would soon be finalised. He told Amarinder that Vibracoustic India, an arm of Freudenberg Group, is a leading supplier of NBH (noise, vibration and harshness) solutions for automotive industry, with a presence in 19 countries, and a market share of 18 per cent. It is a major supplier to companies such as Audi, Mercedes and Volvo, he added. Vibracoustic India President and Head of Operatons Jagminder Bawa informed the chief minister that the group started its operation 20 years ago in Mohali. He also pointed out that Vibracoustic India had worked out a proposal to invest for both Vibracoustic India and Freudenberg Sealing Technologies, another group company. Amarinder appreciated the group's endeavours and said the new proposed project would further boost investment sentiment in the state, besides generating employment. With his government's investor friendly policies and renewed confidence of entrepreneurs, Punjab has firmed up investments worth nearly Rs 60,000 crore on the ground since March 2017, he said. Freudenberg Group, a global technology conglomerate, deals in multiple sectors such as mobility, energy, chemicals, household, textile with 50,000 employees in around 60 countries, and had a total turnover of more than 9.4 billion Euros in 2018. CHS RVKRVK

You Searched For "SRAM MRAM Group invest in SpiceXpress" and got 11 results

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

PTI

SpiceJet net loss widens to ₹789 crore, CFO resigns

PTI

Shares of Future group companies zoom after Amazon-Future Coupon deal

PTI

Fortress Investment Group Is Launching A Bitcoin Fund

Rob Wile

Shares of Fortress Investment Group halted, news pending

Julia La Roche

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

PTI

Ratan Tata, Tata Group's Chairman Emeritus, Invests In Snapdeal

ET

Peter Thiel invests in group to recreate the Olympics on steroids — literally

Sarah Jackson

SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

IANS

Former Vodafone Group CEO Arun Sarin invests in Ola Electric

Sanchita Dash

Germany-based Freudenberg Group to invest Rs 400 cr in Punjab

PTI

Popular Keywords

Buying Guides