Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul><li><keyword id="57315" type="General" weightage="80" keywordseo="iphones" source="Orion">iPhones</keyword> made in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> increased in volume and value last year as <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword> moved to shift some of its production away from China.</li><li>In 2022, the shipment volumes of iPhones manufactured in India increased by 65 per cent year on year. </li><li>Last year, Apple accounted for 25 per cent of the value of India's total smartphone shipments, which shows a rise from 12 per cent in 2021, the SCMP reported citing the Counterpoint.</li></ul>New Delhi [India], April 6 (ANI): iPhones made in India increased in volume and value last year as Apple moved to shift some of its production away from China to diversify its supply chain, South China Morning Post reported. In 2022, the shipment volumes of iPhones manufactured in India increased by 65 per cent year on year. In addition, the value of iPhones rose by 162 per cent, South China Morning Post reported citing a report published by market research firm Counterpoint last week. Last year, Apple accounted for 25 per cent of the value of India's total smartphone shipments, which shows a rise from 12 per cent in 2021, the SCMP reported citing the Counterpoint. China manufactures up to 85 per cent of iPhones around the world, <keyword id="17053494" type="General" weightage="50" keywordseo="xinmei-shen" source="Orion">Xinmei Shen</keyword> said in the South China Morning Post report. However, Beijing faces the risk of losing its dominance as Apple is taking measures to shift its manufacturing supply chain outside China. Apple is among the global tech brands that are seeking to reduce their reliance on China for production amid rising tensions between Beijing and Washington and production disruptions in China due to the Chinese government's stringent COVID-19 measures, according to the South China Morning Post report. In 2020, India launched a USD 6.65 billion plan that offered incentives to global smartphone makers for shifting their production to the country. Apple contract manufacturer Foxconn Technology is reportedly intending to invest around USD 700 million in a new plant in India to enhance local production, according to the news report. The decision has raised concerns among social media users in China that the country was at risk of losing its primary role in Apple's manufacturing supply chain, Xinmei Shen said in the news report. India is expected to assemble up to 50 per cent of Apple's iPhones by 2027, which shows an increase from fewer than 5 per cent at present, The South China Morning Post reported citing Taiwan's Digitimes Research forecast in January. The production will make India on par with the scale of production in mainland China, as per the South China Morning Post report. Foxconn, formally known as Hon Hai Precision Industry, scrambled to restore full production capacity at its manufacturing complex in Zhengzhou after severe disruptions that included worker protests and an exodus of thousands of employees amid a COVID-19 outbreak. On March 5, Foxconn announced a major investment in Karnataka that will generate over one lakh jobs, according to an official statement. As much as 300 acres of land has been identified for this purpose near the Bengaluru International Airport in Doddaballapura and Devanahalli taluks. During his visit to India, Young Liu met with Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>. They discussed topics related to enhancing India's tech and innovation ecosystem. Hon Hai Technology (Foxconn) tweeted, "Chairman Young Liu is visiting India. Today we had a warm meeting with Honourable Prime Minister @narendramodi and updated him on our good progress in the country. Foxconn will continue to build an ecosystem in India allowing all our stakeholders to share, collaborate and thrive." In response to a tweet by Hon Hai Technology Group (Foxconn), PM Modi tweeted; "Had a good meeting with Young Liu. Our discussions covered various topics aimed at enhancing India's tech and innovation eco-system." (ANI) SEE ALSO: <a href="https://www.businessinsider.in/tech/news/cert-in-warns-of-high-severity-vulnerabilities-in-apple-products-urges-immediate-action/articleshow/99231900.cms">CERT-In warns of high-severity vulnerabilities in Apple products, urges immediate action</a> <a href="https://www.businessinsider.in/tech/news/googles-new-features-to-simplify-travel-planning-including-a-mobile-friendly-hotel-browsing-feature-a-price-guarantee-badge-for-flights-and-more/articleshow/99235884.cms">Google’s new features to simplify travel planning, including a mobile-friendly hotel browsing feature, a price guarantee badge for flights, and more</a>

Made-in-India iPhones increase as Apple shifts production from China

<keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> has seen tremendous growth as a wealth management centre in recent years. In the ten years from 2012 to 2021, assets under management have increased more than three-fold from SGD1.6 trillion (USD1.2 trillion) to SGD 5.4 trillion, according to data from Singapore's central bank, MAS (Monetary Authority of Singapore). In just one year, 2021, it grew 16 per cent, the last year's data is available. Three-quarters of this came from outside Singapore, with just under a third from Asia-Pacific countries. Indeed, some call Singapore the Switzerland of the East. Recently, the trend of setting up family <keyword id="47357" type="General" weightage="20" keywordseo="offices" source="Orion">offices</keyword> has been growing and has accelerated since the start of the pandemic and Singapore has managed to take a large slice of this market as well. Family offices are privately held companies set up to manage the wealth and investments of the uber-rich. These family offices are usually set up with the objective of managing the financial and investment needs of affluent families or individuals including providing financial solutions, budgeting, insurance, charitable giving, wealth transfer and succession planning, and tax services. Family offices are different from traditional wealth management in that they offer a total solution to managing the financial and investment needs of an affluent individual or family. Between 2020 to 2021, Singapore has seen the number of family offices set up in the city-state climb from 400 to 700. No data is available for 2022 at the moment but anecdotal evidence suggests that this trend continues to grow. Chung Ting Fai, a lawyer who helps set up family offices, told Reuters that in late 2022, he had one enquiry a week from people who want to move at least USD20 million into Singapore. That's up from about an enquiry a month in 2021, while in January this year, he received two enquiries a week. In October last year, <keyword id="29740" type="General" weightage="20" keywordseo="Bloomberg" source="Orion">Bloomberg</keyword> reported that Indian billionaire Mukesh Ambani ranked 10th richest man in the Forbes billionaires list for 2022, is establishing a family office in Singapore. The office will be set up by Reliance Industries, the billionaire's firm. It is being believed that opening a family office in Singapore will help Ambani achieve his greater goal of turning his retail-to-refining business global. It will also help him buy assets abroad. He is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain. As it started to significantly ease COVID restrictions, being the leading Asian country to do so, Singapore has seen a fresh wave of affluent foreigners looking to park their wealth here. This is especially so among the Chinese as they became disenchanted by their government's draconian COVID policies. These mainlanders have become impatient and are keen to look at alternative destinations for their wealth. Although China has now abandoned its zero-COVID policy, these wealthy Chinese are expected to continue to explore options outside of their home country, in part also due to concern about President Xi Jinping's common prosperity drive that aims to reduce inequality. Besides the Chinese, Malaysian and Japanese citizens are also looking to set up family offices in Singapore. What attracts ultra-rich foreigners to Singapore to set up family offices is its tax-friendly regime and comparatively safe and secure environment. It is also seen as politically stable with clear transparent rules and an incorruptible system. Singapore also is an international financial centre which allows investment firms the ability to offer their clients a varied range of products and investment opportunities to suit their needs. The arrival of the wealthy is leading to Singapore's resident population growing again after many expatriates left at the height of the pandemic. In 2022, the island received 30,000 more permanent residents and 97,000 more foreigners on work or long-term visas, lifting its population to 5.64 million. However, the flood of the global rich squeezing onto the tiny island is causing some pain to the local population. Prices of cars, housing and other goods have escalated significantly. Deputy Prime Minister Lawrence Wong signalled in August last year that the wealthy may face more taxes to boost inclusive growth. Singapore's new residents have sent rents surging 21 per cent in the first nine months of last year. Home prices have also jumped over the past two years with mainland Chinese buyers continuing to be the top foreign buyers of expensive private properties. The steep rise in golf memberships is but one sign of how the price of the symbols of affluence on the island has gone bonkers. Accordingly to the membership brokerage firm, Singolf Services, the membership cost to Singapore's prestigious Sentosa Golf Club has more than doubled since 2019 to reach SGD 880,000 (USD 665,000) for foreigners. Desmond Teo, Asia Pacific family enterprise leader at consulting firm EY commented to Reuters that the inflows of money support Singapore's financial services sector and startups, creating a "rich ecosystem" that makes the country more attractive to new stakeholders. "When you hit a certain critical mass, the critical mass itself is an attraction," he said.

Why are wealthy Indians, foreigners opening family offices in Singapore?

New Delhi, The <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">COVID-19 pandemic</keyword> had a massive impact on the <keyword id="528556" type="PERSON" weightage="20" keywordseo="Indian-aviation-sector">Indian aviation sector</keyword> in 2020 and major airlines facing losses and challenging times laid off employees, sent them on leave without pay, or cut their salaries. The government also had to extend the deadline for submitting bids for Air India five times during the year. When the pandemic started spreading across the country, all scheduled international flights and domestic passenger flights were suspended from March 23 and March 25, respectively. Scheduled domestic flights were restarted in a limited manner from May 25. The effect of this disruption can be gauged by the loss figures of India's two largest airlines. IndiGo incurred net losses of ₹2,884 crore and ₹1,194 crore in Q1 and Q2 of this fiscal respectively. SpiceJet posted net losses of ₹600 crore and Rs 112 crore in Q1 and Q2, respectively. The government, meanwhile, permitted special international passenger flights under Vande Bharat Mission since May and air bubble arrangements were formed with around 24 countries since July. However, scheduled international flights remain suspended in India. "The revival of overseas travel is expected to be slower and more challenging than domestic. This will hurt Air India in particular as around 60% of its revenue was earlier generated from international operations," said aviation consultancy firm CAPA in October. It estimated that just 50-60 million passengers -- 40-50 million domestic and less than 10 million international -- would travel in 2020-21. In 2019-20, approximately 205 million air passengers -- 140 million domestic and 65 million international -- travelled in India. CAPA India projected in October that the Indian aviation industry will lose a combined USD 6-6.5 billion in FY21, of which airlines will account for USD 4-4.5 billion. As a result, the government's plan to sell Air India has been hit. After its unsuccessful attempt to sell the national carrier in 2018, the government in January restarted the divestment process but the pandemic forced it to extend the date for submission of expression of interest (EOI) five times. The last date of EOI submission was December 14. The government has received multiple EOIs and it will announce the name of qualified bidders by January 5. In order to make debt-laden Air India more attractive, the government changed the bidding parameter in October - bidders will now quote enterprise value instead of equity value. This means that the bidder will be able to quote how much cash it would give and how much debt of the airline it would be able to carry. However, the government made it clear that minimum 15% of the bid amount has to be in cash while the remaining would be the debt component. Air India's debt was ₹58,255 crore as on March 31, 2019. Later in 2019, ₹29,464 crore of this debt was transferred from Air India to a government-owned special purpose vehicle called <keyword id="10498331" type="COMPANY" weightage="20" keywordseo="air-india-assets-holding-company-limited">Air India Assets Holding Company Limited</keyword> (AIAHL). While Air India was unable to get a private owner in 2020, bankrupt airline Jet Airways was able to find one. A consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital won the bid on October 17 to revive Jet Airways. It expects to start operating the airline by the summer of 2021. The consortium said it is awaiting the NCLT and other regulatory approvals, including reinstatement of slots and bilateral traffic rights by <keyword id="9063062" type="COMPANY" weightage="20" keywordseo="the-civil-aviation-ministry">the civil aviation ministry</keyword> and <keyword id="6354705" type="COMPANY" weightage="20" keywordseo="directorate-general-of-civil-aviation">Directorate General of Civil Aviation</keyword> (DGCA). Slots -- which is the time zone at which a flight can land at the airport -- as well as bilateral traffic rights -- the number of flights an airline can fly to another country's city -- are precious commodities in the aviation sector. When Jet Airways went bankrupt in April 2019, its slots and rights were temporarily given to other Indian carriers by the government so that they can start new flights and fill the supply gap. Now, as other airlines have added planes and started flights considering these slots and rights will remain with them, it is not clear what decision the government will take on this matter in 2021. Meanwhile, the process to build the second international airport in Delhi moved ahead in 2020. Ten months after winning the bid for greenfield international airport in Jewar, Zurich Airport International signed a concession agreement with the Uttar Pradesh government on October 7, 2020, to begin its construction. The Swiss developer has selected a four-company consortium to design its passenger terminal. The first phase of construction of the airport is likely to be completed by 2024. Air cargo traffic in India has been showing faster recovery in 2020 as compared to passenger traffic. This has given some respite to the aviation sector. However, Anupama Arora, Vice President and Sector Head, ICRA Ratings, said, "In FY2021, total cargo volumes are expected to decline by 17-20% in FY2021 with meaningful recovery in cargo volumes expected only in FY2022." To survive the pandemic-induced crisis, all airlines took cost cutting measures like firings or pay cuts in 2020. In April, GoAir sent the majority of its employees on leave without pay. Air India had in April cut the salaries of its employees by 10%. At the same time, SpiceJet and IndiGo cut the salaries of all employees by 10-30% and 5-25%, respectively. In July, IndiGo also laid off 10% of its workforce. AirAsia India in April has cut the salaries of its senior employees by up to 20%. Starting April, Vistara implemented a leave without pay program for its employees based on seniority. Currently, the Indian airlines are operating domestic flights at around 80% of their pre-COVID levels. The domestic services are expected to reach their pre-COVID levels by March 2021. With the anti-coronavirus vaccination likely to begin from 2021, the Indian aviation sector is hoping for a much better year as compared to 2020. However, after a new and more infectious coronavirus strain emerged in the UK recently, India announced on December 21 that all passenger flights connecting that country will be suspended from December 23 to December 31. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

COVID-19 had massive impact on Indian aviation sector in 2020

New Delhi, May 8 () US-based private equity firm Vista Equity Partners will buy a 2.32 per cent stake in billionaire Mukesh Ambani's digital unit, Jio Platforms, for Rs 11,367 crore, the company announced on Friday. "This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," the company said in a statement. Vista's investment will translate into a 2.32 per cent equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. Facebook had bought 9.99 per cent stake in Jio Platforms - the firm that houses India's youngest but biggest telecom firm, for Rs 43,574 crore. That deal was followed by Silver Lake - the world's largest tech investor - buying 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. "Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks," the statement said. Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation tech company that brings together Jio's leading digital apps, digital ecosystems and high speed connectivity platform under one umbrella. Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms. Vista is a leading global investment firm focused on empowering enterprise software, data and technology enabled companies that are reinventing industries and catalyzing change. It has more than USD 57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world. Currently, Vista portfolio companies have a significant presence in India with over 13,000 employees. "I am delighted to welcome Vista, one of the world's marquee tech investors globally as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians," RIL Chairman and Managing Director Mukesh Ambani said. Ambani further said "we are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio." ANZ DRRDRR

Vista Equity Partners picks 2.32 pc stake in Jio Platforms for Rs 11,367 cr

New Delhi, Jun 14 () Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries has raised a record Rs 1.04 lakh crore in less than eight weeks from sale of minority stakes in its digital unit Jio Platforms to marquee investors. On Saturday evening, it announced sale of 0.93 per cent in Jio Platforms to global investment firm TPG for Rs 4,546.80 crore and 0.39 per cent to private equity firm L Catterton for Rs 1,894.50 crore. With these, Reliance has now sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in less than eight weeks, a company statement said. The investments in Jio Platforms, which comprises the firm's telecoms arm Reliance Jio Infocomm and its music and video streaming apps, give the unit an enterprise value of Rs 5.16 lakh crore, it said. It has literally been an investment spree into Jio Platforms ever since Facebook announced its Rs 43,573.62 core infusion on April 22. Besides Facebook, Reliance has attracted some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic resulting in a recession kind of environment for the global economy. Including Facebook, nine marquee investors on a combined basis hold 22.38 percent stake in Jio Platforms. Facebook holds the largest stake at 9.99 per cent. Within days of that deal, Silver Lake -- the world's largest tech investor -- bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It infused another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent. Private equity players KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8. Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority (ADIA) on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake. On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. Reliance Jio is India's biggest telecoms firm by subscribers, with more than 388 million users. It has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data. "Jio is a disruptive industry leader that is empowering small businesses and consumers across India by providing them with critical, high-quality digital services," said Jim Coulter, co-CEO of TPG -- which has more than USD 79 billion of assets under management including investments in technology companies like Airbnb, Uber and Spotify. The Jio Platforms deals, along with a Rs 53,124 crore rights issue, will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year, according to the company. L Catterton, which has a partnership with French luxury group LVMH and investment firm Groupe Arnault, concentrates on consumer-focused brands such as Peloton, Vroom, ClassPass, Owndays and FabIndia. Established in 1976, ADIA is a globally-diversified investment institution that invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. Mubadala invests in transformative information and communications technology which include cognitive computing, ICT infrastructure, telecoms, and satellite operations. With USD 40 billion in combined assets under management and committed capital, Silver Lake is the world's largest tech investor. It has invested in some of the largest and most successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, Ant Financial, Twitter, Alphabet's Waymo and Verily. Founded in 1976, KKR has a long history of building leading global enterprises and successfully investing in businesses in the technology sector, including BMC Software, ByteDance and GoJek through its private equity and technology growth funds. Since inception, the firm has invested over USD 30 billion in tech companies. General Atlantic has a long-standing tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders. Vista is a leading global investment firm focused on empowering and growing enterprise software, data and technology enabled companies. It has more than USD 57 billion in cumulative capital commitments and its global network of companies collectively represent the fifth largest enterprise software company in the world. MBI ANZ ABM ABM

Reliance raises Rs 1.04 lakh cr from marquee investors in 8 weeks

Mumbai, Apr 3 () Equity indices spiralled lower for yet another session on Friday, pressured by heavy selling in bank stocks, as the the steady rise in Covid-19 cases fuelled uncertainty over the economic impact of the pandemic. Unabated foreign fund outflows and a depreciating rupee, which skidded below the 76-mark against the dollar, further kept investors on the sidelines, traders said. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95. The NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80. During the holiday-truncated week, the Sensex lost 2,224.64 points or 7.46 per cent, while the Nifty sank 576.45 points or 6.65 per cent. Bank stocks came under heavy selling pressure on Friday after Moody's Investors Service changed the outlook for Indian banking sector to negative from stable due to the coronavirus crisis. Axis Bank was the top loser in the Sensex pack, cracking 9.16 per cent, followed by IndusInd Bank, ICICI Bank, Titan, SBI, Maruti, HDFC and Asian Paints. On the other hand, Sun Pharma, ITC, ONGC, M&amp;M and Tech Mahindra were among the gainers. With fresh cases of novel coronavirus mounting by the day, concerns over a looming economic recession kept investors on the edge, traders said. The Asian Development Bank warned on Friday that the Covid-19 pandemic could cost the global economy USD 4.1 trillion as it ravages United States, Europe and other major economies. It also said that India's economic growth rate will slip to 4 per cent in the current fiscal. "The Indian markets opened and stayed negative, with reduced volatility. A ratings downgrade for the Banking sector, due to the impact of Covid-19 and ensuing stressed asset concerns, impacted the financial stocks. "The slide in the markets, after a brief interlude of short recovery, continued during the course of this week , but it is comforting to see that the pace of the fall is relatively feeble now. "...Businesses which have good cash flow and who have good cash levels and cash equivalents with them, and also entities who have leadership positions especially in the market share may see good interest from investors. Higher intrinsic value compared to the prices at which assets are available may act as a spur for discerning investors," said Joseph Thomas, Head of Research - Emkay Wealth Management. BSE bankex, finance, auto, IT, teck and metal indices ended up to 5.39 per cent lower, while healthcare, oil and gas, utilities, FMCG and telecom closed with gains. Broader BSE midcap and smallcap indices fell up to 1.17 per cent. The number of confirmed coronavirus cases around the world has soared past one million and fatalities have topped 50,000 as the US reported the highest daily death toll of any country so far. Bourses in Shanghai and Hong Kong ended in the red, while those in Seoul and Tokyo closed with mild gains. Stocks in Europe were also trading with significant losses in early deals. On the currency front, the rupee depreciated 55 paise to 76.15 against the US dollar in intra-day trade. Brent crude futures, the global oil benchmark, rallied 8.15 per cent to USD 32.36 per barrel amid hopes that Russia and Saudi Arabia will end a price war by slashing crude output. The number of Covid-19 cases in India has crossed 2,300 while the death toll rose to 56, according to the Health Ministry. ANS ABMABM

Markets retreat as virus woes mount; bank stocks hammered

New Delhi, Jun 18 () Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months. Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors. The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement. With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy. "With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said. Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data. Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about USD 14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter. These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year. This is PIF's largest investment into the Indian economy to date. Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms." Yasir Al-Rumayyan, Governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth." "This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said. The transaction is subject to Indian regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB &amp; Partners and Davis Polk &amp; Wardwell acted as legal counsels. Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks. Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8. Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms. On May 17 global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore. ANZ MKJ

Saudi wealth fund PIF buys 2.32% stake in Jio Platforms for Rs 11,367 cr

<ul><li><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> has raised ₹11,367 from global investment firm <keyword id="6354544" type="UNKNOWN" weightage="20" keywordseo="kkr">KKR</keyword>.</li><li>This is KKR's <keyword id="4877824" type="PERSON" weightage="20" keywordseo="largest-investment">largest investment</keyword> in Asia. </li><li><keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> has now raised ₹78,562 crore from Facebook, Silver Lake, Vista, General Atlantic and KKR.</li></ul><keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> on Friday announced the sale of a 2.32% stake in its digital unit to US private equity giant KKR for ₹11,367 crore, the fifth deal in four weeks that will inject a combined ₹78,562 crore in the oil-to-telecom conglomerate to help it pare debt. This is KKR's largest investment in Asia. "This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This is KKR's largest investment in Asia and will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement. The deal follows Facebook picking up a 9.99 per cent stake in the firm, housing India's youngest but largest telecom company, on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore. On May 17 global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. "Over the last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of Rs 78,562 crore into Jio Platforms," it said. Diverse marquee investors are becoming long-term shareholders of Jio Platforms Ltd (JPL) because of a unique set of technologies and platforms under one entity. There are no similar opportunities available anywhere else globally. And an endorsement of the quality of the management. Investments by leading global growth investors will enable Jio to scale its ecosystem and reaffirm the firm as a next generation software product and platform company. "Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers," the statement said. Founded in 1976, KKR has a long history of building leading global enterprises and successfully investing in businesses in the technology sector, including BMC Software, ByteDance and GoJek, through its private equity and technology growth funds. Since inception, the firm has invested over USD 30 billion (total enterprise value) in tech companies, and its technology portfolio currently has more than 20 companies across the technology, media and telecom sectors. In addition, India has been a key strategic market for KKR with a history of investing in the country since 2006. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Chairman and Managing Director of Reliance Industries, said, "I am delighted to welcome KKR, one of the world's most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians." KKR, he said, has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. "We are looking forward to leveraging KKR's global platform, industry knowledge and operational expertise to further grow Jio." Henry Kravis, Co-Founder and Co-CEO of KKR, said, "Few companies have the potential to transform a country's digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution." "We are investing behind Jio Platforms' impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR's commitment to supporting leading technology companies in India and Asia Pacific," he said. KKR is making the investment from its Asia private equity and growth technology funds. The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries, and AZB &amp; Partners and Davis Polk &amp; Wardwell acted as legal counsel. Deloitte Touche Tohmatsu India LLP acted as financial advisor to KKR. Shardul Amarchand Mangaldas &amp; Co. and Simpson Thacher &amp; Bartlett LLP acted as legal counsel to KKR.

Reliance strikes 5th deal, sells 2.32% in Jio Platforms for ₹11,367 cr to KKR

New Delhi, Jan 31 () The Congress on Friday hit out at the government on the Economic Survey, saying it is "completely disconnected" with the reality as the country is facing difficult times on the economic front and it is not bothered about the problems faced by the common man.
Congress spokesperson Rajeev Gowda also attacked the government on its "thalinomics" concept given by Finance Ministry's Chief Economic Adviser Krishnamurthy V Subramanian.
He also accused the government of "fudging data" and committing a "fraud" as the numbers presented by it are not believable by the world.
"Thanks to monumental mismanagement by the Modi government, the Indian economy is going through very difficult times. Yet the Economic Survey (ESI) 2019-20 released today is completely disconnected from this grim reality. But this is not surprising as all of the Modi government's chief economic advisers have ignored the ground realities in all these years," Gowda said.
He said the CEA begins economic survey by singing the praises of wealth, drawing more upon historical references than economic theory.
He added that there was lack of attention to inequality in the survey, in which there is no prescription to revive demand, boost investment and create jobs.
"It is important to stop dwelling in an imaginary past and to pay attention to the realities of India's economy in the last 100 years," he said.
Taking a swipe at 'Thalinomics' concept, he said, "'Thali' will soon be 'Khali'".
"Thalinomics is another obfuscation. The claims of affordable thalis are misleading especially after the NSS consumption survey pointed out how food consumption has reduced, we are facing fears of rising poverty and malnutrition. What we have are shrinking thalis," he said.
"The thalinomics sets stage for an attack on the poor of India," he said.
Gowda also said the growth projections are erroneous as projections of 6-6.5 pc made in this survey are not credible. "One look at last year's projections of 7pc growth versus the actual below 5pc reality tells us we need to be prepared for even worse fiscal year in FY 2021. Optimism is welcome but the Economic Survey needs to have realistic believable projections," he said. 
He also noted that this survey certainly prepares the defence and ground for higher fiscal slippage in the budget on February 1 and a higher fiscal deficit.
The Congress leader also said that the survey talks about shifting the focus to 'Assemble in India' as an alternative to 'Make in India'. "This is a clear admission of failure of the catchy slogan of 'Make in India'. This government did not bring in real reform on the ground to make manufacturing growth a reality, he said.
Congress spokesperson Gaurav Vallabh said the government has not taken any concrete steps to end tax terrorism. He said the government should have written a chapter in the economic survey on the noteban and wrong implementation of GST, then people would have understood the measures better.
Another spokesperson Supriya Shrinate said the party would welcome any relief given to the income tax payees, but demanded more rationalisation of indirect taxes.
She said India has to grow at 9 per cent and investment rates have to be 38 per cent to achieve the USD 5-trillion economy dream to come true by 2024.
Shrinate said "tax terrorism" under this regime has peaked and there is a spike in trust deficit.
Gowda noted that Congress governments focused on growth and development steered by public sector spending and had built a strong, liberalised economy and that India's subsequent growth benefited from its policies. "Unfortunately, our efforts to catch up with the rest of the world has not been helped by Modi government's policies or by its CEA's Economic Surveys," he said.
"We find the CEA's inattention to distribution and inequality totally objectionable. Even now inequality is worsening. According to Oxfam's January, 2020 Report, India's richest one percent hold 42 percent of national wealth i.e. more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population," he said.
The Congress leader said the Economic Survey makes grand claims while the reality is that India has the worst economy in 42 years, unemployment is at a historic high and for the first time in four decades consumption has fallen, raising the fear of increasing poverty and malnutrition, with revenues are drying up drastically.
"The government has now resorted to spending slowdowns and delays in transferring the states' share in the GST. Yet, the Economy Survey will not tell you this. The entire exercise is now of chicanery and obfuscation," he said.
Gowda said India is amidst an unprecedented demand slump one way to revv up this is through cash transfers to the poorest and by raising incomes of the worst affected by the misadventures of the Modi government. 
"We need to put money back in the hands of our farmers, agricultural labourers, urban poor, and middle classes. What is the government's plan of action on this front? You will not find a clue in the Economic Survey," he noted.
He said investments remain tepid despite the announcement of the 100 lakh crore National Infrastructure Pipeline, which should actually be renamed 'National Infrastructure Pipedream'.
The Survey, he said, talks about trust which is completely lacking in the present regime. Tax terrorism has peaked, industry is fearful, well-meaning voices have been, he said. SKC SKC ABH
ABH

You Searched For "USD 665 million" and got 12 results

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

PTI

Made-in-India iPhones increase as Apple shifts production from China

ANI

Why are wealthy Indians, foreigners opening family offices in Singapore?

ANI

COVID-19 had massive impact on Indian aviation sector in 2020

PTI

Vista Equity Partners picks 2.32 pc stake in Jio Platforms for Rs 11,367 cr

PTI

Reliance raises Rs 1.04 lakh cr from marquee investors in 8 weeks

PTI

Markets retreat as virus woes mount; bank stocks hammered

PTI

Saudi wealth fund PIF buys 2.32% stake in Jio Platforms for Rs 11,367 cr

PTI

Reliance strikes 5th deal, sells 2.32% in Jio Platforms for ₹11,367 cr to KKR

PTI

Eco Survey completely disconnected with problems faced by common man: Congress

PTI

Alibaba responds to Barron's smackdown: 'A clear and compelling case for the lack of integrity, professionalism and fairness'

Sam Ro

Herbalife earnings beat, but the stock is sliding

Julia La Roche