Companies

Companies

Paytm seeks licence to offer money market fund

The country’s largest digital- payments company, Paytm, is seeking a licence to set up a money market fund where users can store cash and earn interest, in competition with banks, according to a person familiar with the matter.

Mahindra Aerostructures bags contract from Airbus

European aviation major Airbus has awarded a long-term contract to Mahindra Aerostructures to manufacture and supply a set of aircraft components made of hard metals.
These components— aerospace steel, titanium and Inconel — will be used in manufacturing single aisle A320neo and wide-body A350XWB aircraft, a release said here today.
This will be the first direct work package from Airbus to Mahindra Aerostructures, which will execute the work together with its sub-tier French firm Segnere SAS, it said.

Warburg Pincus to pick up 43% in Tata Tech for $360m

Leading private equity firm Warburg Pincus will acquire a 43 per cent stake in Singapore-based Tata Technologies for $360 million (around Rs 2,320 crore).
An affiliate of Warburg Pincus will acquire around 30 per cent from Tata Motors and its subsidiary Sheba Properties as well as Tata Capital's entire 13 per cent stake, Tata Motors said in a regulatory filing.
Tata Technologies is a subsidiary of Tata Motors.

RIL-BP to invest USD 6 bn in developing new gas fields

Reliance Industries and its partner BP P.L.C today announced an investment of USD 6 billion in developing new gas fields in the KG-D6 block after an eight- year hiatus.
RIL chairman Mukesh Ambani said two firms have also agreed on a strategic cooperation on new opportunities for conventional and unconventional fuel trading and marketing including jointly setting up petrol pumps.
"Changed policies have allowed us to develop new resources," BP CEO Bob Dudley said.

Will continue to invest in infra, innovation in India: Amazon

Amazon will continue to invest in India in expanding infrastructure and bringing in solutions that enhance consumer and seller experience as the US-based e-commerce major looks to overtake local rival, Flipkart.
Amazon, which has completed four years of operations in India, has committed investments to the tune of USD 5 billion in the country.
"Last year, half the capital deployed was in infrastructure. This year too, we will continue to invest in infrastructure, innovation and technology," Amazon Senior Vice President and Country Manager (India) Amit Agarwal told PTI.

Nokia opens a new chapter in India

Nokia, part of HMD Global, on Tuesday launched its new range of android smartphones – Nokia 6, Nokia 5 and Nokia 3, priced at Rs 14,999, Rs 12,899 and Rs 9,499 respectively.
The smartphones are available in four colours – Matte Black, Silver, Tempered Blue and Copper. Nokia 3 goes on sale on June 16 and will be available across top mobile retailers in India. Consumers can pre-book their Nokia 5 starting July 7 and Nokia 6 that will be available exclusively on Amazon.in; registrations begin July 14.

Triumph launches Rs 8.5 lakh Brit Street Triple S for Indian market

Triumph Motorcycles, the iconic British super sports motorcycle, is well and truly in the Make in India mould.
It has introduced the made-in-India all-new Street Triple S in the Indian market to take on rivals such as market leader Harley Davidson, Ducati, Kawasaki, MV Augusta and Benelli, among others, in an effort to push sales in Asia’s third largest economy.

Exclusive: Foxconn says Apple, Dell join its bid for Toshiba chip business

Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp's highly prized chip unit, the CEO of the world's largest contract electronics manufacturer told Reuters on Monday.

Terry Gou, Foxconn's founder and chief executive, said U.S.-based Kingston Technology Co, a maker of memory products, would also be part of the bidding group, while Amazon.com Inc was close to joining.

Uber discussing leave for CEO: report

The board of Uber met to consider placing the CEO of the ride-hailing company on leave, according to The New York Times and other news outlets.
The Times reported that three people with knowledge of the matter have confirmed that Uber's board was meeting to consider recommendations from a law firm hired to review Uber's corporate culture and that the board may decide to put CEO Travis Kalanick on temporary leave.
The newspaper said its sources requested anonymity because they were not authorised to speak for Uber.

Telecom industry disappointed at unchanged GST rate

Industry body COAI today said it is disappointed with GST rate for telecom services remaining unchanged at 18 percent.
The Cellular Operators Association of India (COAI) – which has Bharti Airtel, Vodafone, Idea Cellular and Reliance Jio as members - has been pushing for lowering of Goods and Services Tax, or GST rate, for telecom services to 5 percent in sync with essential services.

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