Paytm transfers 800 staff to Paytm Mall
Paytm Mall, the e-commerce unit of One97 Communications Ltd, has absorbed over 800 personnel from the parent company as it announced heads of key executive roles on Monday. These employees were actively involved in the e-commerce business from One97 Communications, Paytm said.
Tatas to inject Rs 12,000 crore more in telecom arm
The Tata group’s holding company, Tata Sons, has decided to infuse Rs 12,000 crore more into its telecom arm in the current financial year so that it can repay its debt and improve its financial metrics. This follows Tata Sons’ investment of Rs 2,000 crore into Tata Teleservices in financial year 2016-17. The investment was approved by the board led by Group Chairman N Chandrasekaran, who has chalked out an elaborate plan to tackle the loss-making businesses of the Tata group. Recently, Tata Power offered to sell a 51 percent stake in its loss-making Mundra project.
Reliance Jio denies customer database breach claims by portal
An online portal, FoneArena, on Sunday claimed that all details such as names, phone numbers as well as Aadhaar numbers of Reliance Jio’s customers have got leaked. The company, however, denied all such claims. It could not be ascertained if the claims are true and how many Jio customers were affected. Reliance Jio has around 112 million subscribers.
Amul becomes 6th largest butter brand in the world
The Taste of India’ is becoming a breakfast favourite around the world and how. Amul, India’s leading butter brand owned by the Gujarat Cooperative Milk Marketing Federation (GCMMF), now ranks sixth in the global butter market, with a share of 2.1 per cent. Data sourced from market research firm Euromonitor shows that Amul not only has a 2.1 percent share of the over $17-billion global butter market, it is also breathing down the neck of Irish dairy major Ornua Co-Op that enjoys a 2.2 per cent market share.
71 pending FDI proposals put on fast track; decision likely in 8 to 10 weeks
As many as 71 pending foreign investment proposals, including those of Amazon, Grofers, Urban Ladder, One97 (which runs Paytm) and Jasper Infotech (Snapdeal), are being fast-tracked. Many of these had been pending with the recently abolished Foreign Investment Promotion Board since 2015.
DoT insists on GPS in feature phones, prices may rise by 30 per cent
The department of telecom (DoT) has mandated that all mobile phones should have global positioning system (GPS) that helps track a phone from January 1, 2018, rejecting a plea from handset makers that adding the facility on feature phones would raise the cost by at least 30 percent. In a communication to the handset making industry, the government has argued that ensuring safety and security of women was of ‘utmost importance’ and made it clear that no further “representations” from the industry would be “entertained” in the matter.
Source: Economics Times
India gets G20 praise on ease of doing business, startup funding, labour reforms
Acknowledging steps being taken by India for sustainable and inclusive growth as well as support to the global economy, the G20 has praised the initiatives in the country for promoting ease of doing business, startup funding and labour reforms. In its Hamburg Action Plan, adopted at the G20 Summit of leaders from the world’s 20 largest economies, the group also noted that “in the financial sector, India is popularizing a number of derivative instruments in exchanges or electronic trading platforms’ as part of measures to enhance the resilience of its economy.
Source: Economics Times
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