Amazon Food Retail Business Boost
Amazon has invested 240 crore rupees ($35 million) in its Indian food-only retail business, says a report.
It acts as a seller of groceries and other packaged food products to the company’s local e-commerce marketplace. The investment comes more than a month after India’s revised guidelines for FDI in e-commerce kicked in, which had initially put Amazon’s food retail investments in jeopardy.
According to regulatory filings sourced from business signals platform paper.vc, Amazon Retail India received 40 crore rupees largely from existing shareholder Amazon Corporate Holdings, a Singapore-based entity engaging in food retail across ASEAN countries.
Jet Pilots Get December Salary
Jet Airways’ pilots have called off a decision to go on strike over unpaid salaries after the airline paid their December salaries, says a report.
They have given the airline time till April 15 to clear the remaining three months’ salary arrears.
The decision was taken at a meeting called by the National Aviators’ Guild (NAG), a lobbying body of Jet pilots. “NAG is going to wait till April 15 to clear all their dues,” the guild said.
Vodafone Idea seek Equal Stakes In Joint Venture
Vodafone Idea is seeking equal stakes in a proposed 40,000-crore rupees optic fibre joint venture with Bharti Airtel, says a report.
The company wants holdings in proportion to assets owned as negotiations continue on the structure of what could become India’s largest such entity, sources said.
Broad agreements to form the JV are in place, with Vodafone Idea’s 156,000 route km of optic fibre and Airtel’s 246,000 route km together eclipsing Mukesh Ambani-owned Reliance Jio Infocomm’s 300,000 route km, which is set to be hived off as a separate unit.
BMW Launches New Model
German luxury carmaker BMW has launched 530i M Sport in India, says a report.
It is priced at 59.2 lakh rupees (ex-showroom).The model now comes with a petrol engine, is locally produced at Chennai and is BS-VI compliant, BMW said in a statement.
The company already sells diesel variant of the model in the country. The 530i M Sport comes with technologies such as display key which allows drivers to keep round-the-clock contact with car.
Google Pay To launch Gold Investment Plan
Google Pay users can now start investing through the app as the technology firm prepares to launch ‘Gold’ as an investment plan on its platform, says a report.
This will be the first such move by Google in the buzzy online investment space, sources said. While the service has not been officially launched, the company has already updated its terms of service on the Google Pay application.
Consumers can buy 99.99% pure 24 karat gold through the platform which will be credited to the account in digital format.
Tata Motors Crosses New Milestone
Tata Motors has become the first Indian carmaker to cross the 1 million annual sales mark, says a report.
In the bargain, it surpassed Chinese giants SAIC and Changan. The auto giant sold a total of 1.049 million units in 2018 against 0.986 million units sold in the year 2017, according to the report.
Light vehicle sales include cars, utility vehicles, vans and small pickup trucks of up to 3.5 tonnes.
Samsung In User-Focused Brands List
Samsung, Tata Motors, Apple, Hero MotoCorp and Nike are the top-five consumer-focused brands in the country, a study reveals, according to a report.
Life Insurance Corporation, LG, HDFC Bank, Bajaj Pulsar and Vivo took the sixth, seventh, eight, ninth and 10th place, respectively.
Category-wise, Tata Motors secured first position in four-wheeler manufacturer category, while Eicher topped in the commercial vehicle category.
Smartphone Average Price To Increase
The average sale price (ASP) of smartphones in India- crucial to revenue and profitability of mobile phone makers – is expected to rise by over 18% by this year-end, says a report.
It is expected to reach $190-$210 (13,000-15,000 rupees) range, amid increasing affordability and higher demand for mid-segment devices which increasingly have premium features, analysts said.