Cinepolis Plans Major India Push
Cinepolis India is planning to invest over 1,500 crore rupees in India for the next 500 screens, a top executive says, according to a report.
The wholly-owned subsidiary of 71-year old Mexican multiplex major Cinepolis, which currently operates 350 screens in India, is way behind its initial target of reaching 500 screens by 2016.
It is now looking at 400 screens by end 2018. However, Devang Sampat, director – strategic initiatives, Cinepolis India, said Cinepolis India aims to reach the 1,000 screen mark in the country.
Amazon India Cuts Seller Fees
Amazon India has reduced seller fees in five categories and reduced storage charges, says a report.
This move by the online retailer is to encourage vendors to stock more products ahead of the festive season sales in October.
Amazon has lowered the commission sellers have to pay it by up to 2% in categories such as apparel, home and electronic accessories, which the company has found to be popular during the festive season.
It has also reduced the closing fee for sellers who use its fulfilment centres to store products.
Gaja Puts Schools On The Block
Private equity fund Gaja Capital has put its preschool chains EuroKids, Kangaroo Kids and Billabong High on the block, says a report.
It is valuing the chains at $300 million (2,000 crore rupees), according to two sources. Gaja Capital and Swiss fund Partners Group together hold about 75% stake in EuroKids, which has a network of 1,000 schools across the country.
Avendus Capital has been hired to run the sale process. Kangaroo Kids has a network of 79 pre-schools and Billabong High Schools has a network of 21schools.
Lifestyle Clamp On Outlet Expansion
Lifestyle International is freezing expansion of standalone exclusive outlets for its private labels and franchised brands, says a report.
Instead, the departmental store chain has decided to sell these brands through ecommerce sites and online marketplaces apart from the Lifestyle stores, a top official said.
Lifestyle has shut down 12-odd standalone Bossini stores which is a Hong Kong-based franchised brand in the casual wear segment, and will not expand any further the 12 exclusive outlets it has for its in-house brand Melange which is in Indian and fusion wear space.
Samsung Banks on O20 In India
Korean major Samsung is banking big on online-to-offline (O2O) commerce as it fights for supremacy against Chinese rivals in India’s intensely competitive smartphone market, according to a report.
The firm strongly believes that the future is O2O commerce, since the consumer touches both offline and online platforms during his purchase cycle, a top company official said.
“Offline channel is important from an experience point of view while online is important from a convenience perspective. Hence, we will continue to invest in both online and offline channels” Samsung India Senior Vice-President Mohandeep Singh said.
BSNL Wins Key 4G Approval
The Department of Telecommunications (DoT) has approved the state-owned Bharat Sanchar Nigam Limited (BSNL) plan that seeks airwaves in the 2100 Mhz band to launch fourth-generation (4G) services pan-India, says a report.
In 2017, BSNL has submitted a detailed project report and in a bid to acquire spectrum worth about 13,885 crore rupees, and sought 6,652 crore rupees as equity infusion from the government while it initially wanted to meet the remaining cost through revenue it would generate over a period of 10 years.
Meanwhile, the Telecom Commission, a highest telecom policy making body has extended the duration for spectrum payments from 10 to 16 years now, after an inter-ministerial group’s recommendation.
Tata Motors’ Global Sales Surge
Tata Motors posted a 14 per cent increase in global sales, including that of the Jaguar Land Rover (JLR), to 1,07,030 units last month, says a report.
Global wholesales of all Tata Motors’ commercial vehicles and the Tata Daewoo range in August were at 45,719 units, up 29 per cent from the year-ago period, the company said in a statement.
Sales of all passenger vehicles globally were at 61,328 units in the month, a growth of 4 per cent from August last year, it added. For JLR, global sales were at 42,658 units in August. Jaguar wholesales for the month stood at 14,209 units, while Land Rover sales were at 28,449 vehicles.
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