Business Roundup #Week43

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Phoenix Mills Eyeing Major Portfolio Push

The Phoenix Mills is looking to double its operational retail portfolio to around 12 million sq ft over the next 4-5 years from the current 5.9 million sq ft, says a report.

The retail-led mixed-use asset developer and operator is eyeing acquisition opportunities judiciously in key property markets across India to support its targeted growth, said a top company official.

Over the past 18 months, the company has already made five acquisitions, including three land parcels in Pune, Bengaluru and Ahmedabad and two under-construction retail assets in Lucknow and Indore. Of these, Pune, Bengaluru and Indore acquisitions have been made through its strategic alliance with the Canada Pension Plan Investment Board.

Honda Sets Date For EV Launch in India

Honda Motor has firmed up plans to introduce an electric vehicle in the Indian market by 2023-2024, according to sources, says a report.

The electric car for India will be part of the company’s global electric rollout plan — which kicks off in 2019 with China — and could be a ‘B’ segment vehicle, sources said, adding that the specific requirement for India’s e-vehicle is being gathered.

While the government is still to roll out its electric vehicle policy, unlike the past, Honda is not waiting for policy changes to define its electrified vehicles footprint, a source said earlier.

Consumer Electronics Goods’ Sales Rebound

Sales of consumer electronics and white goods have rebounded this Diwali season, growing 12-15% over last year, says consumer electronics and white goods a report.

This signals the return of discretionary spending after two years. Top manufacturers and retailers attributed the sales spike to factors including 10% cut in goods and services tax on appliances in July, ecommerce discounting, deeper penetration of consumer finance, and higher sales of premium products.

Manufacturers like LG and Sony even said some of their super premium models have been stocked out.

Unisoc Banks On Jio To Boost Revenue

Shanghai-based Unisoc, formerly known as Spreadtrum, is banking on the success of Reliance Retail’s JioPhone to drive revenue in India, a report reveals.

The chipset provider is in talks with local handset vendors Micromax and Lava to make smartphones in the affordable $100-price category.  

Unisoc, which has been a major chipset provider for feature phones, is not concerned over their falling sales from 2G feature phones in India given that its revenue has been boosted by JioPhone, a feature phone that works on the 4G VoLTE standard.

Amazon Unveils Audio Book Service

Amazon has launched its subscription-based audio book service Audible in India, offering access to over 2,00,000 audiobooks, says a report.

The online retail giant said it plans to add more Indian and international audiobooks daily to the service, which is still in beta phase.

Users can listen to these audio books through the Audible iOS or Android apps, or through Amazon Cloud Player on the Audible website. It also plans to introduce locally produced Audible books narrated by Indians, a source sai.

Smart TV Sales On The Rise

The sales of smart TVs overtook the normal one for the first time across the country in September, according to a report.

That preference is growing in the metros and the big cities, smart TVs had a 65% share in October compared with 45% in the year earlier, executives said.

The shift is being driven by the availability of cheaper broadband, the popularity of streaming services and the price gap between smart and conventional sets having more than halved in the past year, said senior executives at LG and Sony and retail chains such as Croma, Reliance Digital and Vijay Sales.

Netflix Posts Profit In First Year

The Indian unit of Netflix has posted a net profit of Rs 20.2 lakh for 2017-18, its first year of operations, says a report.

Netflix India reported revenues of Rs 58 crore for FY18, according to its filing with the Registrar of Companies.

While the company entered India in January 2016 as part of its global roll out, Netflix was registered as a limited liability partnership (LLP) in the country in April 2017 when it started commissioning content.

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Babu Kalyanpur

Babu Kalyanpur, ( Consulting Editor) has rich experience in both sports and business journalism. Babu has led news desks in Pune and Bahrain and writes extensively on his passion, sports and business besides current affairs and matters of importance to Pune.

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