Business News

The defence division of the $16.9 billion Mahindra Group and Airbus Helicopters of Europe will set up a joint venture to produce helicopters in India.

Online payment firm PayPal will acquire digital money transfer services provider Xoom for about $890 million in an all-cash deal as it eyes to enter the burgeoning global money remittances market.

Bharti Airtel has become the world’s third largest mobile operator with 303 million subscribers. China Mobile is the top mobile operator in the world with 626.27 million subscribers. Vodafone Group of UK ranks second with 403.08 million subscribers.

Nexa is a separate sales network that will position  premium offerings of Maruti-Suzuki cars in the Indian market. S-Cross is the first vehicle to be offered through this network.

Wipro will acquire Denmark-based design firm Designit for a purchase consideration of ₹595 crore. Designit specialises in designing transformative products-service experience.

Tata Advanced Systems Ltd (TASL), a fully owned subsidiary of Tata Sons (a holding company for the Tata Group), has signed a framework agreement with Boeing to collaborate in aerospace and defence manufacturing and potential integrated systems development opportunities, including unmanned aerial vehicles. Two companies intend to access markets jointly for products and platforms developed together by Boeing and TASL, which is already on contract to manufacture aerostructures for Boeing’s CH-47 Chinook and AH-6i helicopters.

Russia has chosen to partner with Anil Ambani-led Pipavav Defence to build frigates for the Indian Navy under Prime Minister Narendra Modi’s “Make in India” initiative. The project, valued at $3-3.5 billion, will be the biggest warship project by private sector. The frigates will be upgraded versions of Talwar-class ships, or the Russian equivalent of Krivak-III.

Lupin Ltd., India’s fourth-largest drugmaker by sales, has agreed to buy U.S. peer GAVIS Pharmaceuticals LLC for $880 million to increase its presence in the United States, its largest market, where sales growth has slowed.

Japanese media group Nikkei has agreed to buy the Financial Times from Britain’s Pearson for $1.3 billion, putting one of the world’s premier business newspapers in the hands of a company influential at home but little known outside Japan. The deal, struck after Nikkei beat Germany’s Axel Springer to the prize, marks the biggest acquisition by a Japanese media organization and is a coup for the employee-owned firm which lends its name to the main Japanese stock market index.

Jewellery firm Rajesh Exports has bought Valcambi, the world’s largest gold refining company, for $400 million in cash.

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