Ola Cabs has acquired TaxiForSure for $200 million in a cash and equity deal, signaling consolidation in the $11 billion taxi industry. Ola and TaxiForSure will continue to operate as separate entities.
In the biggest acquisition in the defence sector in India, billionaire Anil Ambani-led Reliance Infrastructure has announced acquisition of Pipavav Defence and Offshore Engineering Company Ltd for ₹819 crore. After completion of the acquisition, the company will be renamed as Reliance Defence Limited.
Three Indian companies—Wipro, Tata Steel and Tata Power—have been named among the World’s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of righteous business practices. In 2015, there were as many as 132 honourees across 21 countries and five continents representing over 50 industries.
The telecom spectrum auction ended on 25 March 2015, after 115 rounds of bidding over 19 days, with the government assured of a record ₹1.09 trillion from the sale. The revenue generated from the 2015 auction exceeds the previous highest ₹1.06 trillion that it raised from the first such sale in 2010. One major difference in the auction this time around is the fact that telcos with no CDMA-based telcom services bid aggressively for 800Mhz spectrum, signalling the preparedness of the sector to invest in 4G technologies like FDD-LTE (Frequency duplex- Long Term Evolution) standard. The bidders also bid aggressively for 900Mhz spectrum on which both 2G and 3G technologies can be operated. Interest was low for spectrum in the 1800Mhz and 2100Mhz band.
India’s third-largest IT services exporter Wipro Ltd is setting up a “commando force” unit that will target clients seeking to speed up automation and do more business online. Rajan Kohli, who will head the newly formed Wipro Digital business, said the unit aimed to generate $1 billion in annual revenue within three years, which would make it one of the company’s top sources of revenue.
E-commerce major Snapdeal has picked up majority stake in digital financial products platform, RupeePower, to enter the ₹4,500-crore online financial services market in India.