Mylo raises $17mn in series led by ITC, W Health Venture, Endiya Partners

 

Blupin Technologies, which claims mother-and child brand Mylo, brought $17 million up in series B drove by W Health Ventures, ITC Ltd, and Eindiya Partners. The financing round likewise saw support from Riverwalk Holdings, Alteria Capital and Innoven Capital.

ITC procured around 10% stake in the Blupin to extend its presence in the mother-and child care section. ITC, in November 2021, declared putting resources into Mother Sparsh Baby Care Private Limited, an ayurvedic and normal individual consideration brand zeroed in on mother and child care.

Mylo has a substance and local area first methodology that goes about as a critical differentiator for the brand. The model spotlights on making a wide scope of helpful substance and computerized wellbeing apparatuses across various life phases of the hopeful and youthful moms, driving local area transformations for its Mylo scope of items and administration.

With a Learn-Share-Buy reasoning, the brand has had the option to drive high commitment among its clients, prompting a solid change to buy and high purchaser maintenance. Till date, the stage has more than 22 lakh questions and 1.6 crore addresses alongside over 3.7 crore content pieces that drive commitment.

Amazon is turning 25 - here's a look back at how it changed the world

International News

A quarter of a century ago, on July 5, 1994, a company, which shared a name with the world’s largest river, was incorporated. It sold books to customers who got to its website through a dial-up modem.
It wasn’t the first bookstore to sell online. (Books.com launched in 1992.) But it behaved like a local store, whose shopkeeper knew customers by name – a bell even rang in the company’s Seattle headquarters every time an order was placed.
Amazon’s founder, Jeff Bezos, set his sights on making it an “everything store.” The company would go on to become not just an everything store, but an “everything company.”
Today, 25 years later, Amazon has reshaped retailing permanently. It is one of the top three most valuable companies in the world, with a market capitalization hovering around US$1 trillion, greater than the GDP of nearly 200 countries.
If you had bought $100 worth of its IPO shares in 1997, it would be worth about $120,000 today.
Redefining retail
Amazon continually took shopping convenience to newer levels.

 Before 1994, shoppers had to travel to stores to discover and buy things. Shopping used to be hard work – wandering down multiple aisles in search of a desired item, dealing with crying and nagging kids, and waiting in long checkout lines. Today, stores try to reach out to shoppers anywhere, anytime and through multiple channels and devices...Read More

Anil Ambani-promoted RInfra loses NTPC order worth Rs 567 crore to GE

Company News

While Anil Ambani-promoted Reliance Infrastructure looks to almost double its existing order-book in the current financial year, not all is well with its existing orders. One of RInfra's contracts worth Rs 567 crore from NTPC has been re-tendered and awarded to another company this month.
In February 2018, RInfra informed exchanges it has received the Letter of Approval from NTPC for Flue Gas Desulphurisation (FGD) works of its 3x500 Mw power plant in Jhajjar, Haryana. “The project has been re-tendered and awarded to GE,” said a person with knowledge of the development. The reason for re-tendering is not clear. An email query sent to RInfra last week remained unanswered.
On June 4, GE Power informed exchanges it has won a contract worth Rs 738 crore from Aravali Power Company for Flue Gas Desulphurisation. Aravali Power is a Joint venture company of NTPC, Haryana Power Generation Company and Indraprastha Power Generation Company, which holds the Jhajjar power plant in Haryana.
In its post results media interaction, RInfra pegged its total order book at over Rs 28,000 crore. Queries sent to RInfra on the status of the NTPC projects and whether Rs 28,000 crore includes the project remained unanswered.

 For the current financial year, RInfra looks to increase its order book to close to Rs 50,000 crore. In its June 2019 presentation, the company said it targeting opportunities of about Rs 3 trillion in FY20 and bids participation in projects of Rs one trillion and is poised to build order book of Rs 50,000 crore.The other projects that RInfra is executing include the Versova-Bandra Sea Link, a package for Mumbai Nagpur Expressway, parts of the Mumbai-Metro network, Hirasar airport project in Gujarat and the Kudankulam Nuclear Power Project. Of these, the Sea-link project for Rs 7,000 crore is also facing land and other clearance issues unrelated to RInfra.

RP takes over RCom board; corporate insolvency resolution process to resume

Company News

Following the National Company Law Tribunal (NCLT) directive, Reliance Communications (RCom) on Wednesday informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume.

“The powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional,” the company said in the filing.

The NCLT has also directed the interim RP to file a progress report of the CIRP. The next hearing is on May 30.

Operational creditor Ericsson, in September 2017, had originally filed for insolvency proceedings against RCom. This was accepted by the NCLT over RCom's failure to pay dues to the tune of Rs 1,500 crore. However, it was later stayed by the National Company Law Appellate Tribunal (NCLAT) as both parties reached a settlement, with RCom agreeing to pay Rs 550 crore to Ericsson by September 30, 2018.

Meanwhile, RCom moved the Supreme Court, seeking an extension of the deadline to pay the amount to Ericsson because of a delay in completion of spectrum sale and other assets, to which the apex court granted it time till December 15, 2018.

After RCom had failed to pay the agreed amount, Ericsson moved the apex court wherein the court ordered Anil Ambani, Reliance Telecom Chairman Satish Seth, and Reliance Infratel Chairperson Chhaya Virani to pay Rs 453 crore within four weeks (March 18, 2019) or face a jail term of three months.

Ambani had paid by the deadline.

 Ericsson was opposed to RCom’s move of undergoing insolvency proceedings as it would then have to let go of the money it received.

Solar installation stood at 8.3 GW in 2018, Adani top project developer

Company News

India’s solar installations stood at 8.3 GW in 2018. The installations include large-scale and rooftop solar capacity. The country’s cumulative solar capacity is around 28 GW as of 2018.

Much has changed in the Indian solar industry over the last year. There was some re-shuffling when it came to suppliers after the imposition of the safeguard duty while others have consolidated their positions, says Industry representative, said Raj Prabhu, CEO of Mercom Capital Group.

Mercom Communications India's report finds that the top 10 large-scale developers accounted for 60 per cent of the market share in 2018.

In terms of cumulative installations, Adani maintained its position as the top project developer, while ACME Solar was the developer with the most large-scale solar installations in 2018. Adani was the second largest developer in 2018.

Around 80 large-scale project developers with a pipeline of 5 MW or more in India. ACME Solar had the largest project pipeline at the end of 2018 closely followed by SB Energy (SoftBank) and Azure Power.

In 2018, the top 10 rooftop solar installers accounted for just 30 per cent of the installed capacity in India, reflecting the fragmented nature of the sector, said Mercom.

Rooftop installations grew 66 per cent year-over-year (YoY) with cumulative installations totaling nearly 3.3 GW at the end of 2018. Rooftop solar installations for 2018 amounted to 1.7 GW.


 Among rooftop installers, Tata Power led cumulative installations while CleanMax Solar was the top rooftop installer in 2018.ABB continues to lead solar inverter supply in the Indian market cumulatively and in 2018.

One deal at a time: How Mukesh Ambani is trying to take on Amazon in India

Company News

A $2.5 billion spending spree involving more than two dozen deals provides some insight into how Mukesh Ambani is piecing together a strategy to take on Amazon.com Inc. in India.
Asia’s richest man is sharpening his focus on e-commerce with a string of tiny acquisitions and stake purchases to face the world’s largest online retailer, after shaking up India’s telecommunications industry with cheap data and free calls.

The acquisitions represent a new strategy for Ambani’s Reliance Group, whose founder -- his father Dhirubhai Ambani -- built a petrochemicals business and the world’s largest oil-refining complex from scratch. It’s a clear pivot toward consumer offerings in a country that’s becoming a battleground for giants such as Amazon.com and Walmart Inc.’s Flipkart Online Services Pvt.

“The deals may be tiny, but it’s more likely that they are putting together a team of talented people by acquisitions, who can then be invested in to build out larger platform products,” said Kunal Agrawal, an analyst with Bloomberg Intelligence.

Ambani is racing to grab a share of an online shopping market that Morgan Stanley estimates will grow to be valued at $200 billion by 2028 from about $30 billion last year. India will have 829 million smartphone users by 2022, according to Cisco Systems Inc., from a projected half a billion this year. That means a potential surge in demand for online services and products from music to food delivery, electronic gadgets and clothes.

‘Shopping Experience’


 Ambani outlined his plan to shareholders in July, saying the effort will involve the group’s unlisted businesses Reliance Retail Ltd...Read More

Forget Apple or Exxon, Saudi Aramco was the most profitable company in 2018

International News

The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping US behemoths, including Apple Inc. and Exxon Mobil Corp.

But accounts published before the firm’s debut in the international bond market also show Aramco — an organisation that produces about 10 per cent of the world’s crude — doesn’t generate as much cash per barrel as other leading oil companies like Royal Dutch Shell Plc because of a heavy tax burden.
chart The bond sale, being pitched to investors this week in a global road show, has forced Aramco to reveal secrets held close since the company’s nationalisation in the late 1970s, casting a light on the relationship between the kingdom and its most important asset.

Both Fitch Ratings and Moody’s Investors Service assigned Aramco the fifth-highest investment grade, the same as Saudi sovereign debt, but lower than oil majors Exxon, Shell, and Chevron Corp.
The company is preparing to raise debt in part to pay for the acquisition of a majority stake in domestic petrochemical group Sabic, worth about $69 billion. The deal is a Plan B to generate money for Saudi Arabia’s economic agenda after an initial public offering (IPO) of Aramco was postponed. In effect, Crown Prince Mohammed bin Salman is using the firm’s pristine balance sheet to finance his ambitions.


 Aramco will pay 50 per cent of the Sabic acquisition cost when the deal closes and the rest over the subsequent two years, according to a person who saw a presentation made to potential investors on Monday. Aramco declined to comment...Read More

Cathay Pacific to buy HK Express for $628 mn, enter budget airline segment

International News

Cathay Pacific Airways said on Wednesday it had agreed to buy Hong Kong Express Airways Ltd from cash-strapped Chinese conglomerate HNA Group for HK$4.93 billion ($628 million), giving it a foothold in the fast-growing budget travel market.

A lack of slots at Hong Kong International Airport until an expansion is completed in 2024 had constrained Cathay's ability to follow peers like Singapore Airlines Ltd and Qantas Airways Ltd and set up its own budget brand.

Cathay said it would continue operating HK Express as a standalone carrier using a low-cost business model.

The purchase price comprises HK$2.25 billion of cash and HK$2.68 billion of non-cash consideration through promissory loan notes, Cathay said in an statement to the Hong Kong Stock Exchange. The transaction was expected to be completed on or before Dec. 31, it added.

HK Express reported a HK$141 million net loss in 2018 and had a net asset value of HK$1.12 billion, Cathay said.

Cathay shares rose 3.4 per cent in early trade on Wednesday, outpacing a 0.1 per cent gain in the benchmark Hang Seng Index.

"It seems like a good deal given the value of the slots and the strategic importance of fast-tracking a low-cost carrier, multi-brand strategy and preventing a competitor from making a move in its home market," CAPA Centre for Aviation Chief Analyst Brendan Sobie said.

 "But a proper valuation is hard to figure out given the debts and complex structure of the HNA Group.

Patanjali files case against 13 firms for illegal export of its products

Companies News

Baba Ramdev’s Patanjali Ayurved has reportedlymoved the Delhi High Court against 13 exporters, accusing them of repackaging its products for exports illegally.
Economics Times, quoting a person familiar with the case reported that 13 exporters were allegedly buying items that the company sells only in India and repackaging them for export to Middle East, Canada and Australia.
The exporters repack the items as though they have clearance from the FDA in respective foreign markets, which is not only illegal but also unethical, ET reported.
According to the report, the Delhi High Court would hear Patanjali's case on Wednesday.
For a company that started as a small pharmacy in 1997, Patanjali has launched more than two dozen mainstream FMCG products — from toothpaste, shampoos and other personal care products to modern convenience foods such as cornflakes and instant noodles.

  Annual sales have doubled every year since 2013 to touch Rs 10,500 crore.