Author: Abizar Attari
News Editor

New Delhi: IT services firm Coforge’s board is expected to meet today to discuss the feasibility of acquiring Encora, a US-based digital engineering company, for more than $1 billion. This comes at a time when the company has almost negligible cash reserves with the aim of reaching $2 billion in revenue by the end of 2026. Coforge had announced its scheduled board meeting for December 26, along with an analyst meeting on the same evening. Encora, founded by Venu Raghavan, provides digital and software engineering services to clients across the US, Asia Pacific, and the Americas. It has more than…

Bengaluru: Ola Electric Technologies has received ₹ 366.78 crores under the government’s Production Linked Incentive (PLI) scheme for automobiles and auto components for FY 2024-25, after the company met the government’s requirements for the scheme. Ola had earlier filed a claim for ₹400 crore under the scheme, based on the company’s eligible sales of around ₹3,000 crore for FY25, with an expected incentive rate of 13-14%, as per industry sources. “The sanction of ₹366.78 crore under the PLI-Auto Scheme is a strong endorsement of Ola Electric’s manufacturing capabilities and our commitment to building world-class EV technology in India. This incentive…

Being an entrepreneur is tough, but being an entrepreneur with a genuine passion for growth is next to impossible, especially in India. If slogging for hours to meet deadlines, hunting for the right talent, and arranging for the right equipment was tough, dealing with indifferent, inflexible babus is impossible. Though many keep pushing forward with the hope for change, many others have given up on the very concept of hope.  A leading entrepreneur from Bengaluru, Rohit Shroff, has summed up his frustration in a viral LinkedIn post, explaining his challenges with the government despite paying his taxes- about Rs.4 crore…

New Delhi: India’s commercial vehicle(CV) industry is expected to grow mostly based on replacement demand, with rising freight rates, improved affordability due to lower GST rates boosting demand, a report by Nomura has said. The return of replacement demand, where fleet operators look to retire older vehicles to purchase new ones, is expected to become a major reason for the sustained demand across the bus and truck segments. Newer truck models that come with an average age of ten years are expected to see a boost in demand, as older, more polluting vehicles are scrapped.  Higher freight rates have also…

New Delhi: PMI Electro Industries Ltd (PMEI) won the largest share of e-buses in the tender floated by the Centre for Sustainable Energy and Livelihoods (CESL). The Delhi NCR based electric bus manufacturer won contracts to supply 5,450 buses, of the total 10,900 buses on offer for nationwide use. The company, backed by Nikhil Kamath’s Gruhas Consumer Fund, trumped legacy suppliers like Tata Motors, JBM Auto and Ashok Leyland, who surprisingly didn’t secure any buses under the tender. Besides PMI, EKA Mobililty, a subsidiary of Pinnacle Industries, won the second largest pie with 3,485 buses, Chinese bus manufacturer Olectra secured…

Mumbai: Following its IPO in October, Peyush Bansal-led Lenskart Solutions Ltd is now back in the limelight as the company makes its third acquisition, a 29.25% stake in South Korean optical equipment manufacturer iiNeer Corp. This transaction, worth about Rs.18.6 crore, is aimed at boosting Lenskart’s manufacturing capabilities, especially in technology-enabled eye testing and lens cutting equipment.  The acquisition, made through Lenskart’s Singapore subsidiary, will help Lenskart reduce its capital expenditures as it aims to boost its operational efficiencies. Lenskart Singapore will acquire 123,945 preference shares, accounting for 29.24% of iiNeer’s share capital. Founded in 2020, iiNeer designs and manufactures…

Mumbai: Sunil Mittal-led Bharti Enterprises, in partnership with private equity firm Warburg Pincus, is all set to acquire 49% in Haier India, marking the telecom major’s formal entry into the consumer electronics segment. The transaction, worth around Rs.15,000 crore, comes after Chinese authorities permitted Haier Group to dilute its stake in the Indian arm. Following the deal, Haier will remain the majority stakeholder, with a 49% stake and an additional 2% management stake.  The proportional values of investments by Bharti and Warburg Pincus hasn’t been revealed yet. “The partnership will bolster Haier India’s ‘Made in India, Made for India’ vision…

Mumbai: Indian cryptocurrency exchange WazirX has officially resumed operations, almost a year after a devastating cyberattack wiped out $230 million from user accounts. Backed by its creditors, a Singapore court has allowed the exchange to reopen for almost 6.6 million users locked out the system since July 2024, following months of legal hurdles the company has had to undergo under CEO Nischal Shetty. To bring back users, WazirX has launched a ZERO campaign, aimed at addressing the high transaction fees associated with crypto exchanges. By eliminating these fees, WazirX aims bring back investors disillusioned by the hack. But this isn’t…

London: British Oil giant BP is all set to sell a 65% stake in Castrol- a leading global lubricants and specialty products company- in a deal valued at approximately $10 billion. This transaction is part of BP’s broader strategy to streamline its portfolio, amid the ongoing challenges in the energy market. “The transaction represents a significant milestone in bp’s commitment to accelerate its strategy, including simplifying the portfolio, strengthening the balance sheet, and focusing the downstream on its leading integrated businesses.” BP said in a statement.  BP aims to divest its non-core assets against the backdrop of sustained investment requirements…

New York: Novo Nordisk has secured the US Food and Drug Administration (US FDA)’s approval for the pill version of its blockbuster weight loss drug Wegovy, giving the Danish pharmaceutical company a head start in the weight loss management market. This new formulation will allow greater adoption of the weight loss drug, which has been restricted to injectables until now. In a clinical trial by Novo Nordisk conducted earlier, the Wegovy pill had showed an average weight loss of 16.6%, with a third of the around 1,300 participants experiencing 20% or greater weight loss in the same trials.  The regulatory…