The drug company, Novartis India has announced that its India Managing Director and Chairman, Milan Paleja has resigned and has decided to step down from the company, with effect from May 31, 2019. “We wish to inform you that, Mr Milan Paleja, Vice Chairman & Managing Director of the Company has informed the Board of…
Ogilvy, the New York City-based British advertising, marketing, and public relations agency has appointed Piyush Pandey as its global chief creative officer (CCO), effective 1 January 2019. Ogilvy also announced the expansion of its worldwide creative council from 12 members to 20, with women comprising half of the creative leadership team. Pandey, 63, is currently the executive chairman…
Zomato, the restaurant search, and discovery platform have acquired a drone delivery startup TechEagle Innovations. Lucknow-based TechEagle Innovations works exclusively on drones and will help Zomato’s ambition to create technology that will power hub to hub delivery networks powered by hybrid multi-rotor drones, Zomato said in a statement. Founded in 2015 by IIT-Kanpur student Vikram Singh…
Girnarsoft, which owns online auto portal Cardekho, is raising a massive $100 million in its latest investment round led by Sequoia Capital. Its expected that the existing investor Hillhouse Capital will also be participating in the round. According to an ET post, the investment values Gurgaon-based Cardekho between $400 million and $500 million, which is a little higher than…
AXIS Capital Holdings Limited, the holding company for AXIS group of companies announced that its MD & CEO Dharmesh Mehta has stepped down. The bank also said that it has elevated Salil Pitale and Chirag Negandhi as Joint Managing Directors and Co-Chief Executive Officer with immediate effect. “Dharmesh Mehta, MD & CEO of Axis Capital today…
Warburg Pincus LLC, an American private equity firm has acquired a minority stake in Fusion Microfinance, a non-banking financial company (NBFC) for Rs.520 crore ($ 75 million). Creation Investment, an existing investor, has also participated in this round. Investors such as Belgium’s Incofin, NMI, BIO and SIDBI have made successful exits in this round. “This is…
Audi, a member of the Volkswagen Group that designs, engineers, produces, markets and distributes luxury vehicles announced on Tuesday that it will invest 14 billion euros ($15.95 billion) over the next five years on future transportation technologies such as electric mobility, autonomous driving, and digital services. In a statement, the German automaker said that the…
Mahindra and Mahindra Ltd’s service arm Mahindra First Choice (MFC) Services on Monday announced that the company that it has entered into an asset acquisition agreement with Carnation Auto (India) Pvt. Ltd, a Noida-based aftersales and service company. As a result, MFC Services will acquire key assets of Carnation’s car-servicing business including the trademark ‘Carnation’,…
Fast-moving consumer goods major Hindustan Unilever announced an all-equity merger of itself with GlaxoSmithKline Consumer Healthcare Limited (GSK CH India), for a transaction worth Rs 31,700 crore in the country’s largest deal within consumer goods market. The all-equity merger deal includes an exchange ratio of 4.39 HUL shares for each GSK Consumer India share, along with…
Bank of Maharashtra on Sunday announced the appointment of A.S. Rajeev as its managing director and chief executive officer. “A.S. Rajeev has joined Bank of Maharashtra as Managing Director & Chief Executive Officer on 2nd December 2018. Prior to this, he was Executive Director of Indian Bank from 22 January 2016,” the lender said in…
Singapore-based technology company, GrabTaxi Holdings Pte. Ltd. that offers ride-hailing, food delivery service through its app is in advanced discussions to invest $100 million (Rs 697.7 crore) in Indian hospitality chain OYO Hotels & Homes. The proposed investment is expected to be made through A1 Holdings Inc., an entity controlled by Grab, is a part of the OYO’s ongoing $1billion…
UrbanClap, a Delhi based Home services start-up, has raised $50 million in primary capital in a Series D funding round led by Steadview Capital Management and existing investor Vy Capital. According to data from CrunchBase, till now UrbanClap has raised $110 million. While Steadview Capital has invested about $30 million, Vy Capital has invested the remaining, also this…
The Chinese consumer electronics and mobile communication company, Oppo Electronics Corporation (commonly referred to as Oppo), said that the company’s India Managing Director Yi Wang has left the company in BSE filing. “During a meeting between the Board of Directors of OPPO Mobiles India on the November 28, 2018, it has been mutually decided that Yi…
Unilever, the British-Dutch transnational consumer goods company’s chief executive Paul Polman will step down in January, after serving the firm for 10 years. Polman is stepping down after he lost a bruising fight with shareholders over his plan to move the company’s headquarters out of the United Kingdom. The company which owns iconic brands like Marmite,…
Lupin Limited the transnational pharmaceutical company based in Mumbai, announced the exit of the company’s Chief Financial Officer, Ramesh Swaminathan on Tuesday in a statement to the exchanges. “We wish to inform that Ramesh Swaminathan, Chief Financial Officer of the Company has decided to pursue other responsibilities outside the pharmaceutical industry and will be leaving the organization…