Ola to get over Rs 1,400 cr funding from Microsoft : Bulletin: Business Today
Business Today

Ola to get over Rs 1,400 cr funding from Microsoft

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October 30, 2019

Govt forms panel to look into financial woes of telcos after SC's AGR blow

The Modi government has formed a Committee of Secretaries (CoS) to find out ways to reduce financial stress in the telecom sector. The panel, formed under Cabinet Secretary Rajiv Gauba, will suggest ways to make a favourable environment for investment in the sector struggling to keep up revenue. The committee may soon announce a financial bailout package for the ailing sector by lowering spectrum charges and ending the era of free mobile phone calls and dirt cheap data.

Ola to get over Rs 1,400 cr funding from Microsoft for project on connected cars

Ride-hailing company Ola has entered into a partnership with Microsoft Corp, under which Ola will soon unveil a project that aims to connect cars with the Internet of Things sensors. As part of the deal, Microsoft will invest $200 million (Rs 1,400 crore) in Ola's parent company, ANI Technologies Pvt Ltd, and will acquire a 4.5 per cent stake in it. Ola's connected car project aims to give real-time solutions regarding future mobility issues.

'Yes, there is economic slowdown, but it's temporary,' says Mukesh Ambani

Reliance Industries chairman Mukesh Ambani on Tuesday said that slowdown in the Indian economy was temporary and that the recent measures taken by the government would help boost the economy in the coming quarters.  "Yes, there has been a slight slowdown (in the Indian economy). But my own view is that it is temporary," Ambani said at Saudi Arabia's annual investment forum Future Investment Initiative (FII) conference.

CCI to probe Oyo, MakeMyTrip over unfair business practice

An Indian regulator has ordered an investigation into allegations that hotel-booking service MakeMyTrip Ltd gives special treatment to SoftBank-backed hotel chain Oyo on its platform, stifling competition in the industry. There is a "prima facie case for investigation" against MakeMyTrip and Oyo for alleged violations of rules barring uncompetitive agreements between parties, the Competition Commission of India (CCI) said in an order dated October 28.

Forget electric cars, China is making electric planes

When the entire world is looking at electric cars as the next step for transportation, China has actually taken a leap and done one better. The Chinese are moving on from electric cars to electric planes. According to the state media, China has carried out its first flight of a four-seater electric aircraft. The nation is aiming to develop battery-powered planes for short-haul transport.  The electric plane that was tested, the Chinese-made RX4E aircraft weighs 1,200 kg and has the capacity to fly 300 km in one charge.

Amazon pumps Rs 4,400 crore in India units to take on rival Flipkart

The US-based Amazon is pumping in over Rs 4,400 crore (more than USD 600 million) in its various units in India including marketplace and food retail to provide them more ammunition to compete against arch-rival Flipkart. Amazon, which is locked in a battle against Flipkart, had registered cumulative losses of over Rs 7,000 crore across various units in 2018-19. However, the fresh funding is indicative of Amazon's confidence in the Indian market.

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