Uber may have explored selling Indian arm; company calls the report false

The US company Uber began weighing alternatives and reached out to several interested parties after recognizing it had limited potential for profitable expansion in Indian market.

Uber Technologies Inc. explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered, people familiar with the matter said. The US company began weighing alternatives and reached out to several interested parties after recognizing it had limited potential for profitable expansion in the country, the people said, asking not to be named as the information is not public. It pondered a stock swap with local companies or even a pullout, before a global equity market rout upended plans, the people added. A stock deal was favored in exploratory talks as that would allow Uber to retain a foothold in India, the people said.

Uber and its local-rival Ola had been struggling to eke out a profit in a rapidly growing but price-sensitive market, where constant driver attrition was pressuring margins. A sale to a local operator could have mirrored similar deals it struck with Didi Global Inc. in China and Grab Holdings Ltd. in Southeast Asia, where Uber ceded the markets but kept an equity stake in the dominant local player to tap future growth. The maneuvers ended costly turf wars waged with driver incentives and cash subsidies….Read More

IPL media rights auction concludes; value stays at Rs 43,050 crore

The per-match value for IPL has touched $13.5 million (or Rs 105 cr), which is second only to America’s National Football League, which costs a broadcaster $17 million (Rs 132.26 crore) per match

The auction for the digital and television rights of the Indian Premier League (IPL) has concluded within an hour of the resumption of the bidding process on Monday. A decision was taken after bidding was opened at 11 am, persons in the know said. Bidders agreed, said sources, to conclude the auction for the digital and TV rights (packages A and B) after a fierce fight on Sunday, which took the combined value (of TV/digital) past the Rs 43,000-crore mark.

This had increased the value of the rights by over two-and-a-half times the previous rights value of Rs 16,347.5 crore, paid by Disney-Star in 2017. It is already Rs 10,000 crore more than the reserve price of nearly Rs 33,000 crore set by the Board of Control for Cricket (BCCI) for the current media rights cycle.

Also, the per-match value of the IPL has touched $13.5 million (or Rs 105 crore) after bidding closed on Sunday at 6 pm. This is second only to America’s National Football League, which costs a broadcaster $17 million (Rs 132.26 crore) per match. The English Premier League costs $11 million (Rs 85.58 crore) per match…

IPL broadcasting rights: Amazon plans to pull out of Rs 60,000 cr race

Amazon’s surprise pullout leaves the field open to Ambani’s Reliance, Disney and Sony Group Corp

Amazon.com Inc. is planning to withdraw from a heated competition for the rights to stream Indian Premier League cricket matches, according to people familiar with the matter, ceding one of the world’s most popular sporting contests to rivals from Walt Disney Co. to Mukesh Ambani’s Reliance Industries Ltd.

The rights had been estimated to fetch an unprecedented $7.7 billion (nearly Rs 60,000 crore). The US giant is planning to throw in the towel rather than get into a bidding war, the people said, asking not to be identified discussing internal deliberations. While Amazon has already invested more than $6 billion in the country, more spending merely for the online streaming rights to the league didn’t make business sense, they said.

Representatives for Amazon didn’t immediately respond to a request for comment. Amazon’s surprise pullout leaves the field open to Ambani’s Reliance, Disney and Sony Group Corp., who’re betting the game will help them dominate an Indian consumer market increasingly going online. Whichever company scores the deal could also bolster their position as a leading media player in a country of 1.4 billion where the English sport enjoys cult-like status.

HDFC’s Parekh expects regulatory response to merger to be fair, judicious

Says India can double home loans in 5 years to $600 billion

Deepak Parekh, chairman of HDFC Ltd, the largest mortgage financier of the country said he expects the regulator’s view on the proposed merger with HDFC Bank to be fair and judicious while asking the stakeholders to be patient. In his address to the shareholders in the annual report, the HDFC patriarch said after 45 glorious years of providing homes to millions of customers, the time is right for HDFC to find a new home.

In April, the HDFC and HDFC Bank announced a plan for an all-stock deal merger, for which all the regulatory approvals are expected in 15-18 months. HDFC Bank has requested the Reserve Bank of India for more time to meet several regulatory requirements like cash reserve ratio, statutory liquidity ratio and priority sector lending targets.

“At this juncture, we are awaiting regulatory guidance on the path forward. We remain respectful of all our regulators and are confident that the outcome will be judicious and fair at a systemic level,” Parekh said in the note to the shareholders of HDFC. “My only ask of our stakeholders is for your patience as we navigate through the complexities of this transaction. More than ever before, we need your trust and support,” he said….Read More

Samsung to spend $360 billion on microchips, biotech over five years

Samsung promised in a statement to create 80,000 jobs through 2026, mostly in semiconductors and biopharmaceuticals.

The Samsung group plans to raise spending by more than 30 per cent to 450 trillion won (about $360 billion) over the half-decade to 2026 to shore up businesses from chips to drugs as South Korea’s conglomerates grapple with growing economic and supply shocks.

The conglomerate — whose units from Samsung Electronics Co to Samsung Biologics Co dominate Korea’s economy — promised in a statement to create 80,000 jobs through 2026, mostly in semiconductors and biopharmaceuticals.

Samsung, run by the scion of one of Korea’s oldest and wealthiest families, is one of a handful of so-called chaebol that are outlining investment plans as the country’s new president takes office. President Yoon Suk Yeol, who began his five-year term May 10, has been a vocal supporter of the conglomerates and has made them a key pillar in his economic growth plans…

Cipla looks to invest more in mRNA tech; holds discussions with firms

Speaking to Business Standard, Samina Hamied, executive vice chairperson, Cipla, says one must invest in research and development (R&D) to feed the commercial growth engines

After taking the lead in having a strong Covid-19 portfolio during the pandemic, Cipla is now gearing up for the next stage of growth in terms of innovation and expanding its presence in newer domains. The Mumbai-based firm has held discussions with mRNA technology companies over the last eight months as it looks to invest in a few of them. “We have been talking to mRNA technology owners in the past eight months. We are at a stage when we might invest in a few mRNA companies. The best way is to invest in such technology companies and then grow them in-house,” said Umang …

Will invest $20 bn; plan to grow revenue to $80 bn: Vedanta’s Anil Agarwal

‘Government-listed companies can see their market cap go up five times if they are either corporatised or privatised’, said Agarwa

The $30-billion Vedanta group is set for an aggressive growth plan even as it enters newer areas such as semiconductor fabs. Chairman Anil Agarwal speaks to Surajeet Das Gupta on the group’s ambitious plans and more. Edited excerpts: What is your overall growth plan for the next few years, especially as you enter new areas? Our plan is very clear. In the next four to five years, we will invest $20 billion and it has been allocated. In oil and gas, we hope to hit 500,000 barrels and will invest $4 billion, in technology we will invest $2-3 billion for the display and …

Billionaire tech pioneer Nilekani takes on Amazon, Walmart in India

India has become a battlefield for some global retail behemoths that are either shut out of China or are struggling to compete with local rivals there

He co-founded software powerhouse Infosys Ltd., became a billionaire and went on to spearhead a colossal government program to create biometric identification for India’s almost 1.4 billion people. Now 66, Nandan Nilekani has one more ambitious goal. The high-profile mogul is helping Prime Minister Narendra Modi build an open technology network that seeks to level the playing field for small merchants in the country’s fragmented but fast-growing $1 trillion retail market.

Its stated purpose is to create a freely accessible online system where traders and consumers can buy and sell everything from 23-cent detergent bars to $1,800 airline tickets. But its unspoken objective is to eventually curb the powers of Amazon.com Inc. and Walmart Inc.-owned Flipkart, whose online domination has alarmed small merchants and the millions of local mom-and-pop stores, called kirana, that form the nation’s retail backbone…

Elon Musk on fun trail, says buying Coca-Cola, McDonald’s next

In a flurry of tweets, Musk claimed that he has set eyes on Coca Cola to “put cocaine back in” and “McDonald’s to fix ice-cream machines”

In the last 48-hour of his buyout of the micro-blogging site Twitter, billionaire Elon Musk is again on a fun trail. In a flurry of tweets, Musk claimed that he has set eyes on Coca Cola to “put cocaine back in” and “McDonald’s to fix ice-cream machines”. After the multi-billion buyout of the microblogging website this week, only Musk knows whether he’s kidding or not. “Next I’m buying Coca-Cola to put the cocaine back in,” Elon Musk tweeted on Friday. Tagging to an old tweet, he said, “Listen, I can’t do miracles”. But, he promised to make “Twitter maximum fun”.

Musk is known for throwing ideas, sometimes light-hearted, on his Twitter timeline. His tweets often spark debates on various issues, including free speech that polarises the twitterities. Twitter on Monday confirmed the sale of the company to Tesla Chief Elon Musk for USD 44 billion. Under the terms of the deal, shareholders will receive USD 54.20 in cash for each share of Twitter stock they own, matching Musk’s original offer and marking a 38 per cent premium over the stock price the day before Musk revealed his stake in the company, CNN reported.