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Vodafone, Tesco investment proposals get FIPB approval
Biz talk
Cooper Tire scraps $2.5-bn deal with Apollo
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Govt warns of stern action against service tax evaders
RBI sees no taper-related trouble
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Vodafone, Tesco investment proposals get FIPB approval
New Delhi, December 30 Vodafone said in a statement, “We are pleased to have obtained FIPB approval to increase our stake in Vodafone
India. The Cabinet Committee on Economic Affairs (CCEA) still has to endorse this decision before either transaction can take place.” The telecom major, which holds a 64.38 per cent stake in the Indian unit, will buy remaining outstanding shares from minority shareholders like Ajay Piramal and Analjit Singh. The Vodafone Group will pay Analjit Singh Rs 1,241 crore and Piramal Enterprises Rs 8,900 crore
for their stakes in Vodafone India as part of the proposal. The FIPB also approved UK-based Tesco Plc's proposal to enter the Indian multi-brand retail segment in a joint venture with the Tata Group with an initial investment of $110 million (about Rs 680 crore). As per the proposal, Tesco will pick up a 50 per cent stake in Trent Hypermarket Ltd, a wholly-owned subsidiary of Trent Ltd, a Tata group company. Tesco is the first global retailer to apply for multi-brand retailing after the government allowed 51 per cent FDI in the segment in September last year. Trent Hypermarket runs 16 outlets in the southern and western regions with support from Tesco. Passing the hurdles
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mycity4kids helps tap best offers for children
Today, the most important things for the parents are to bring up their children the right way and provide them with the best while keeping them busy as well. This is where mycity4kids has stepped in to make its mark. Vishal Gupta talks about the company’s journey so far and its future plans. Q: Why did you set up mycity4kids and how has the journey been since its inception? A: Prashant Sinha, Asif Mohamed and I met in April, 2010 and discovered that other than having complementary skills, we also shared the same passion and values. This led us to start mycity4kids.com in October, 2010. The portal, mycity4kids.com, helps parents unearth the best their city has to offer kids in and around the neighbourhood — from playschools and schools, hobby and sports classes to fun events, summer camps and workshops. It is an online marketplace where parents can search for information related to kids' services, look for recommendations and make a booking by either paying online or in cash. It also provides a platform for the parents in the city to share their own experiences and learn from each other's. The website currently caters to parents in Delhi NCR, Mumbai, Bangalore, Chennai, Hyderabad and Pune. With more than 300,000 parents visiting the website every month and close to 40,000 service providers listed on the portal, mycity4kids is truly the destination site for parents in the city. We derive a lot of satisfaction being the first movers in this space and creating an entire model where none existed. Q: What are the USPs of mycity4kids vis-à-vis other kids-related online portals? A: The USPs are as follows:
Q: Which type of business model do you use and how do you generate revenue? A: We operate at B2B and B2C levels : At the B2B level, we provide many solutions to SMEs in the children’s space ranging from kick starting their presence on the internet with a templated microsite to response management, payment and local promotion solutions. We have a robust calendar to add to the existing bouquet of services based on an in-depth understanding of the issues that owners face in running their businesses. Future developments include enabling businesses to use social media efficiently. At the B2C level, we provide parents the ability to search for any kids-related service, get recommendations from other parents through video reviews and complete their purchase by paying online or availing the cash pick-up service. The key themes for us as far as parents go are relevance, personalisation and guidance. We deliver these through features such as personal profile and parenting stop and discussion forum. Q: What is the geographical reach of mycity4kids? A: Utilities available on the website can be used by parents across six cities — Delhi NCR, Bangalore, Mumbai, Chennai, Hyderabad and Pune. We plan to extend our services to the top-16 Indian cities and at least one international city by the end of FY 2014. Q: What was the initial capital for mycity4kids? Did you receive any venture capital (VC) funding? A: We used Rs 50 lakh from our personal savings (all three co-founders) to begin the venture. In June 2012, YourNest Angel Fund, an early-stage VC fund, made an investment in mycity4kids.com. Q: Where do you see mycity4kids five years down the line? A: I see mycity4kids being the most trusted brand for parents in India and several large cities/countries globally as well as being the partner of choice for all SMEs in this space by understanding and fulfilling their needs better than anyone else. I hope a dominant share of our revenue comes from monetisation of consumers as opposed to businesses currently. In short, I see mycity4kids being the most credible and largest online marketplace for kids-related services in the world.
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Cooper Tire scraps $2.5-bn deal with Apollo
New Delhi, December 30 The announcement follows a Delaware Supreme Court ruling earlier this month in favour of the Indian firm in their spat over their proposed merger agreement, which was announced in June this year. Expressing disappointment over the deal falling apart, Apollo Tyres in a statement said: “Apollo is disappointed that Cooper has prematurely attempted to terminate our merger agreement....Cooper’s actions leave Apollo no choice, but to pursue legal remedies for Cooper’s detrimental conduct.” “...Cooper’s lack of control over its largest subsidiary and inability to meet its legal and contractual financial reporting obligations has considerably complicated the situation,” it
said. “While the strategic rationale for a business combination with Apollo is compelling, it is clear that the merger agreement, both companies signed on June 12, will not be consummated by Apollo and we have been notified that financing for the transaction is no longer available. The right thing for Cooper now is to focus on continuing to build our business,” he said. Comments from Apollo Tyres could not be obtained immediately. Stating that the company was keeping its legal options open, he said: “While Cooper believes Apollo has breached the merger agreement, and we will continue to pursue the legal steps necessary to protect the interests of our company and our stockholders, our focus will be squarely on our business and moving it forward.” On November 12, pushing for an early completion of the deal, Cooper Tire had filed with the Delaware Supreme Court an appeal against the partial ruling on November 8 by the Delaware Chancery Court.
— PTI |
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Govt warns of stern action against service tax evaders
New Delhi, December 30 The Voluntary Compliance Encouragement Scheme (VCES), which came into effect from May 10, allows a service tax defaulter to pay dues without any penalty or late payment charges. Under the scheme, a person may make a declaration to the designated authority on or before December 31. Over 40,000 applications, involving tax amount of about Rs 5,500 crore, have been filed till December 29, Bose said. This would broadly correspond to Rs 55,000 crore of services, which have escaped the tax net. In the last four days, the Revenue Department has received 16,000 application involving Rs 1,500 crore of service tax dues, as the deadline for the amnesty scheme ends on Tuesday, the Finance Secretary said. “It is hoped that with all these measures, the service providers would respond and avail the benefits of the VCES,” he said. The declarants have to pay 50 per cent of the declared tax dues by tomorrow, failing which they would be ineligible for the scheme. |
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The Foreign Investment Promotion Board (FIPB) today approved telecom MNC Vodafone's proposal to raise its shareholding to 100 per cent in Indian
venture and Tesco's proposal to enter the country’s multi-brand retail sector in
partnership with the Tata Group. The Vodafone’s Rs 10,000-crore proposal to buy out minority shareholders in its Indian arm was today approved bythe FIPB.
US-based Cooper Tire & Rubber Co today terminated its troubled $2.5-billion merger agreement with India's Apollo
Tyres. “It is time to move our business forward,” Cooper chairman, chief executive officer and president Roy Armes said in a statement.
The government has asked service tax evaders to pay up in the ongoing amnesty scheme which closes tomorrow or face penal action which could include arrest and prosecution.
Finance Secretary Sumit Bose today said from January 1 stern action would be taken against service tax evaders and provisions in the Finance Act relating to arrest and prosecution would be enforced in right earnest.
