Government plans 2032 deadline for electric cars
A draft of the 90-page blueprint, seen by Reuters, also suggests the government opens a battery plant by the end of 2018 and uses tax revenues from the sale of petrol and diesel vehicles to set up charging stations for electric vehicles.
The recommendations in a draft report by Niti Aayog, the planning body headed by Prime Minister Narendra Modi, are aimed at electrifying all vehicles in the country by 2032 and will likely shape a new mobility policy, said government and industry sources.
The report's focus solely on electric vehicles marks a shift away from the current policy that incentivises both hybrid vehicles - which combine fossil fuel and electric power - and electric cars, and is worrying some automakers.
"India's potential to create a new mobility paradigm that is shared, electric and connected could have a significant impact domestically and globally," said a draft version of the report, titled Transformative Mobility Solutions for India, which will be made public this week.
It would also mark a radical response by India as it looks to cut its oil import bill to half by 2030 and reduce emissions as part of its commitment to the Paris climate treaty.
Officials acknowledge the blueprint faces challenges. High battery costs would push up car prices and a lack of charging stations and other infrastructure means car makers, who have been consulted on the proposals ahead of publication, would hesitate to make the necessary investment in the technology.
"If we accelerate electric vehicle growth it will be a disruption for the auto sector and would require investment, but if we're not able to adapt quickly we risk being net importers of batteries," said a government source involved in the plans. "There has been resistance from car makers."
India's top-selling carmaker Maruti Suzuki has invested in so-called mild-hybrid technology, which makes less use of electric power than full hybrids, while Toyota Motor Corp sells its luxury hybrid Camry sedan in the country. Mahindra & Mahindra is the only manufacturer of electric vehicles in India.
SHIFT IN POLICY
India, in 2015, launched a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles under which it offered incentives for clean fuel technology cars to boost their sales to up to 7 million vehicles by 2020.
Despite incentives as high as 140,000 rupees ($2,175) on some cars the scheme has made little progress, with the sales of electric and hybrid cars making up only a fraction of the 3 million passenger vehicles sold in India in 2016.
The scheme, which expired on March 31, has now been extended by six months while future policy is worked out, two government officials said. Lack of clarity on policy risks delaying investment in the auto sector, one official added.
The new Niti Aayog report, co-produced with US consultancy Rocky Mountain Institute, outlines a 15-year plan, broken into three phases starting in 2017.
To kick-start the shift, the report suggests bulk procurement of electric vehicles, building standardized, swappable batteries for two- and three-wheelers to bring down their cost and having favourable tariff structures for charging cars.
"Prioritize battery and charging infrastructure development," the report states, while setting a 2018 goal for setting up a 250 megawatt per hour battery plant with an aim to reach one gigawatt of production by 2020.
It also recommends setting up battery swapping stations by 2018, common manufacturing facilities for components and increasing subsidies on all battery electric vehicles to bring them to cost parity with conventional models by 2025.
Other suggestions in the blueprint include incentivizing the use of electric cars as taxis by lowering taxes, interest rates on loans for purchases and electricity tariffs for fleet operators, and lowering duties on makers of such fleet cars.
Puneet Gupta, South Asia manager at consultant IHS Markit, said the government would need to lead the change with generous incentives to achieve its goal.
"This is one of the most radical changes the government is talking about," said Gupta. "All cars being electric is a distant dream."
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DronePrix AR gives DJI drone pilots their virtual wings
Agencies | May 8, 2017, 08.06 PM IST
-By Scott Collie
Augmented reality has proven useful for first responders and retailers, but the technology has huge potential for gamers and drone pilots as well. Using the DJI software development kit, the team at Edgybees has created the first augmented reality game for DJI's drones, giving pilots the chance to improve their skills in a new, more immersive way.
DronePrix AR isn't overly complicated. Users pilot their drone through a virtual obstacle course and try to collect prizes along the way. Once they've completed the course, players are able to compare their scores on a worldwide leaderboard - after all, what good is gaming if you can't brag to the person you just beat.
There are a range of game modes, from solo slalom to a special flight assistant, which helps the pilot work their way through a 3D space as they try to collect special coins and prizes. The app includes more than 30 different obstacle courses, designed to challenge pilots with differing skill levels.
"In contrast with flight simulators, Drone Prix AR provides a much more immersive experience that combines virtual obstacles with real-life piloting skills," says Menashe Haskin, Edgybees CTO & Co-Founder.
The app itself is fairly simple. Once it's dowloaded and the drone, controller and app are powered up, the user is able to see the view from the drone's camera on their phone, select a course and start playing.
The app can be downloaded for free from Google Play and the App Store, and it's fully compatible with Phantom 3, Phantom 4 and Mavic Pro drones.
Credits: www.newtlas.com
Augmented reality has proven useful for first responders and retailers, but the technology has huge potential for gamers and drone pilots as well. Using the DJI software development kit, the team at Edgybees has created the first augmented reality game for DJI's drones, giving pilots the chance to improve their skills in a new, more immersive way.
DronePrix AR isn't overly complicated. Users pilot their drone through a virtual obstacle course and try to collect prizes along the way. Once they've completed the course, players are able to compare their scores on a worldwide leaderboard - after all, what good is gaming if you can't brag to the person you just beat.
There are a range of game modes, from solo slalom to a special flight assistant, which helps the pilot work their way through a 3D space as they try to collect special coins and prizes. The app includes more than 30 different obstacle courses, designed to challenge pilots with differing skill levels.
Easy Electricity Saving Tips For Your Home & AppliancesWomens Article
Save Money On Website Hosting And DesignWeb Hosting Sponsored Ads"In contrast with flight simulators, Drone Prix AR provides a much more immersive experience that combines virtual obstacles with real-life piloting skills," says Menashe Haskin, Edgybees CTO & Co-Founder.
The app itself is fairly simple. Once it's dowloaded and the drone, controller and app are powered up, the user is able to see the view from the drone's camera on their phone, select a course and start playing.
The app can be downloaded for free from Google Play and the App Store, and it's fully compatible with Phantom 3, Phantom 4 and Mavic Pro drones.
Credits: www.newtlas.com
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Trai likely to resume call drop tests this month
PTI | Updated: May 8, 2017, 07.54 PM IST
New
Delhi: Telecom regulator Trai is likely to resume from this month its
independent drive tests to check call drops and service quality of
operators, after a gap of more than five months.
"Independent drive tests are going to begin. Actually, there was some gap (problem) which has been removed...they should start probably from this month on," Trai Chairman R S Sharma told.
While the telecom operators submit performance monitoring reports to the Telecom Regulatory Authority of India (Trai) regularly, the regulator also undertakes audit and assessment of service quality through independent agencies.
The agencies conduct sample 'drive tests' across various cities in the country, as part of audit and assessment of the operators' performance.
The independent drive tests are distinct from operator- assisted tests, Sharma said.
"We were doing drive tests in 11-12 cities, we will be doing it in more cities (this time). This will be different from the operator-assisted tests," he added.
The operator-assisted drive test captures real-time data to monitor the level of call drops and voice quality, similar to Trai's independent drive tests.
However, unlike independent drive tests that are conducted by the regulator itself, the 'operator-assisted' tests are conducted in co-ordination with telecom service providers.
The operator-assisted tests, a new concept, involves the telecom firms' equipment and costs, with the regulator monitoring and supervising the entire process.
That said, all drive tests -- be it independent or operator-assisted tests -- assess the performance of networks on various quality benchmarks, including call set-up success rate, call drop, blocked calls and Radio Frequency (RF) coverage.
The last round of independent drive tests were conducted by Trai in Amritsar, Delhi, Hyderabad, Bhopal, Chandigarh, Mumbai, Lucknow, Kanpur, Ahmedabad, Ranchi, Darjeeling, Sikkim and Trivandrum in 2016.
During the last few months that Trai did not undertake independent tests, the operator-assisted tests were conducted in cities including Mathura (UP-West circle), Jaisalmer, (Rajasthan), Ujjain (Madhya Pradesh) and Mangalore (Karnataka) and others.
Both the regulator and the Department of Telecom (DoT) have been keeping a vigil on service quality issues such as call drops and call failures through initiatives like drive tests and automated call system.
Last year, when instances of call drops spiked, the government and the regulator made a co-ordinated effort to tackle the issue through deliberations with the industry.
The Telecom Department has set up an IVRS or automated call system, which makes random calls to subscribers to check status of call drops.
As part of efforts to keep the call quality in check, the Trai plans to roll-out, by the month-end, an app that will enable subscribers to rate the service quality of a phone call, once the call is complete. The data will, thereafter, be analysed by the regulator.
"Independent drive tests are going to begin. Actually, there was some gap (problem) which has been removed...they should start probably from this month on," Trai Chairman R S Sharma told.
While the telecom operators submit performance monitoring reports to the Telecom Regulatory Authority of India (Trai) regularly, the regulator also undertakes audit and assessment of service quality through independent agencies.
The agencies conduct sample 'drive tests' across various cities in the country, as part of audit and assessment of the operators' performance.
The independent drive tests are distinct from operator- assisted tests, Sharma said.
"We were doing drive tests in 11-12 cities, we will be doing it in more cities (this time). This will be different from the operator-assisted tests," he added.
The operator-assisted drive test captures real-time data to monitor the level of call drops and voice quality, similar to Trai's independent drive tests.
However, unlike independent drive tests that are conducted by the regulator itself, the 'operator-assisted' tests are conducted in co-ordination with telecom service providers.
The operator-assisted tests, a new concept, involves the telecom firms' equipment and costs, with the regulator monitoring and supervising the entire process.
That said, all drive tests -- be it independent or operator-assisted tests -- assess the performance of networks on various quality benchmarks, including call set-up success rate, call drop, blocked calls and Radio Frequency (RF) coverage.
The last round of independent drive tests were conducted by Trai in Amritsar, Delhi, Hyderabad, Bhopal, Chandigarh, Mumbai, Lucknow, Kanpur, Ahmedabad, Ranchi, Darjeeling, Sikkim and Trivandrum in 2016.
During the last few months that Trai did not undertake independent tests, the operator-assisted tests were conducted in cities including Mathura (UP-West circle), Jaisalmer, (Rajasthan), Ujjain (Madhya Pradesh) and Mangalore (Karnataka) and others.
Both the regulator and the Department of Telecom (DoT) have been keeping a vigil on service quality issues such as call drops and call failures through initiatives like drive tests and automated call system.
Last year, when instances of call drops spiked, the government and the regulator made a co-ordinated effort to tackle the issue through deliberations with the industry.
The Telecom Department has set up an IVRS or automated call system, which makes random calls to subscribers to check status of call drops.
As part of efforts to keep the call quality in check, the Trai plans to roll-out, by the month-end, an app that will enable subscribers to rate the service quality of a phone call, once the call is complete. The data will, thereafter, be analysed by the regulator.
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- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
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Harnessing wider spectrum of ambient radio waves for powerless IoT device communication
Agencies | Updated: May 8, 2017, 08.02 PM IST
-By Rich Haridy
Most of the devices and sensors connecting to the Internet of Things (IoT) rely on transmitting radio waves to communicate, which requires power, which means batteries if mains power isn't an option. A team at Disney Research is looking at harnessing a technique called ultra-wideband (UWB) ambient backscatter, which would allow devices to piggyback their communications on the multitude of FM and cellular signals already in the air.
"As we move towards connecting the next billion wireless devices to the internet, the use of batteries to power these devices will become unworkable," explains Markus Gross, vice president at Disney Research. "UWB ambient backscatter systems, which potentially could be deployed in any metropolitan area, hold great potential for solving this dilemma."
Ambient backscatter techniques basically utilize the ever-present cloud of TV and cellular signals already in the air to either power small transistors or to piggyback data transmissions. This significantly cuts the power requirements of such sensors, by potentially allowing them to communicate without transmitting their own radio waves.
Such technology has been trialled several times in recent years, from developing advertising posters that could piggyback FM signals in the air and send ads to nearby devices, to powering small sensors without any external battery power.
The new innovation developed by the Disney Research Wireless Systems group allows a single device to backscatter a multitude of available ambient sources. Where prior devices were calibrated to feed or piggyback off a single specific FM or cellular signal, this new UWB approach leverages all broadcast signals in the 80 MHz to 900 MHz range, including digital TVs, FM radios and cellular networks, resulting in a greater signal-to-noise ratio and extending range.
The new system requires a single reader hub to receive and decode the sensor data carried on the backscatter signals, but realistically that would mean a variety of backscatter-based sensors could easily be deployed in an office or home environment that would communicate with one central powered source.
The team was able to demonstrate communication from node to reader over 22 m (72 ft) when using ambient signals from broadcast towers, and over 50 m (164 ft) with data rates of up to 1 kbps by simultaneously harnessing 17 ambient signal sources.
Future prospects for this technology could allow inert, unpowered objects to be embedded with communicative sensors, such as a bus stop pole that holds live timetable information, a t-shirt that communicates heart rate information to its wearer, or even a smartphone that could transmit text messages after its battery has died.
Credits: www.newatlas.com
Most of the devices and sensors connecting to the Internet of Things (IoT) rely on transmitting radio waves to communicate, which requires power, which means batteries if mains power isn't an option. A team at Disney Research is looking at harnessing a technique called ultra-wideband (UWB) ambient backscatter, which would allow devices to piggyback their communications on the multitude of FM and cellular signals already in the air.
"As we move towards connecting the next billion wireless devices to the internet, the use of batteries to power these devices will become unworkable," explains Markus Gross, vice president at Disney Research. "UWB ambient backscatter systems, which potentially could be deployed in any metropolitan area, hold great potential for solving this dilemma."
Ambient backscatter techniques basically utilize the ever-present cloud of TV and cellular signals already in the air to either power small transistors or to piggyback data transmissions. This significantly cuts the power requirements of such sensors, by potentially allowing them to communicate without transmitting their own radio waves.
Such technology has been trialled several times in recent years, from developing advertising posters that could piggyback FM signals in the air and send ads to nearby devices, to powering small sensors without any external battery power.
The new innovation developed by the Disney Research Wireless Systems group allows a single device to backscatter a multitude of available ambient sources. Where prior devices were calibrated to feed or piggyback off a single specific FM or cellular signal, this new UWB approach leverages all broadcast signals in the 80 MHz to 900 MHz range, including digital TVs, FM radios and cellular networks, resulting in a greater signal-to-noise ratio and extending range.
The new system requires a single reader hub to receive and decode the sensor data carried on the backscatter signals, but realistically that would mean a variety of backscatter-based sensors could easily be deployed in an office or home environment that would communicate with one central powered source.
The team was able to demonstrate communication from node to reader over 22 m (72 ft) when using ambient signals from broadcast towers, and over 50 m (164 ft) with data rates of up to 1 kbps by simultaneously harnessing 17 ambient signal sources.
Future prospects for this technology could allow inert, unpowered objects to be embedded with communicative sensors, such as a bus stop pole that holds live timetable information, a t-shirt that communicates heart rate information to its wearer, or even a smartphone that could transmit text messages after its battery has died.
Credits: www.newatlas.com
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- Cognizant to fired employees: Take nine months salary and leave on good terms
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- Wipro sacks 600 employees on 'performance grounds'
- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
- Donald Trump's H-1B visa order: Assocham warns of job cuts at Indian IT companies
- Cisco buys Indian-origin CEO led company Viptela for $610 million
- Meet the local delivery manager who became a multi-millionaire
- Infosys Q4 profit beats estimates on key client wins
- Flipkart acquires eBay India
Trai wants FDI investment in telecom sector to grow
Muntazir Abbas | ETTelecom | Updated: May 8, 2017, 07.46 PM IST
NEW
DELHI: The Telecom Regulatory Authority of India (Trai) is aiming at
increasing foreign direct investment (FDI) and facilitating speedier
mandatory clearances for companies that could give a big leg up to 'ease
of doing business' in the telecom sector.
"We are looking forward to make business process easier by eliminating multiple clearance process that will also help in bringing more FDI in the telecom space," Trai chairman RS Sharma told ET, adding that the new set of recommendations would be sent to the government within next two months.
The Prime Minister's Office (PMO) has recently issued directions to all departments to bring in enabling framework and regulations in tune with the liberalized FDI policy in order to attract more foreign investment.
Foreign funds in the telecom industry has surged to Rs 65,000 crore or $10 billion in the first three quarters of the 2016-17 fiscal from $2.9 billion in 2015-16, according to government statistics with officials believing more appetite in the sector on the back of ambitious Digital India umbrella program.
"We are looking to bring recommendations to ease out stakeholders that put infrastructure for telecom operators and Internet service providers and require permissions from different departments including states with right of way (RoW) emerging as a main challenge," the top official said.
Trai had on March 14 issued a consultation paper seeking views from the industry on 'ease of doing telecom business' with an objective to identify the bottlenecks or obstacles that were making it difficult to do a telecom business in India and requires regulatory intervention.
Sharma said that the regulator is exploring whether it can facilitate stakeholders to function smoothly without having the need of complex regulatory regime and how additional processes could be eliminated with the advancement in technology.
Telecom watchdog, however through its ongoing consultation process principally looking to address existing licensing issues, spectrum sharing trading approval, and merger and acquisition policy.
However, Trai has on April 11 extended last date for the submission of written comments to April 25.
Early this month, telecom watchdog said that 'ease of doing business' was one of its core focus areas and it would bring some stronger suggestions to the table for the government to formulate policy.
The regulator in January, this year has identified few issues hurting the sector's growth after a closed-door discussion with the service providers that include issues relating to consumer protection, quality of service, level-playing field and financial health.
"We are looking forward to make business process easier by eliminating multiple clearance process that will also help in bringing more FDI in the telecom space," Trai chairman RS Sharma told ET, adding that the new set of recommendations would be sent to the government within next two months.
The Prime Minister's Office (PMO) has recently issued directions to all departments to bring in enabling framework and regulations in tune with the liberalized FDI policy in order to attract more foreign investment.
Foreign funds in the telecom industry has surged to Rs 65,000 crore or $10 billion in the first three quarters of the 2016-17 fiscal from $2.9 billion in 2015-16, according to government statistics with officials believing more appetite in the sector on the back of ambitious Digital India umbrella program.
"We are looking to bring recommendations to ease out stakeholders that put infrastructure for telecom operators and Internet service providers and require permissions from different departments including states with right of way (RoW) emerging as a main challenge," the top official said.
Trai had on March 14 issued a consultation paper seeking views from the industry on 'ease of doing telecom business' with an objective to identify the bottlenecks or obstacles that were making it difficult to do a telecom business in India and requires regulatory intervention.
Sharma said that the regulator is exploring whether it can facilitate stakeholders to function smoothly without having the need of complex regulatory regime and how additional processes could be eliminated with the advancement in technology.
Telecom watchdog, however through its ongoing consultation process principally looking to address existing licensing issues, spectrum sharing trading approval, and merger and acquisition policy.
However, Trai has on April 11 extended last date for the submission of written comments to April 25.
Early this month, telecom watchdog said that 'ease of doing business' was one of its core focus areas and it would bring some stronger suggestions to the table for the government to formulate policy.
The regulator in January, this year has identified few issues hurting the sector's growth after a closed-door discussion with the service providers that include issues relating to consumer protection, quality of service, level-playing field and financial health.
Subscribe and get the
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Delivered to your mailbox
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- Cognizant to fired employees: Take nine months salary and leave on good terms
- 95% engineers in India unfit for software development jobs, claims report
- Reliance Jio launches 'Dhan Dhana Dhan' offer at Rs 309
- Wipro sacks 600 employees on 'performance grounds'
- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
- Donald Trump's H-1B visa order: Assocham warns of job cuts at Indian IT companies
- Cisco buys Indian-origin CEO led company Viptela for $610 million
- Meet the local delivery manager who became a multi-millionaire
- Infosys Q4 profit beats estimates on key client wins
- Flipkart acquires eBay India
China's JD.com reports 41% rise in Q1 revenue Y-oY
Reuters | Updated: May 8, 2017, 07.10 PM IST
BEIJING:
JD.com Inc, China's second-largest e-commerce firm, said first-quarter
revenue grew 41% from a year earlier, benefiting from a rapid expansion
into goods like household supplies and food that has brought in new
users.
Diversifying into data, cloud and artificial intelligence services amid fierce competition, the company also swung to a profit from a loss in the quarter.
"Margins benefited from our rapidly growing scale across all of our product categories," JD's Chief Financial Officer Sidney Huang said in a statement.
Quarterly revenue came in at 76.2 billion yuan ($11 billion), compared with an average estimate of 73.5 billion yuan from 14 analysts surveyed by Thomson Reuters. Active customer accounts increased by 40% to 237 million in the year ended March.
Net profit was 355.7 million yuan for the quarter, compared with a loss of 867.3 million yuan for the same period a year earlier.
It also said it expects the spin-off of its financial arm to be completed in the second quarter.
JD said in November that it would seek to split off the unit making it a fully Chinese-owned entity, allowing it to apply for licenses that Chinese laws forbid foreign-listed firms from holding, including mutual funds and securities.
Under the restructuring, CEO Richard Liu will be one of the buyers and JD.com will receive 40% of any pre-tax profit, an arrangement that bears similarities to the spinoff of Alipay from Alibaba in 2011, which has since been re-branded as Ant Financial.
JD expects second-quarter revenue to fall between 86.6-89.1 million yuan excluding JD Finance, representing a growth rate of 33-37%, in line with analyst predictions of 36%.
JD made a net profit of 0.17 yuan per American Depository Share in the first quarter, compared with a loss of 0.66 yuan a year earlier.
Diversifying into data, cloud and artificial intelligence services amid fierce competition, the company also swung to a profit from a loss in the quarter.
"Margins benefited from our rapidly growing scale across all of our product categories," JD's Chief Financial Officer Sidney Huang said in a statement.
Quarterly revenue came in at 76.2 billion yuan ($11 billion), compared with an average estimate of 73.5 billion yuan from 14 analysts surveyed by Thomson Reuters. Active customer accounts increased by 40% to 237 million in the year ended March.
Net profit was 355.7 million yuan for the quarter, compared with a loss of 867.3 million yuan for the same period a year earlier.
It also said it expects the spin-off of its financial arm to be completed in the second quarter.
JD said in November that it would seek to split off the unit making it a fully Chinese-owned entity, allowing it to apply for licenses that Chinese laws forbid foreign-listed firms from holding, including mutual funds and securities.
Under the restructuring, CEO Richard Liu will be one of the buyers and JD.com will receive 40% of any pre-tax profit, an arrangement that bears similarities to the spinoff of Alipay from Alibaba in 2011, which has since been re-branded as Ant Financial.
JD expects second-quarter revenue to fall between 86.6-89.1 million yuan excluding JD Finance, representing a growth rate of 33-37%, in line with analyst predictions of 36%.
JD made a net profit of 0.17 yuan per American Depository Share in the first quarter, compared with a loss of 0.66 yuan a year earlier.
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- Cognizant to fired employees: Take nine months salary and leave on good terms
- 95% engineers in India unfit for software development jobs, claims report
- Reliance Jio launches 'Dhan Dhana Dhan' offer at Rs 309
- Wipro sacks 600 employees on 'performance grounds'
- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
- Donald Trump's H-1B visa order: Assocham warns of job cuts at Indian IT companies
- Cisco buys Indian-origin CEO led company Viptela for $610 million
- Meet the local delivery manager who became a multi-millionaire
- Infosys Q4 profit beats estimates on key client wins
- Flipkart acquires eBay India
Southeast Asian e-commerce firm Garena rebrands as Sea, raises $550 million
Reuters | Updated: May 8, 2017, 07.02 PM IST
SINGAPORE:
Southeast Asia-focused e-commerce startup Garena Interactive Holding
Ltd renamed itself Sea Ltd on Monday and said it had raised $550 million
to expand in key markets such as Indonesia.
The fundraising by Sea comes amid a flurry of similar deals in the region as competition for a share of Southeast Asia's biggest e-commerce market Indonesia intensifies, with more people in the 250-million strong nation gaining access to the Internet.
Sea, which also provides digital payments and online gaming services, said most of the new capital would be used to grow its e-commerce platform Shopee.
Shopee has more than doubled in size in the past nine months and now has an annualised gross merchandise value of over $3.0 billion, it added.
Investors in Sea's fundraising round included Farallon Capital Management, Hillhouse Capital, Indonesia's GDP Venture and Philippine conglomerate JG Summit Holdings Inc, the company said. An investment arm of Taiwanese food conglomerate Uni-President Enterprises Corp and Cathay Financial Holding Co also took part.
Sea did not disclose its current valuation, but was valued at $3.75 billion in a March 2016 funding round.
In one of the biggest bets on e-commerce in Southeast Asia, Alibaba Group Holding Ltd bought a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion last year.
Indonesia's online marketplace Tokopedia is also in talks with China's JD.Com Inc for possible fund raising, a source familiar with the matter told Reuters last week.
Sea counts SeaTown Holdings, a subsidiary of Singapore state investor Temasek Holdings, and Malaysian state investor Khazanah Nasional Bhd among its investors. It also plans a $1 billion initial public offering, IFR, a Thomson Reuters publication, reported in January.
On Monday, Sea also named former Singapore foreign minister George Yeo, former Indonesia minister of trade Mari Pangestu and Pandu Sjahrir, a director of Indonesian coal PT Toba Bara Sejahtra Tbk, as senior advisors.
The fundraising by Sea comes amid a flurry of similar deals in the region as competition for a share of Southeast Asia's biggest e-commerce market Indonesia intensifies, with more people in the 250-million strong nation gaining access to the Internet.
Sea, which also provides digital payments and online gaming services, said most of the new capital would be used to grow its e-commerce platform Shopee.
Shopee has more than doubled in size in the past nine months and now has an annualised gross merchandise value of over $3.0 billion, it added.
Investors in Sea's fundraising round included Farallon Capital Management, Hillhouse Capital, Indonesia's GDP Venture and Philippine conglomerate JG Summit Holdings Inc, the company said. An investment arm of Taiwanese food conglomerate Uni-President Enterprises Corp and Cathay Financial Holding Co also took part.
Sea did not disclose its current valuation, but was valued at $3.75 billion in a March 2016 funding round.
In one of the biggest bets on e-commerce in Southeast Asia, Alibaba Group Holding Ltd bought a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion last year.
Indonesia's online marketplace Tokopedia is also in talks with China's JD.Com Inc for possible fund raising, a source familiar with the matter told Reuters last week.
Sea counts SeaTown Holdings, a subsidiary of Singapore state investor Temasek Holdings, and Malaysian state investor Khazanah Nasional Bhd among its investors. It also plans a $1 billion initial public offering, IFR, a Thomson Reuters publication, reported in January.
On Monday, Sea also named former Singapore foreign minister George Yeo, former Indonesia minister of trade Mari Pangestu and Pandu Sjahrir, a director of Indonesian coal PT Toba Bara Sejahtra Tbk, as senior advisors.
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Tata Technologies enters into agreement for acquiring Escenda Engineering AB
PTI | Updated: May 8, 2017, 07.09 PM IST
MUMBAI:
Engineering services company Tata Technologies today said it has
entered into a definitive agreement to acquire Escenda Engineering AB.
"The acquisition helps Tata Technologies accelerate its plans to expand in Europe due to the rapid growth opportunity the region offers in both the automotive and industrial machinery sectors," the company said in a statement issued here.
Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, However, the company will maintain the same management team and full workforce under the new ownership.
"Through this acquisition, Tata Technologies will leverage its global expertise in engineering services to support key accounts in Sweden and the European market and help them create better products for their customers," Tata Technologies Chief Executive Officer Warren Harris said.
"Our new colleagues in Europe are some of the world's finest engineers and we are united by a shared vision to bring better products to the market for our customers and for the millions of people around the world who benefit from them," Harris said.
The acquisition is an essential component in Tata Technologies' European growth strategy and follows the recent USD 26 million investment in the development of a new European headquarters in the UK, he added.
Commenting on the deal, Escenda Engineering AB Chief Executive Officer Stefan Wedin said, "we look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development."
Escenda Engineering's revenue has grown by around 230 per cent across the last four years, the release said.
"The acquisition helps Tata Technologies accelerate its plans to expand in Europe due to the rapid growth opportunity the region offers in both the automotive and industrial machinery sectors," the company said in a statement issued here.
Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, However, the company will maintain the same management team and full workforce under the new ownership.
"Through this acquisition, Tata Technologies will leverage its global expertise in engineering services to support key accounts in Sweden and the European market and help them create better products for their customers," Tata Technologies Chief Executive Officer Warren Harris said.
"Our new colleagues in Europe are some of the world's finest engineers and we are united by a shared vision to bring better products to the market for our customers and for the millions of people around the world who benefit from them," Harris said.
The acquisition is an essential component in Tata Technologies' European growth strategy and follows the recent USD 26 million investment in the development of a new European headquarters in the UK, he added.
Commenting on the deal, Escenda Engineering AB Chief Executive Officer Stefan Wedin said, "we look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development."
Escenda Engineering's revenue has grown by around 230 per cent across the last four years, the release said.
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- Cognizant to fired employees: Take nine months salary and leave on good terms
- 95% engineers in India unfit for software development jobs, claims report
- Reliance Jio launches 'Dhan Dhana Dhan' offer at Rs 309
- Wipro sacks 600 employees on 'performance grounds'
- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
- Donald Trump's H-1B visa order: Assocham warns of job cuts at Indian IT companies
- Cisco buys Indian-origin CEO led company Viptela for $610 million
- Meet the local delivery manager who became a multi-millionaire
- Infosys Q4 profit beats estimates on key client wins
- Flipkart acquires eBay India
MobiKwik partners Bhopal smart city initiative for payments
PTI | Updated: May 8, 2017, 06.49 PM IST
MUMBAI:
Mobile wallet company MobiKwik, has announced its association with web
portal and mobile application Bhopal Plus, which is part of Bhopal smart
city initiative.
Bhopal Plus facilitates government-citizen engagement and collaboration, as a step towards the national smart cities mission.
The tie-up will enable residents of Bhopal in paying taxes and bills for utility services such as electricity and water, digitally, MobiKwik said in a statement here.
Bhopal Plus also provides a platform to apply for birth and death certificates, marriage registration and register complaints on civic amenities.
"This association is in line with our vision to support Digital India and the government's smart cities initiative," Bikram Bir Singh, Business Head at MobiKwik said.
MobiKwik and Bhopal Plus together would be incentivising users to do online transactions, which would further give impetus to the Digital India campaign.
"The partnership aims to bring better payment experiences for our users across the city...MobiKwik and Bhopal Municipal Corporation would be incentivising digitally paying users with 5 per cent cash back on bill payments," Chandramauli Shukla, Chief Executive Officer, Bhopal Smart City Development Corporation said.
MobiKwik has over 55 million plus users on its platform and currently powers payments for IRCTC, NHAI, GSRTC, Meru Cabs, Big Bazaar, MakeMyTrip, Zomato, PVR, ShopClues, Myntra, Pepperfry among several others.
Bhopal Plus facilitates government-citizen engagement and collaboration, as a step towards the national smart cities mission.
The tie-up will enable residents of Bhopal in paying taxes and bills for utility services such as electricity and water, digitally, MobiKwik said in a statement here.
Bhopal Plus also provides a platform to apply for birth and death certificates, marriage registration and register complaints on civic amenities.
"This association is in line with our vision to support Digital India and the government's smart cities initiative," Bikram Bir Singh, Business Head at MobiKwik said.
MobiKwik and Bhopal Plus together would be incentivising users to do online transactions, which would further give impetus to the Digital India campaign.
"The partnership aims to bring better payment experiences for our users across the city...MobiKwik and Bhopal Municipal Corporation would be incentivising digitally paying users with 5 per cent cash back on bill payments," Chandramauli Shukla, Chief Executive Officer, Bhopal Smart City Development Corporation said.
MobiKwik has over 55 million plus users on its platform and currently powers payments for IRCTC, NHAI, GSRTC, Meru Cabs, Big Bazaar, MakeMyTrip, Zomato, PVR, ShopClues, Myntra, Pepperfry among several others.
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- Cognizant to fired employees: Take nine months salary and leave on good terms
- 95% engineers in India unfit for software development jobs, claims report
- Reliance Jio launches 'Dhan Dhana Dhan' offer at Rs 309
- Wipro sacks 600 employees on 'performance grounds'
- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
- Donald Trump's H-1B visa order: Assocham warns of job cuts at Indian IT companies
- Cisco buys Indian-origin CEO led company Viptela for $610 million
- Meet the local delivery manager who became a multi-millionaire
- Infosys Q4 profit beats estimates on key client wins
- Flipkart acquires eBay India
Government requests netizens to avoid forwarding malicious content on social media
PTI | Updated: May 8, 2017, 07.00 PM IST
NEW
DELHI: Union minister Rajyavardhan Rathore today exhorted netizens to
be "soldiers" by not forwarding "malicious" content circulated by
"enemies" on social media.
"You need not wear the uniform to be a soldier of this country, you need not go to the borders now, because the enemy can actually strike in your home (through social media).
"All you have to do is be aware and not forward any malicious content or anything that you are not aware of and actually be a soldier by preventing forwarding of such information," he said.
The Information and Broadcasting minister made the remark at the inaugural session of 'Women Economic Forum' here in response to a question on cyber stalking of women.
He asked the people to self-regulate, contending that governments across the world are yet to find solutions to deal with the issue of circulation of malicious content on the internet.
Rathore stated that although the issue was being handled by the information and technology ministry, people should try to solve it at an individual level and spread the word on social network.
The Olympic medallist also called for self-regulation of media, adding the government has not taken any restrictive action against it.
Slovenia's Development Minister Alenka Smerkolj also attended the event.
"You need not wear the uniform to be a soldier of this country, you need not go to the borders now, because the enemy can actually strike in your home (through social media).
"All you have to do is be aware and not forward any malicious content or anything that you are not aware of and actually be a soldier by preventing forwarding of such information," he said.
The Information and Broadcasting minister made the remark at the inaugural session of 'Women Economic Forum' here in response to a question on cyber stalking of women.
He asked the people to self-regulate, contending that governments across the world are yet to find solutions to deal with the issue of circulation of malicious content on the internet.
Rathore stated that although the issue was being handled by the information and technology ministry, people should try to solve it at an individual level and spread the word on social network.
The Olympic medallist also called for self-regulation of media, adding the government has not taken any restrictive action against it.
Slovenia's Development Minister Alenka Smerkolj also attended the event.
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Latest News
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- Cognizant to fired employees: Take nine months salary and leave on good terms
- 95% engineers in India unfit for software development jobs, claims report
- Reliance Jio launches 'Dhan Dhana Dhan' offer at Rs 309
- Wipro sacks 600 employees on 'performance grounds'
- H-1B visas: How about banning Facebook and Google, asks Airtel chairman Sunil Mittal
- Donald Trump's H-1B visa order: Assocham warns of job cuts at Indian IT companies
- Cisco buys Indian-origin CEO led company Viptela for $610 million
- Meet the local delivery manager who became a multi-millionaire
- Infosys Q4 profit beats estimates on key client wins
- Flipkart acquires eBay India
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