PAYTM ACQUIRES FINTECH STARTUP BALANCE TECHNOLOGY
NEW DELHI: Digital payments major Paytm on Thursday said it has acquired Bengaluru-based savings management startup, Balance Technology for an undisclosed amount. The acquisition will help One97 Communications, which operates the Paytm brand, in further enhancing its user and merchant interfaces, Paytm said in a statement. While Paytm declined to comment on the deal size, the transaction is expected to be about ₹2 million as per industry sources. We are excited to welcome... the Balance Technology team to Paytm. They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance Technology team will be an invaluable part of this journey, Paytm CFO and SVP Madhur Deora said.
NGT grants Vedanta access to copper smelter in TN
NEW DELHI: The National Green Tribunal (NGT) on Thursday allowed mining major Vedanta to access the administrative unit inside its Sterlite copper plant at Thoothukudi in Tamil Nadu. A bench headed by chairperson AK Goel, however, said the company would not have access to its production unit and directed the district magistrate to ensure this. The green panel also directed the Tamil Nadu State Pollution
Control Board to submit data on pollution around the Sterlite plant within 10 days and posted the matter for hearing on August 20.
Adidas scores profit boost with World Cup
FRANKFURT: German sporting goods firm Adidas on Thursday said the World Cup in Russia and strong e-commerce sales lifted net profit in the second quarter, keeping the company on track to meet its 2018 goals. Net profit at the Bavaria-based company more than doubled to €396 million ($459 million) between April and June, up from €158 million the previous year. Group revenues climbed four percent to €5.3 billion year-on year, powered by brisk demand in the key US and Chinese markets.
Essar signs 15year gas sale deal with GAIL India
NEW DELHI: Ruia brothers-led Essar Oil and Gas Exploration and Production (EOGEPL) on Thursday announced that it has signed a 15-year Gas Sale and Purchase Agreement with state-run gas utility GAIL. The Essar Group subsidiary said in a statement here that GAIL had won the bid for the contract which will help EOGEPL monetise its entire coal bed methane production of 2.3 million standard cubic metres per day from the Raniganj East block.
RIL seeks petcoke from 3 oil marketing firms
MUMBAI: Reliance Industries Ltd (RIL) has approached three state-run oil marketing companies to buy petroleum coke (petcoke) from them to fire its $5 billion petcoke gasifiers, according to three officials aware of the matter. RIL operates the world’s biggest refining complex in Gujarat, where two adjacent plants can process about 1.4 million barrels of oil a day. It has 10 petcoke gasifiers of which four, in the domestic tariff area (DTA), are already in the ramp-up phase, and the remaining six, in the special economic zone refinery, are likely to be commissioned in fourth quarter of this fiscal. “RIL has approached us seeking additional petcoke as RIL’S own petcoke generation capacity will not suffice to meet its gasification needs. We are deliberating on the matter,” a senior official of one of the oil marketing companies said. COMPILED FROM AGENCIES