ALIBABA’S JACK MA TO UNVEIL SUCCESSION PLAN TODAY
BEIJING: Alibaba Group Holding Ltd’s billionaire co-founder Jack Ma will announce a succession plan on Monday, his 54th birthday, to hand the reins of his empire to a new generation of leaders but will remain executive chairman for the time being. The handover strategy will stretch over a significant period of time, the South China Morning Post (SCMP) reported citing a company spokesman. Alibaba declined to comment but pointed towards the SCMP story when asked about Ma’s plans. Ma, who stepped down as chief executive in 2013, currently serves as Alibaba’s international face at top political and business events. The New York Times reported on Friday that Ma would retire from Alibaba on Monday as the former English teacher seeks to focus on philanthropy in education.
Govt sets up panel to look into ecommerce issues
NEW DELHI: With concerns being raised on some proposals of the draft e-commerce policy, the government has set up a group of secretaries to look into the issues, according to an official. The group will be chaired by the secretary in the department of industrial policy and promotion (DIPP). The other members of the group include secretaries of the ministry of electronics and information technology and department of commerce. Representatives of NITI Aayog and department of economic affairs are also members of the group. “The group would look into all the issues of e-commerce sector,” the official said.
FPIS pull out ₹5,600 crore in just 5 trading sessions
NEW DELHI: Foreign investors have pulled out a massive ₹5,600 crore from the Indian capital markets in the last five trading sessions, after putting in money during the previous two months, on unabated fall in rupee and rise in crude oil prices. The latest outflow comes following a net infusion of close to ₹5,200 crore in the capital markets, both equity and debt, last month and ₹2,300 crore in August. Prior to that, overseas investors had pulled out over ₹61,000 crore during AprilJune. According to the latest depository data, foreign portfolio investors (FPIS) withdrew a net sum of ₹1,021 crore from equities during September 3-7 and a net amount of ₹4,628 crore from the debt market, taking the total to ₹5,649 crore.
NTPC to invest ₹9,700 cr for Talcher plant expansion
NEW DELHI: State-run power giant NTPC’S board has approved an investment of ₹9,785 crore for the 1,320 MW Stage-iii expansion of its Talcher thermal power plant in Odisha, a person aware of the development said. The Talcher plant, one of the oldest and top performing power stations in the country, is situated in Angul district of Odisha. The 1,320 MW expansion is a brownfield project. The plant has four units of 60 MW and two units of 110 MW. The existing capacity is operational. “The board has approved the 2x660 Mw—stage III expansion of Talcher Thermal Power Station of NTPC at an investment of ₹9,785 crore,” the person said.
Reliance Retail acquires 16.31% in Genesis Colors
NEW DELHI: Reliance Retail has purchased 16.31% stake in readymade garment wholesaler and retailer Genesis Colors Ltd (GCL) for ₹34.80 crore, Reliance Industries said on Sunday. Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Mukesh Ambani-led Reliance Industries. The stake buy by the group in GCL is in addition to 49.46% stake already held by Reliance Brands, a subsidiary of RRVL. “... Reliance Retail Ventures Ltd (RRVL), a subsidiary of the company, has purchased 16.31% equity holding in Genesis Colors Limited (GCL) for a consideration of ₹34.80 crore,” RIL said in a filing to the BSE.
Nykaa looks to double revenue in 201819
NEW DELHI: Beauty brands retailer Nykaa looks to double its revenue to around ₹1,100 crore by 2018-19-end as it is bringing in new brands, a top company official said. The company, which at present has 22 outlets across the country, is looking at opening 180-200 Nykaa stores in the next 4-5 years. “We are looking at 180-200 Nykaa outlets across the country in the next 4-5 year,” Falguni Nayar, Nykaa CEO said.
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