ITDC has entered into MoU with state governments to transfer its stake in the joint ventire subsidiary companies. The company has signed a Memorandum of Understanding (MoU) with government of Madhya Pradesh for transfer of 51 percent equity stake of ITDC in MP Ashok Hotel Corporation to the MP State Tourism Development Corporation. It has signed a MoU with Government of Assam for transfer of 51 percent equity stake of ITDC in Assam Ashok Hotel Corporation to the Government of Assam.
Last Month's Deals
In a first of its kind learning and talent development initiative, PepsiCo India has entered into a ‘career joint venture’ with Hindustan Unilever (HUL), allowing select employees to gain work experience at the JV firm for 2-4 months. PepsiCo India is keen to enter into more such career JVs with other non-competing companies to boost the potential of its employees. A career JV works like a two-way exchange of select, usually high potential, talent.
Maruti Suzuki India Ltd will procure lithium-ion battery packs from a newly formed joint venture (JV) between Suzuki Motor Corp., Toshiba Corp. and Denso Corp. as the country’s largest carmaker looks to build a portfolio of hybrid cars. The all-Japanese joint venture company will be established this year and will start production soon thereafter. The initial capital expenditure will be 20 billion Japanese yen (around $184 million).The joint venture company will be led by Suzuki, which will hold a 50% share. Toshiba and Denso will have 40% and 10%, respectively.
Sepalika.com, a Mumbai-based health content platform that supports those looking to reverse chronic health conditions through guidance on lifestyle, dietary supplements and exercise, has raised $750,000 (Rs.4.80 crores) in its seed round. The funding round was led by Accel for which the healthcare space is a key sector at the moment. Sepalika aims to use the fresh capital infused for further building on its research-based content and strengthening its core proposition in the key market of the USA.
UiPath, the Robotic Process Automation (RPA) software company, has raised a Series A investment of $30 million (approx. Rs.200 crores) led by Accel and with participation from previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp. The funding will be used to accelerate the company’s global expansion and product development. UiPath builds intelligent software robots that help businesses automate repetitive processes by leveraging computer vision technology.