Day: July 3, 2020

Pine Labs Weighs Bid for Part of Wirecard’s Asia Business

(Bloomberg) — Pine Labs, the Indian payments company backed by Sequoia Capital and Mastercard Inc., is considering a bid for fallen fintech star Wirecard AG’s businesses in Southeast Asia and India, according to people familiar with the matter.

A potential bid is still at an exploratory stage, as there’s no information available yet on the valuation and finances of Wirecard’s Asian operations, said the people, who asked not to be identified as the information is confidential. There’s no certainty that Pine Labs will proceed with a formal bid, the people added.

The sale of Wirecard’s businesses will be clouded by

India bans import of power equipment from China: Check Power Minister’s tough message

The government is planning to levy 15-20 per cent duty that would rise to 40 per cent in a year, to reduce dependence on China.

Amid the nationwide rage to boycott Chinese products after the brutal face-off at Galwan valley, Power Minister R K Singh on Friday said that India will not import power equipment from China. R K Singh urged the state distribution companies to not give orders for supply of equipment to Chinese firms as India will manufacture everything in the domestic market. While giving a tough message against China, R K Singh said that we create jobs

RIL, Kishore Biyani firm speak up on Future Retail stake buy report; check if deal is happening

Reliance Retail operates a network of 11,784 stores and reported a revenue of Rs 38,211 crore in the January-March quarter.

Kishore Biyani-led Future Group and Mukesh Ambani-run Reliance Industries Ltd have issued separate clarifications over media reports which said that RIL is eyeing to buy a stake in Future Retail. Both companies have not denied the possibility of a deal. Future Retail on Thursday said that the company continues to explore and evaluate various opportunities, it said in a BSE filing. “The company continues to explore and evaluate various opportunities or associations in the interest of the company