New Delhi: Amidst the concerns of the ongoing financial slowdown in the economy Nirmala Sitharaman, the Finance Minster of India, to conduct meeting with the leaders to discuss the plans for the future on Thursday.
According to verified sources the meeting will be held with, Business leaders, Uday Kotak, TV Narendran, Sandip Somani, BK Goenka, Sajan Jindal, Sunil Mathur, Anil khaitan, Sanjiv Puri, Rishab Premji, Sangeeta Reddy, Dilip Sanghvi and Ajay Piramal. Even as Nirmala Sitharaman is holding daily meetings with industry in the backdrop of sluggish economic growth, the Centre is planning reforms in crucial sectors over the next few months.
The talk took place on issues such as public transportation initiative on the lines of the erstwhile National Urban Renewal Mission (JN-NURM) for the automobile sector, a tax overhaul through the direct tax code etc. Sajjan Jindal, Chairman of JSW told the media, “The penal provisions for CSR were discussed. We were assured by the finance minister that punitive actions, which include a jail term, would not be taken”.
Auto Industry leaders met Finance Minister Nirmala Sitharaman with an aim to find a concrete solution to the woes of the sector on Wednesday. Indian Automobile sector has posted the worst sales in two decades in the month of July with some top passenger car makers even plunging to their worst show in about two decades. Earlier this week, finance Minister Sitharaman met the PSU bank heads and major private sector banks to review credit growth in various sectors like MSMEs, retail, auto, NBFCs and HFCs.
Zomato acquires UberEats India for nearly Rs 2,500 crore
New Delhi: Zomato on Tuesday announced that it has acquired Uber’s Food Delivery Business in India in an all-stock deal and Uber will have 9.99 per cent stake in the Deepinder Goyal-led food delivery platform.
According to sources close to the deal, it is in the range of over $350 million or nearly Rs 2,500 crore.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective from Tuesday.
“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Goyal, Founder and CEO, Zomato.
According to company sources, for the first three quarters of 2019, “our Uber Eats business comprised 3 per cent of our global Eats gross bookings, but was more than 25 per cent of our global Eats Segment Adjusted EBITDA losses”.
Uber started its food delivery service in India around mid-2017, but has not been able to scale up in the face of big players like Zomato and Swiggy.
It currently has nearly 26,000 restuarants listed on its platform from over 40 cities.
The market is piping hot as according to a recent study by business consultancy firm Market Research Future, the online food ordering market in India is likely to grow at over 16 per cent annually to touch $17.02 billion by 2023.
Uber CEO Dara Khosrowshahi said that the Uber Eats team in India has achieved an incredible amount over the last two years.
“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” said Khosrowshahi.
“We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success,” he added.
On January 10, Zomato had announced that it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.
The latest round of funding in Zomato, which currently value the company at $3 billion, is part of $600 million funding round announced by Zomato CEO Goyal at a Delhi event last December.
The deal comes in the wake of merger talks between Zomato and Swiggy, whoch both the companies have denied to date.