Tata Sons sacks Mistry as Chairman; Ratan Tata returns
PTI In a dramatic development that took the corporates and others by surprise, Cyrus Mistry was on Monday sacked as Chairman of Tata Sons and was replaced by Ratan Tata, from whom he had taken over the reins of the over $100 billion salt-to-software conglomerate four years ago.The surprise announcement came after the Board of Tata Sons met here and decided to replace 48-year-old Mistry and appoint Ratan Tata, 78, as interim head.The board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months.Mistry was chosen as Tata's successor in November, 2011, and was appointed Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was made chairman on the basis ...
India ranks 2nd in global cab service market: Uber
Sharath Chowdary India stands second in the global taxi service market. This was revealed by Uber Asia Head of Business, Eric Alexander, when speaking to the media at an event organised in Hyderabad on Thursday. “The country ranks second, next only to China, in the international cab service market. Compared to other countries, we see faster growth in India. That is why we are investing heavily in this country,” he said speaking to The Dollar Business Bureau. Last year, Uber had committed to invest $1 billion for expansion in India. This year in February, it opened a Centre of Excellence (CoE) in Hyderabad as a part of its commitment to invest $50 million in Telangana. In March, the company has inaugurated an Engineering Centre ...
Tata Sons ups stake in AirAsia India to 49%
The Dollar Business Bureau Tata Sons on Monday signed a deal with AirAsia India to increase its share to 49% from its earlier 41.06% by acquiring an additional 7.94% share from Telestra Tradeplace (Telestra). “Air Asia Investment will continue to hold its 49% stake in the company. The agreement was entered into on March 14, 2016 and the transaction is proposed to be completed in April 2016, subject to completion of the relevant corporate approvals and processes,” Tata Sons said in an announcement. The group said Ramadorai and Venkataramanan, two of the directors of Telestra, will acquire 0.5% and 1.5% respectively of Telestra’s remaining 2% equity stake. Air Asia, which started its operations in India in June 2014, is a joint ...
