Skip to main content

Featured Post

AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
1 comment
Read more
Labels

Amazon investigated by ED for silently acquiring Future Retail: Report

Last year, Amazon challenged the acquisition of Future Retail by the Reliance Group in the Delhi High Court. Following this, the HC found that Amazon itself had attempted to gain control over the entity without the government’s permission. Due to this, the Enforcement Directorate (ED) has set up a probe as it expects that Amazon violated the Foreign Exchange Management Act rules, as reported by The Hindu.

The probe will determine if there was any violation involved in the process. The report adds, Amazon India is “not aware of any new case by the ED against it.”

In related news, Future Group on January 26 approached the National Company Law Tribunal (NCLT) to help it finalise the $3.4 billion asset sale to Reliance Retail.

The deal has been hanging in the balance ever since the US-based e-commerce giant raised a petition in the Singapore International Arbitration Centre (SIAC) last October. The petition was raised due as the giant owns a 49 percent stake in the promoter-entity of Future Retail called Future Coupons. It has also acquired a 3.58 percent stake through Future Coupons in Future Retail.

According to the investors’ agreement that Amazon had with Future Coupons, the giant had barred the Indian entity from selling its assets to 15 companies. These companies include Reliance Industries, Walmart, Alibaba, Softbank, Google, Naspers, eBay, Target, Paytm, Zomato, Swiggy and more.

As of now, the deal remains in stasis, until a court order releases a verdict, deciding on how will Future Retail resume its business.



from BGR India https://ift.tt/36EK8ML
via IFTTT
Email Post
Labels:

Comments

Post a Comment

add