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India’s EV goals are being realised on 2 wheels, not 4
The Narendra Modi government has set a target of electric vehicles (EVs) making up 30 per cent of new sales of cars and two-wheelers by 2030 from less than 1 per cent today. But its efforts to convince carmakers to produce EVs have flopped mainly because of no clear policy to incentivise local manufacturing and sales, lack of public charging infrastructure and a high cost of batteries (via).
Amazon food biz to log off if new FDI rules remain
“Amazon Retail India Pvt Ltd (ARIPL), which is a seller of foodstuff on Amazon.in, will stop selling post-February 1 in a bid to comply with the new marketplace regulations,” said one of the persons with direct knowledge of the development. These new norms have also cast their shadow over Amazon’s proposed stake acquisition in Kishore Biyani’s Future Retail. (via)
Spotify partners with T-series for global content deal
Samsung to launch India-first smartphones to counter Chinese rivals
The India-made phones, priced from less than Rs 10,000 ($141.80) up to Rs 20,000, will carry chunkier batteries and features such as quick charging.
The three new M-series phones, which Samsung plans to sell only through its website and Amazon.com’s Indian operation, will help the company to double online sales, the head of Samsung’s Indian mobile business told Reuters (source).
Flipkart quashes Myntra CEO post as Ananth Narayanan resigns
In an internal email, the Flipkart board named Amar Nagaram the new head of Myntra reporting to Flipkart CEO Kalyan Krishnamurthy, practically abolishing the CEO post at Myntra.
“We would like to share with you that Ananth Narayanan has decided to step down as CEO of Myntra and Jabong to pursue external opportunities. Amar Nagaram will be the new lead as head, Myntra and Jabong,” (via)
Sachin Bansal invests $21 million in Ola
ANI Technologies Pvt, which owns and operates Ola, is allotting 70,588 fully and compulsorily cumulative Series J preference shares having a face value of Rs 10 at a subscription price of Rs 21,240 to Bansal. According to a source privy to the development, this money is part of a larger round size of Rs 650 crore which is to come from Bansal (via)