What began as a yarn trading business has emerged as the biggest wealth creator over the last 25 years, growing along the way to enter sectors ranging from oil to telecommunications and retail. Reliance Industries
accounted for Rs 6.3 trillion in wealth created since 1995, according to Motilal Oswal Financial Services’ annual wealth creation study, the 25th edition of which was released on Tuesday. The closest rival was Hindustan Unilever which was at Rs 4.9 trillion. Read more
Technology giants Google and Microsoft along with AlphaWave, a unit of Falcon Edge Capital, have invested over $100 million in vernacular content platform Dailyhunt
parent VerSe Innovation, making it the first startup for local languages to hit the unicorn milestone. Existing investors Sofina Group and Lupa Systems also participated in the round. Other investors of VerSe Innovation include Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and Goldman Sachs. Read more
Blackstone-backed Embassy Office Parks REIT (real estate investment trust) has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of information technology park Embassy TechVillage (ETV) in Bengaluru for $1.3 billion, which was announced in November. The transaction is expected to close by the end of this month. Read more
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