CORPORATE SECTOR
Myntra Acquired Online Fashion Portal Jabong
- Flipkart Limited has acquired Jabong through its unit Myntra in a cut-price deal that values the online fashion store at $ 70 million, moving to preserve its position as India’s No. 1 e-commerce marketplace on July 25, 2016.
- Flipkart, which beat other Jabong suitors such as Snapdeal, will pay cash for the acquisition, according to a statement by Global Fashion Group (GFG), which owns Jabong.
- GFG has been looking for a buyer for Jabong for more than a year GFG held discussions with several firms, including Snapdeal, Future Group, Aditya Birla Group and Amazon.
Dabur Acquired South African Cosmetics Rading Firm ‘Discaria’
- Homegrown FMCG major Dabur acquired South Africa-based Discaria Trading (PTY) Limited, a firm engaged in manufacturing and trading of cosmetics, for an undisclosed amount on July 17, 2016.
- The company’s wholly-owned subsidiary Dabur International has acquired 100% share capital of Discaria Trading in South Africa. Accordingly, Discaria has become a step down wholly-owned subsidiary’ company of Dabur India.
- This marks Dabur’s entry in the high-potential South Africa market. The company currently has manufacturing in Nigeria and Egypt, which caters to the North and East African markets.
- Following this acquisition, Dabur is likely to set-up a greenfield manufacturing facility in South Africa.
Amul Offered Sponsorship to IOA for Rio Olympics 2016
- Dairy major Amul on June 29 announced to sponsor the Indian contingent for Rio 2016 Olympic Games on July 3, 2016.
- The Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells its product under the brand Amul, will pay Rs 1 crore to the Indian Olympic Association (IOA) for the sponsorship.
- The agreement for the official sponsorship of the Indian-contingent in 2016 Olympic games, was signed by IOA Secretary General Rajeev Mehta and GCMMF Managing Director RS Sodhi.
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