Wednesday, Apr 24 2024 | Time 03:07 Hrs(IST)
image
Business EconomyPosted at: Jun 19 2016 2:24PM


Malaysian firm Astro to exit India, AskMe Group to takeover

New Delhi, Jun 19 (UNI) Triggered by political and legal issues, Malaysian investor Astro Group has decided to exit from India and online platform AskMe is in process to take over the company.
Commenting on the development, Ankit Jain, Co-Founder, AskMe Grocery and a member of the AskMe Management team said, “Astro is pulling out of all its business investments in India, because of political and legal reasons. We, at the AskMe Group, have made a management buyout bid, and leadership team is working towards taking over the company.”
Mr Jain added, “We are also is in advanced discussions with a few strategic and financial entities for the next round of funding for the Group.”
Astro All Asia Networks PIc, is a part of the group controlled by Malaysian billionaire T Ananda Krishnan, had acquired a 50 per cent stake in Getit in 2010.
The initial investment was 22 million dollars.
In May, 2016, the Malaysian firm sold a majority stake in FoodFood to Discovery Channel, which was a joint venture with Mogae Consultants and Chef Sanjeev Kapoor.
In 2014, the CBI had chargesheeted Malaysian business tycoon T Ananda Krishnan and Astro All Asia Network PLC in Aircel-Maxis deal-related money laundering case.
UNI ASH SB 1423
Please log in to get detailed story.
Tags: #Malaysian firm Astro to exit India# AskMe Group to takeover
More News
Sensex ends in green; up 89 83 points

Sensex ends in green; up 89 83 points

23 Apr 2024 | 6:58 PM

Mumbai, April 23 (UNI) The stock market on Tuesday opened strong with 400 points up with all-round shopping but paired early gains towards end of the trading hour and closed at 73,738, about 90 points up from its previous close.

see more..

FHRAI seeks govt intervention to utilize increased FAR scheme for hotel industry expansion

23 Apr 2024 | 6:55 PM

New Delhi, Apr 23 (UNI) The apex association of hotels and restaurants FHRAI has approached the Government for resolution of long pending issue of not able to use the provision of increased Floor Area Ratio (FAR) saying this coming in the way to expanding the capacity and new hotel developments in Delhi.

see more..

23 Apr 2024 | 6:22 PM

New Delhi, Apr 23 (UNI) Telecom major Jio Infocomm, a wholly owned by Reliance Industries Limited, has increased its subscriber tally to 470.86 million at the end of December, 2023, up 8.76 per cent from its subscriber base of 432.92 million a year ago.

see more..

Kottayam-Kochi Rubber Market Rates

23 Apr 2024 | 6:11 PM

Kottayam, April 23 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..

Rupee marginally up 3 paise against USD

23 Apr 2024 | 4:37 PM

Mumbai, April 23 (UNI) The Rupee on Tuesday gained three paise to close at 83.34 against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..
image