Name: Byju’s to acquire Aakash Educational Services in a deal worth $1bn
Uploaded: 2021-01-13T10:55:28.fff+05:30
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India&rsquo;s biggest online-education startup Byju&rsquo;s has signed a deal to acquire brick &amp; mortar test prep leader Aakash Educational Services Ltd. for $1 bil

Byju’s to acquire Akash Educational Services in a deal worth $1bn 

India&rsquo;s biggest online-education startup Byju&rsquo;s has signed a deal to acquire brick &amp; mortar test prep leader Aakash Educational Services Ltd. for $1 billion. According to the reports, the deal for what will be one of the largest edtech acquisitions in the world should close in the next two or three months.&nbsp;Bangalore-headquartered Byju&rsquo;s is valued at $12 billion and has been on a fund-raising spree as the pandemic has sent demand for its online lessons soaring.&nbsp;

India’s biggest online-education startup Byju’s has signed a deal to acquire brick & mortar test prep leader Aakash Educational Services Ltd. for $1 billion. According to the reports, the deal for what will be one of the largest edtech acquisitions in the world should close in the next two or three months. Bangalore-headquartered Byju’s is valued at $12 billion and has been on a fund-raising spree as the pandemic has sent demand for its online lessons soaring.

What does Budget 2021 have in store for tax-payers? Are there going to be any income tax benefits? Will the budget go the taxation route in order to boost consumer spen

What does Budget 2021 have in store for tax-payers? Are there going to be any income tax benefits? Will the budget go the taxation route in order to boost consumer spending? Deloitte India's partner Aarti Raote answers some of these questions! Write in to Aarti - aaraote@deloitte.com to know more! This feature has been jointly produced by Fortune India and editorji
&nbsp;

International Monetary Fund's chief&nbsp;Gita Gopinath&nbsp;on Tuesday&nbsp;said&nbsp;India&rsquo;s recently-enacted agricultural&nbsp;laws have the potential to increa

International Monetary Fund's Chief Economist Gita Gopinath&nbsp;on Tuesday&nbsp;said&nbsp;India&rsquo;s recently-enacted agricultural&nbsp;laws have the potential to increase&nbsp;farmers&rsquo; income, but there is a need to provide a social safety net to the vulnerable cultivators. The Chief Economist of the Washington-based global financial institution further said there are multiple areas where the reforms are needed, including infrastructure.&nbsp;
&nbsp;

After over six months of consistent bull run, the Indian stock markets plunged heavily on Wednesday as some investors continue to take&nbsp;money off-the-table ahead of

After over six months of consistent bull run, the Indian stock markets plunged on Wednesday as some investors continued to take&nbsp;money off-the-table ahead of the Budget next week. The domestic equity benchmarks, Sensex and Nifty fell almost 2% each. The Sensex&nbsp;dropped 937 points or 1.94% to end the session at 47,409 and the Nifty slipped 1.91% or 271 points to close below 14,000 for the first time this year.
Tata&nbsp;Motors, Tata&nbsp;Steel, Titan, IndusInd&nbsp;Bank and Hindalco were the top five Nifty losers. Whereas Tech Mahindra, SBI&nbsp;Life, Wipro, ITC&nbsp;and Ultratech&nbsp;Cements were the top gainers.
All the sectoral&nbsp;indices closed with major losses, except the Nifty FMCG&nbsp;index.
The Indian rupee settled 2 paise higher at 72.92 against the greenback.

According to the White House, President Joe Biden&nbsp;held his first call on Tuesday with his Russian President Vladimir Putin. As per the report, Biden raised concern

According to the White House, US President Joe Biden&nbsp;held his first call on Tuesday with his Russian President Vladimir Putin. As per the report, Biden raised concerns about a range of issues from a&nbsp;recent massive cyberattack&nbsp;to the&nbsp;suspected poisoning of the country's leading opposition figure&nbsp;and reports of Russian bounties on American troops in Afghanistan.&nbsp;
The call underscored troubled relations and the delicate balance between the former Cold War foes.&nbsp;The two presidents agreed to have their teams work urgently to complete a five-year extension of the New START nuclear weapons treaty that expires next month.&nbsp;

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday announced it has&nbsp;approved minimum support price or&nbsp;MSP of copra at ₹10,335 per quintal, an incre

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday announced it has&nbsp;approved minimum support price or&nbsp;MSP of copra at ₹10,335 per quintal, an increase of ₹375 over its 2020 rates. Announcing the government's decision, Union Minister Prakash Javadekar&nbsp;mentioned that its earlier rate was ₹9,960 per quintal. The&nbsp;MSP increased 52% over and above the cost of production for milling copra which is ₹6,805 per quintal, he added.

The two richest men in the world have reportedly crossed each other's paths with a recent satellite fleet feud.&nbsp;SpaceX CEO&nbsp;Elon Musk&nbsp;took to Twitter on T

The two richest men in the world have reportedly engaged in a war of words over&nbsp;recent satellite fleet feud.&nbsp;SpaceX CEO&nbsp;Elon Musk&nbsp;took to Twitter on Tuesday, as his company works to persuade Federal Communications Commission officials that it should allow SpaceX to move some of its Starlink satellites to lower altitudes than originally planned. Jeff Bezos&rsquo;&nbsp;Amazon has been among companies that have disputed SpaceX&rsquo;s request, on the grounds that the modification would interfere with other satellites.&nbsp;A dispute that would normally be confined to regulatory filings is spilling into public view, in a spat that showcases the large personalities involved as billionaires chase dreams in the sky.

The IMF on Tuesday projected an 11.5% growth rate for India in 2021, making it the only major economy of the world to register a double-digit growth this year amidst th

The IMF on Tuesday projected an 11.5% growth rate for India in 2021, making it the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.&nbsp;China is next with 8.1% growth in 2021. The Indian economy&nbsp;is estimated to have contracted by 8% in 2020 due to the pandemic. With the latest projections, India regains the tag of the fastest developing economies in the world.

Covid-19 pandemic has exacerbated India's mental health crisis. With over 14% of the population suffering from mental health issues even before the pandemic made the th

Covid-19 pandemic has exacerbated India's mental health crisis. With over 14% of the population suffering from mental health issues even before the pandemic made the things worse, will the Union Budget 2021 recognise the growing crisis and allocate funds to tackle it?

Reserve Bank of India on Monday said that reports surrounding the&nbsp;withdrawal of old series of some banknotes are incorrect, putting to rest rumours that had been c

Reserve Bank of India on Monday said that reports on the&nbsp;withdrawal of old series of some banknotes are incorrect, putting to rest all rumours. The central bank clarified in a twitter statement that media reports on withdrawal of old series of banknotes of&nbsp;₹&nbsp;5,&nbsp;₹&nbsp;10 and&nbsp;₹&nbsp;100 from circulation were incorrect. Over the weekend, certain reports claimed that the old series of the above mentioned three denominations would be pulled out of circulation by the&nbsp;RBI&nbsp;as soon as March this year. The RBI had introduced new lavender-coloured&nbsp;₹&nbsp;100 currency notes in 2019 but had asserted back then that all&nbsp;₹&nbsp;100 currency notes issued earlier would also continue to be legal tender.

A new report by Oxfam has found that the Covid&nbsp;pandemic&nbsp;deeply exacerbated existing inequalities in India and around the world.&nbsp;The report, titled &lsquo

A new report by Oxfam&nbsp;titled &lsquo;The Inequality Virus&rsquo;, has found that&nbsp;1.7 lakh people lost their jobs every hour, in April 2020 alone. The wealth of the country's billionaires increased by an estimated 35 per cent during the lockdown&nbsp;while&nbsp;84 per cent of households suffered varying degrees of income loss, according to the report.&nbsp;The report also said that if India's top 11 billionaires were "taxed at just one per cent on the increase in wealth during the pandemic" it could increase allocation to the Jan Aushadhi scheme - which makes quality medicines available at affordable prices - by 140 times.

The weak financial health of Indian telecom service providers will continue to impact the prospects of acquiring new spectrum and the subsequent launch of 5G network in

The weak financial health of Indian telecom service providers will continue to impact the prospects of acquiring new spectrum and the subsequent launch of 5G network in the country, said a report by the Competition Commission of India.&nbsp;"With the average spectrum holding for an Indian operator lower (31 MHz) than the global average of 50 MHz, the battered financial health will continue to impact operators' ability to acquire new spectrum and the subsequent launch of 5G in India," the report said.

The World Economic Forum's online Davos Agenda Summit began on Sunday&nbsp;night as a response to the COVID-19 pandemic.&nbsp;Prime Minister&nbsp;Narendra Modi&nbsp;is 

The World Economic Forum's online Davos Agenda Summit began on Sunday&nbsp;night on the theme "The Great Reset" representing a commitment to jointly and urgently build the foundations of the global economic and social system for a more fair, sustainable and resilient future. Prime Minister&nbsp;Narendra Modi&nbsp;is expected to address the&nbsp;World Economic Forum&nbsp;on January 28th, via video conference. Chinese President Xi Jinping will also address the forum.&nbsp;

Finance Minister Nirmala Sitharaman, with&nbsp;senior officials of the finance ministry on Saturday participated in the symbolic 'Halwa Ceremony' that marks the beginni

Finance Minister Nirmala Sitharaman, with&nbsp;senior officials of the finance ministry, on Saturday participated in the symbolic 'Halwa Ceremony' that marks the beginning of compilation of budget documents.&nbsp;Ahead of the presentation of the Union Budget on February 1,&nbsp;Sitharaman&nbsp;also launched the "Union Budget Mobile App" for hassle-free access of Budget-related documents by Members of Parliament&nbsp;and the public.&nbsp;

Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. On Saturday, fuel prices in India were raised 

Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. On Saturday, fuel prices in India were raised to new all-time highs by state-owned oil marketers. Petrol prices per litre were up 25 paise to Rs 85.70 in New Delhi, Rs 87.11 in Kolkata, Rs 92.28 in Mumbai and Rs 88.29 in Chennai. Diesel prices per litre were also hiked by 25 paise to Rs 75.88 in New Delhi, Rs 79.48 in Kolkata, Rs 82.66 in Mumbai and Rs 81.14 in Chennai.

Fugitive liquor baron Vijay Mallya has appealed to the UK Home Secretary Priti Patel for "another route" to remain in the United Kingdom. Mallya's legal representative 

Fugitive liquor baron Vijay Mallya has appealed to the UK Home Secretary Priti Patel for "another route" to remain in the United Kingdom. Mallya's legal representative made the claim during a hearing into the tycoon's bankruptcy proceedings at the UK High Court in London on Friday. Mallya has gone through and exhausted the full legal procedures available to him to fight the Indian government's effort to extradite him. He remains out on bail awaiting the UK Home Secretary Patel formally signing off on the extradition. There has been speculation that Mallya has sought asylum in the UK

Securing a&nbsp;narrow escape from losses, the rupee stepped back from initial losses and gained marginally towards the fag-end of the session by two paise against the 

Securing a&nbsp;narrow escape from losses, the rupee stepped back from initial losses and gained marginally towards the fag-end of the session by two paise against the US dollar to close at 72.97 on Friday.&nbsp;Amid weaker domestic equities, the&nbsp;rupee was supported by easing crude oil prices.&nbsp;On Thursday, the rupee extended gains for the third straight session to settle at a near five-month high of 72.99 against the US dollar.&nbsp;

The Reserve Bank of India has said the country has come out of the pandemic crisis and the recovery is getting stronger. The revival in the economy will exceed most for

The Reserve Bank of India has said the country has come out of the pandemic crisis and the recovery is getting stronger. The revival in the economy will exceed most forecasts which will drive the economy towards a &ldquo;glorious summer&rdquo; while throwing open the space for a greater policy support,&nbsp;the&nbsp;Reserve Bank of India said on Thursday.&nbsp;&ldquo;Recent shifts in the macroeconomic landscape have brightened the outlook, with GDP in striking distance of attaining positive territory and inflation easing closer to the target, an article published in the&nbsp;Reserve Bank of India&rsquo;s January bulletin said. The RBI is optimistic that&nbsp;if these movements sustain, policy space could open up to further support the recovery.

Petrol Diesel Price Today: Petrol price scaled to an all-time high in Mumbai and Delhi after state-owned fuel retailers hiked the rates on Friday. 

Petrol price scaled to an all-time high in Mumbai and Delhi after state-owned fuel retailers hiked the rates on Friday. In Mumbai, the price of petrol now stands at Rs 92.04 per litre.
One litre of petrol in Delhi now costs Rs 85.45, as against Thursday&rsquo;s rate of Rs 85.20, according to Indian Oil Corporation, the country's largest fuel retailer.
Diesel price was also hiked on Friday. In the national capital, the price of diesel now stands at Rs 75.63 per litre. The diesel price in Mumbai is Rs 82.40 per litre.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

A historic day at Dalal Street. The Sensex scaled the record peak on Thursday surging past the 50,000-mark for the first time. The Sensex rose as much as 335 points to 

A historic day at Dalal Street. The Sensex scaled the record peak on Thursday surging past the 50,000-mark for the first time. The Sensex rose as much as 335 points to hit an all-time high of 50,126.73 and Nifty 50 index also moved 14,700 mark for the first time. The domestic indices rose on optimism over the new US President Joe Biden's administration will mean more support for the struggling US economy, setting off a recovery that's crucial for the export-driven Asian region.

Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance. The Bombay Stock Exchange also granted its "n

Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance. The Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,700-crore deal.
Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal. It had pleaded wit the regulators to not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.
The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August.
While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter.
The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.
"It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said.

India&rsquo;s biggest online-education startup Byju&rsquo;s has signed a deal to acquire brick &amp; mortar test prep leader Aakash Educational Services Ltd. for $1 billion

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Byju’s to acquire Aakash Educational Services in a deal worth $1bn

Jan 13, 2021 10:55 IST

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