Infosys, the country’s second largest information technology services company, will now have to find a successor for K V Kamath, its non-executive chairman, now president-elect of the New Development Bank being set up by BRICS nations.

In making the announcement, Union Finance Secretary Rajiv Mehrishi said the appointment would be effective when Kamath got free from current assignments. Kamath is also non-executive chairman at ICICI Bank.

Indian tech billionaire Arun Pudur has been ranked as Asia’s wealthiest entrepreneur under the age of 40, according to the Wealth-X list released today.

The global wealth intelligence and prospecting company said Pudur, the owner and president of software firm Celframe, topped the list with a personal fortune of USD 4 billion.

Eminent banker K V Kamath was today appointed as head of the USD 50 billion New Development Bank being set up by the five emerging economies of BRICS grouping.

Kamath will have a five year term of the bank, which is likely to be operationalised within one year, Finance Secretary Rajiv Mehrishi said.

To increase its reach to a global customer base, US mobile messaging provider mGage has acquired its Bengaluru-based rival Unicel Technologies for an estimated amount of Rs 80-100 crore in all-cash deal. The transaction is expected to be completed in 2016, and provides an exit to Unicel founder Vinay Aggarwal, who started the company in 2003 and will launch another venture in the enterprise technology space this year.

As a combined organization, mGage will enable more than 60 Billion transactions annually. The mGage multi channel platform serves more than 800 bluechip brands, enterprise, and partners through a network of over 800 mobile operators around the world.

After launching its food delivery service in Delhi, Mumbai and Bengaluru in March, Zomato has now launched a separate app for food ordering called Zomato Order. The new app has been separated from its main app; it allows users to order food from thousands of restaurants around them. It is touted as the second significant feature after the rollout of Zomato Cashless earlier this year.

The app is currently available in Delhi NCR for Android and iOS users and in Bangalore, Mumbai, Hyderabad, Pune, and Kolkata coming soon. The company mentioned three reasons for this move:

Bengaluru: Infosys Ltd, which will turn 34 this July, is banking on its $500 million innovation fund to tap into the start-up ecosystem from Silicon Valley to Bengaluru. The motive: To remain relevant for the next 34 years.

For now, India’s second largest software services exporter has started building a team to identify, evaluate and invest in start-ups focused on new technologies.

New Delhi: Maruti Suzuki India Ltd, which has a stranglehold on the small-car market in India, is trying to shed the budget car maker tag by selling its more expensive models through a separate network as buyers, even first-timers, opt increasingly for larger cars.

As part of efforts to boost its market share in the premium-car category, Maruti Suzuki in a meeting on Saturday decided to sell its cars through two separate marketing networks and also recast its top management, according to three people familiar with the development. All of them requested anonymity. A spokesperson for Maruti declined to comment on the story.

Bangalore: The AIADMK head and former Tamil Nadu chief minister J. Jayalalithaa was cleared of corruption charges by the Karnataka high court on Monday, in a verdict that sparked wild celebrations by supporters and paved the way for the return of one of the country’s most powerful politicians.

Jayalalithaa was forced to stand down as chief minister of Tamil Nadu after being found guilty last September of amassing illegal wealth while in office and the former film star was sentenced to four years in jail in a case that ran for nearly two decades.

State-run explorer ONGC is targeting an incremental growth of around 3% in crude oil production between FY16 and FY19 from the western offshore basin spanning from Saurashtra in Gujarat to the Kerala-Konkan coast. The planned acceleration in production entails investments of Rs 25,000 crore.

“We have a three-phase strategy. First is to achieve field growth, a low-hanging fruit. About 16,000 sq km in the Mumbai offshore basin is currently under a seven-year petroleum mining lease (PML), starting 2012. Secondly, there will be a focus on making new discoveries in the current areas till 2019. And thirdly, less explored areas will be given more attention,” one of the directors on ONGC board told FE, requesting anonymity.

Bringing the retail sector under its scanner, which includes e-retailers like Amazon, Flipkart, Snapdeal, Jabong and Myntra the Competition Commission of India (CCI) is now analysing whether price discount arrangements between manufacturers and distributors are anti-competitive in nature.

The move assumes significance against the backdrop of the regulator recently rejecting allegations of unfair business practices against leading online retailers.

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