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Tata Opportunities Fund invests in Uber

Uber will leverage TOF's network within the Tata Group and externally as well

 

Private equity fund Tata Opportunities Fund (TOF) on Wednesday announced significant investment in Uber to expand the global app-based cab aggregator's services in India.
 
"The Tata Opportunities Fund is delighted to support Uber's growth and continued success around the globe, more recently in China and India," Padmanabh Sinha, TOF's managing partner, said in a statement.
 
However, the financial data points of the investment were not divulged.
 
Uber will leverage TOF's network within the Tata Group and externally as well.
 
"Tata is synonymous with entrepreneurialism in India. I am incredibly excited to have the Tata Opportunities Fund on board as a partner," Travis Kalanick, CEO, Uber Technologies, said.
 
Uber's partnership with TOF follows its other strategic relationships with Baidu in China, AmericaMovil in Latin America, and American Express in the US, the statement said.
 
Uber commenced its Indian operations two years ago and currently operates in 18 cities, including Surat, Visakhapatnam, Kochi, Indore and Nagpur.
 

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Onion prices soar, MMTC to import 10,000 tonnes
In a bid to control onion prices, the central government on Wednesday decided that the MMTC will import 10,000 tonnes of onion.
 
"In order to contain rise in prices of onion and ensure its increased availability, the government has decided that (state-run trading company) MMTC will float a global tender for import of 10,000 tonnes of onion shortly," the agriculture ministry said.
 
Onion prices are on the rise due to mismatch in supply and demand. 
 
In the national capital, the retail prices of onion have risen to Rs.60 per kg. A similar trend prevails in other parts of the country.
 
The prices are rising due to the fall in production and sluggish supply of stored onions, meant for meeting the demand during the lean period of July-September, the ministry said in a statement.
 
Total onion production is estimated to be less than 189 lakh tonnes in 2014-15 crop year (July-June), down from 194 lakh tonnes last year.
 
Maharashtra, Karnataka and Madhya Pradesh are the top three onion producing states.

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