Daily GK Potion – 25th September 2014

  1. Swedish furniture major to set up store in Hyderabad
    •  Swedish furniture major Ikea on 24 sep 2014 signed a memorandum of understanding with the Telangana government to set up its first store in India in Hyderabad with an investment  of Rs. 500 – 600 crore.
  2. e-POS machines in Andhra Pradesh
    • In a major initiative, the A.P. Civil Supplies Department has decided to install e-POS (point of sale) machines at fair price shops within two months to weed out bogus ration cardholders. Chief Minister N. Chandrababu Naidu sanctioned Rs. 100 crore for installation of 27,176 e-POS machines all over the State.
  3. Magzter looks to diversify revenue
    • Digital magazine aggregator Magzter expects half of its revenue to come from advertisements placed inside its app by 2016.
  4. Myeasydocs raises $1 million.
    • Online document verification start-up Myeasydocs has raised $1 million from Galal Kulaib, Group CEO at Abu Dhabi Capital Group. Mr. Kulaib has invested in his personal capacity, and will assist the firm to build base in the United Arab Emirates.
  5. Boxing India applies for IOA membership.
    • Boxing India (BI) has applied for membership of the Indian Olympic Association (IOA) and recognition from the Sports Ministry. Supervised by two AIBA officials the new BI body was elected on Sept. 11.
  6. Uninor to invest Rs 600 crore in India in 2014
    • Leading telecom operator Uninor will invest Rs 600 crore in calendar year 2014.
    • “We will roll out 5,000 new base stations this year. This will be 30 per cent more than the number of base stations we had,” CEO Morten Karlsen Sorby  said.
  7. Reliance Industries Ltd. (RIL) too raise $800 million from Korea Exim to fund Reliance Jio
    • It will raise the sum in order to finance purchase of telecom equipment from Korean vendors such as Samsung.
  8. Asian Development bank (ADB) has revised India’s GDP up by 0.3% to 6.3% for 2015.
  9. Asian Games Day 6: Bagged two bronze medals
    • Swaran Singh has won the bronze in the men’s single sculls event.
    • India win bronze medal in women’s double trap shooting team event. The Indian team comprises of Shagun Chaudhary, Shreyasi Singh and Varshan Varman.

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