&w=3840&q=100)
Singapore healthcare firm Rollins ends investment deal with EaseMyTrip
Rollins International has pulled out of a deal that would have online travel agency EaseMyTrip acquire a 30 per cent stake in the healthcare company, the OTA told exchanges earlier this week as it pursues opportunities in India's medical tourism industry.
The two companies in September had signed definitive agreements for EaseMyTrip to acquire a stake in Rollins through a share swap deal of Rs 60 crore. The OTA allotted 32.9 million fully paid-up equity shares to Rollins in April 2025.
'Following thorough internal deliberations and detailed discussions with the management of Rollins, we have reached a collective decision to not proceed with the transaction,' said Rollins in a letter to EaseMyTrip.
'Upon evaluation of our long-term strategic direction and evolving vision, we have concluded that proceeding further with the transaction may not be fully aligned with our goals moving forward. Considering the interests of all our stakeholders, including our internal team and future aspirations of Rollins — we believe this course of action is the most responsible at this stage,' it said.
Rollins is a subsidiary of Singapore-based RHA Holdings and focuses on gluten- and lactose-free food products, allergen-free health supplements, and wellness therapies and technologies.
EaseMyTrip, in September, decided to enter India's growing medical tourism sector by acquiring a 49 per cent equity stake in Pflege Home Healthcare for Rs 30 crore, and a 30 per cent stake in Rollins International for Rs 60 crore.
Pflege Home Healthcare assists patients seeking treatment in Dubai and it is taking the service to the United Arab Emirates, Singapore, Thailand, Turkey, India, and Malaysia.
In the March quarter, EaseMyTrip posted a consolidated net profit of Rs 13.9 crore. Revenue from operations dropped 15.2 per cent to Rs 139 crore, from Rs 164 the year before. Air ticketing continued to be the company's biggest revenue driver.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
41 minutes ago
- New Indian Express
Sugar output seen growing 15% in 2026 season on good monsoons
Gross sugar production is likely to rise 15% in the 2026 sugar season to about 35 million tonne, aided by above average monsoons, boosting cane acreage and yields in key sugar producing states such as Maharashtra and Karnataka, says a report. The growth is expected to ease tightness in domestic supply and has the potential to boost ethanol diversion and revive exports with appropriate policy support. This would offer sugar mills some relief from the challenges of high cane cost, subdued ethanol prices and muted exports that compressed their operating profitability by 200 bps to 8.7-9% in fiscal 2025, Crisil Ratings said in a report Friday. In fiscal 2026, with improved supplies and potentially higher diversion of sugar for blending ethanol with gasoline, the operating margin of sugar mills is likely to recover to about 9-9.5%. This should support credit profiles of sugar players, which saw some pressure last fiscal, said the report, based on 54 sugar mills with total revenue of Rs 70,000 crore in fiscal 2025.
Time of India
42 minutes ago
- Time of India
Assam enters national auction map as northeast's mineral potential unveiled
Guwahati: VL Kantha Rao, Secretary, Ministry of Mines, underscored that the Geological Survey of India has identified over 36,000 square kilometres in the Northeast India as having mineral potential, translating to nearly 3,000 prospective mines. He highlighted that Assam has now firmly entered the national auction map, signalling a new era for mineral development. The 2nd North East Geology and Mining Ministers' Conclave was inaugurated in Guwahati, Assam on Friday. He called for expanding exploration and research, including leveraging Artificial Intelligence in mineral discovery. Notably, the North East is home to one of India's first AI-supported exploration projects sanctioned under the National Mineral Exploration Trust. The Secretary urged all state governments to actively facilitate exploration, considering the challenging topography, and to ensure sustainability and adequate security for geologists working in remote areas. The inaugural session was addressed by Assam chief minister Himanta Biswa Sarma he shared that state has initiated the auction of seven limestone blocks in the Umrangso area of Dima Hasao district, with five already auctioned and Letters of Intent issued, and the remaining two expected to be auctioned by August 2025. He expressed confidence that, with the support of the Government of India and Indian Bureau of Mines, at least one of these limestone blocks could be operationalised by December 2025. Live Events The Chief Minister informed that during the Advantage Assam 2.0 Summit, the Mines and Minerals Department signed 14 MoUs securing investment commitments exceeding Rs 46,000 crore from national and international investors. He assured the gathering of Assam's conducive working environment and announced that the state cabinet has approved the formation of the Assam State Mineral Trust to promote sustainable mining and exploration of minor minerals. He added that the Assam Mineral Policy is in its final stage of formulation and is expected to be implemented within a month. Addressing the Conclave, Union Minister of Coal & Mines, G. Kishan Reddy, underscored the North East's critical role in India's mining and energy roadmap. He emphasised that under the leadership of the Prime Minister, the mineral-rich states of the North East are now receiving focused attention to transform untapped resources into drivers of economic growth, employment, and local empowerment. The Minister reaffirmed the Centre's full support to all North Eastern states to develop state-specific mining action plans and stressed the importance of environmentally responsible, technologically advanced mining practices. He also highlighted the need to align mineral initiatives with disaster preparedness, scientific research, and community development. Vikram Dev Dutt, Secretary, Ministry of Coal, highlighted the North East's strategic importance for India's energy security, owing to its rich tertiary coal deposits across Assam, Meghalaya, Arunachal Pradesh, Nagaland, Mizoram, and Sikkim. These deposits, he noted, are characterised by high calorific value, low ash, and relatively higher sulphur content. He shared that 10% of funds under Central Sector funded schemes for Exploration have been earmarked specifically for the North East, underscoring the need for targeted exploration initiatives. The Secretary also informed that five coal blocks in the region have been successfully auctioned, with a combined capacity of 1.2 million tonnes per annum, expected to create around 1,650 jobs and generate nearly Rs 800 crore in annual revenue for the states. He reiterated that sustainability remains central to the Ministry's coal development strategy in the region. During the inaugural session, significant documents were released, including the Geological Potential of Northeast India which contains the details of the vast yet underexplored mineral resources of the eight Northeast States, laying the roadmap for strategic exploration, research, augmentation and sustainable development. The document on Mining in India's Northeast by the Indian Bureau of Mines was also released. The Ministry of Mines unveiled updated District Resource Maps covering Dibrugarh (Assam), East Kameng (Arunachal Pradesh), Kamjong (Manipur), East Garo (Meghalaya), Aizawl (Mizoram), Phek (Nagaland), Namchi (Sikkim), and Gomati (Tripura) to guide future investments. India's mineral auction framework has gained strong momentum in recent months. Since FY 2024–25, a total of 283 mineral blocks have been put up for auction by the State and Central Governments. Of these, 161 mineral blocks have been successfully auctioned, bringing the cumulative tally to 515. This includes five mineral blocks from Assam and four critical mineral blocks from Arunachal Pradesh, opening new avenues for industrial growth and employment in the region. These auctions underscore the readiness of the North-East to play a central role in India's critical mineral strategy, while also reflecting the government's commitment to transparency and competitiveness in resource allocation. The conclave is expected to serve as a catalyst for accelerating investment, innovation, and inclusive growth in the mineral and coal sectors of the North Eastern Region, in alignment with the vision of Viksit Bharat.
Time of India
42 minutes ago
- Time of India
Court summons ex-Pearls Group head Nirmal Singh Bhangoo kin in money laundering case
New Delhi: A Delhi court has summoned the son-in-law of late Pearls Group chairperson Nirmal Singh Bhangoo in a money laundering investigation linked to an alleged Rs 48,000 crore Ponzi scheme in which numerous investors were duped. Special judge Jagdish Kumar directed Bhangoo's son-in-law Harsatinder Pal Singh Hayer to appear before the court on July 18. Hayer was arrested by the ED in March and is currently in judicial custody. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The judge on June 9 found prima-facie sufficient material on record against Hayer. "I have gone through the documents and statements of the witnesses there are sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering... to summon them as an accused. Let they be summoned for July 18, 2025," the judge said. Live Events The money laundering investigation of 2015 stems from a CBI FIR against against Pearls Agrotech Corporation Limited ( PACL ) India Limited, PGF Limited, Bhangoo and others for operating "fraudulent" investment schemes to deceive the investors. The chargesheet, filed through ED's special public prosecutor N K Matta along with advocate Faizan Khan, alleged through these schemes, PACL and its directors "defrauded" the investors for about Rs 48,000 crore. Hayer was a director in several associate companies of PACL Limited, including two Australian entities -- Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd, the ED said. PACL and its associates diverted Rs 657.18 crore of "proceeds of crime" to these Australian entities "controlled" by Hayer, the ED alleged. These funds were then "invested" by the Australian companies in various real estate properties in Australia. Hayer was also "dissipating" the properties of PACL and its related entities "in violation" of a Supreme Court order of July 25, 2016, it said. The ED has attached assets worth Rs 706 crore, including Rs 462 crore worth two immovable properties in Australia, and has filed two chargesheets against PACL, Bhangoo and others. "These asset details have been shared with the Justice Lodha Committee, appointed by the Supreme Court, for overseeing the process of property disposal and restituting the money to investors," the ED said. Bhangoo died in August last year.
