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Tag: Ashok Agarwal

  • To manage strategic PR and reputation management

    Perfect Relations bags GreenCell Mobility mandate

    By Our Staff

     

    Perfect Relations, the PR agency part of Dentsu, has won the communications mandate for GreenCell Mobility. The consultancy will be responsible for managing the end-to-end PR solutions for GreenCell Mobility in India. GreenCell Mobility is India’s leading e-Mobility company backed by EverSource Capital, the fund manager of Green Growth Equity Fund (GGEF).

     

    Speaking of the association, Ashok Agarwal, Managing Director & Chief Executive Officer, GreenCell Mobility said: “We are committed to redefining the future of shared mobility in our country by providing smart and sustainable mobility solutions for all Indians. We look forward to working with Perfect Relations on our communication objective as we strengthen our presence across key cities in the country.”

     

    Commenting on this new association, Rohan Sukhatankar, Principal Lead at Perfect Relations said:, “We are honoured to be associated with GreenCell, a brand that is endeavoring to revolutionize the shared electric mobility space. Looking at our team’s experience and knowledge in the mobility industry and differentiated storytelling approach, I’m confident that we will be strengthening brand’s affinity and helping the company in achieving its set ambitions.”

     

     

  • For branding mandate for its shared Electric Mobility Business

    GreenCell Mobility onboards McCann Worldgroup

    By Our Staff

     

    GreenCell Mobility (GreenCell), an e-mobility company, announced the appointment of McCann Worldgroup to manage the brand design and communication duties for its yet to be launched B2C brand. McCann Worldgroup will manage the business from its Mumbai office.

     

    The company recently announced its plans for an initial roll-out of 750 premium AC e-buses across key intercity routes in Southern, Northern and Western India as part of its B2C business foray.

     

    Ashok Agarwal
    Ashok Agarwal

    Speaking on this occasion, Ashok Agarwal, MD & CEO, GreenCell Mobility, said: “India is at the cusp of e-Mobility revolution, and we are collaborating with all stakeholders not only to incubate the ecosystem but to redefine the future of shared mobility in our country. We are happy to partner with McCann Worldgroup on this ambitious mission and very confident of their insight-led creative thinking based on a deep understanding of customer behaviour. With this association, we are looking to build a truly admired and valued Shared e-mobility services brand.”

     

    Himanshu Saxena
    Himanshu Saxena

    Added Himanshu Saxena, Executive VP & Head of Integration at McCann Worldgroup, Mumbai: “E-Mobility is already beginning to transform our lives, and GreenCell’s introduction of large-scale mass transport solutions in this space will completely redefine the idea of road travel in India. We are extremely proud to be part of this journey of building this brand from its roots and are looking forward to creating a new benchmark of brand-building in this exciting new space.”

     

  • Amar Ujala founder Rajul Maheshwari has reportedly bought Ashok Agarwal and family's 14 per cent stake for Rs 150 crore

    Sold! Ashok Agarwal & fly’s 14% stake in Amar Ujala to founder Rajul Maheshwari for Rs 150cr

    By Arun Kumar

     

    Amar Ujala Publications founder Rajul Maheshwari along with his family will purchase the 14 per cent stake of the Ashok Agarwal and family for Rs 150 crore, two persons familiar with the development said, a move that will consolidate ownership in one family.

     

    The company publishes Hindi daily Amar Ujala in northern India.

     

    The deal, for which an agreement was signed recently, will be funded through internal accruals and personal debt by the promoters, one of the two persons said. Mr Maheshwari may sell shares back to the company in a buyback offer later to repay debt.

     

    The agreement is part of the settlement with the Ashok Agarwal and family, which had filed a complaint against its partner at the Company Law Board (CLB), alleging operational mismanagement. Rajul Maheshwari declined to comment.

     

    After purchasing the stake, the Maheshwaris are planning to reduce the company’s capital. “To reduce the paid up capital, the company will buy back its shares from its shareholders, which may either be extinguished or kept as treasury stocks that can be issued to the new set of investors in future,” said one of the persons cited above.

     

    In the open offer these group companies will have the option of selling the shares and generating cash. “All the parties with respect to the memorandum of understanding are present in court and they confirm that they have voluntarily entered into the settlement and the terms of the same are binding on them. The parties shall abide by the term of the MoU,” the October 8 CLB order said. “The company (Amar Ujala) shall have the liberty to approach the CLB in term of the prayer of the present application for seeking appropriate orders under Section 402 of the Act for consequent reduction in the share capital, in the event the company buys back the shares of the petitioners (Ashok Agarwal and family) under the MoU,” said the order.

     

    Last year, the Maheshwari group acquired American PE fund DE Shaw’s 18 per cent stake for about Rs 140 crore. DE Shaw was locked in a bitter battle with the promoters when it decided to divest its stake as part of its ‘exit right’ after the publisher failed to list within four years of its investment under an agreement. It asked the Indian promoters for a 25 per cent return on its investment, which was contested in the court.

     

    Source:The Economic Times

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