Colab Platforms makes a foray into digital sports market
Synopsis
Colab Platforms is venturing into the esports market, aiming to establish a competitive gaming ecosystem tailored for both casual and professional gamers in India. The platform will feature various competitive formats, creator-led tournaments, and proprietary game servers, starting with Counter-Strike 2. This move aligns with the rapid growth of the global esports market, which surpassed USD 1.7 billion in 2024.
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Russia's Rosneft Oil Company in early talks with Reliance to sell stake in India unit
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Rosneft, which had in 2017 acquired Essar Oil in a USD 12.9-billion deal, is unable to get full financial benefits from its Indian operations, including repatriating earnings, due to international sanctions. Essar Oil was subsequently named Nayara Energy. The Russian giant sometime in 2024 decided to exit Nayara and began scouting for potential buyers. Alongside Rosneft, UCP Investment Group, a major Russian financial firm, is also selling its 24.5 per cent stake in Nayara. The rest of Nayara's ownership includes Trafigura Group (24.5 per cent) and a group of retail shareholders. If a deal is struck, Trafigura too may exit the venture within months on same terms, they said. The stake of Rosneft and UCP was offered to Reliance Industries, Adani Group, Saudi Aramco and state-owned ONGC/IOC combine among others. But the USD 20-billion valuation that Rosneft had put for Nayara was considered too steep a price by almost every potential investor. 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