MAM
IPG sells remaining shares in Facebook
MUMBAI: The Interpublic Group (IPG) has sold its remaining shares in Facebook Inc. for net cash proceeds of $95 million and expects to record a pre-tax gain of $94 million.
Interpublic chairman and CEO Michael I. Roth said, “The value of the investment we made in Facebook in 2006 has increased significantly during the last six years. We decided to sell our remaining shares in Facebook as our investment was no longer strategic in nature. Simultaneously, our board has authorized an increase in our share repurchase program of $100 million. We view this as another opportunity to enhance shareholder value reflecting the confidence we have in our company.”
The global media communications network entered a strategic partnership with the social media networking website in 2006. As part of the agreement, Interpublic was to participate in marketing programs on the website, including online advertising and promotions, as well as pilot programs involving sponsorships, consumer research and content creation on behalf of its clients. Interpublic has also agreed to acquire less than one-half of one per cent of Facebook.
Interpublic announced that its Board of Directors has authorised an increase in its existing share repurchase program from $300 million to $400 million. As of September 30, $151 million had been used under the authorisation. The share repurchase program has no expiration date.
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Hyundai and TVS Motor partner to develop electric three wheelers
Joint development pact targets last mile mobility with localisation push
MUMBAI: Three wheels, one big ambition and a charge towards the future. Hyundai Motor Company and TVS Motor Company have signed a joint development agreement to co-create electric three-wheelers (E3Ws), aiming to crack India’s complex last-mile mobility puzzle. The collaboration moves beyond concept talk into execution mode, building on the E3W prototype first showcased at the Bharat Mobility Global Expo 2025. The goal now is clear, design, develop and commercialise a purpose-built vehicle tailored to Indian roads, riders and realities.
Under the agreement, Hyundai will lead design and co-development, bringing its global R&D muscle and human-centric engineering approach to the table. TVS Motor, meanwhile, will anchor the product on its electric platform, leveraging deep three-wheeler expertise and local market insight. It will also handle manufacturing and sales in India, with an eye on exports down the line.
The timing is strategic. India remains the world’s largest three-wheeler market, where affordability, durability and adaptability often outweigh sheer innovation. The upcoming E3W aims to strike that balance combining advanced technology with practical features such as adaptive ground clearance for monsoon-hit roads, improved thermal management for tropical climates, and flexible interiors suited for passengers, cargo or emergency use.
A key pillar of the partnership is localisation. Major components will be sourced and manufactured within India, a move expected to strengthen the domestic supply chain, create jobs, lower costs and improve after-sales support.
The shift from prototype to production will involve rigorous testing, certification and refinement to meet regulatory standards and consumer expectations. Dedicated cross-functional teams from both companies are already in place to accelerate timelines.
At a broader level, the tie-up reflects a growing trend in mobility, global players partnering with local specialists to navigate emerging markets. For Hyundai and TVS, the bet is that combining scale with street-level insight could unlock a new chapter in sustainable urban transport, one that runs not just on electricity, but on relevance.
