Wipro to eliminate divisions, simplify structure

Outsourcing major Wipro Ltd said it will replace the current way in which it has structured its business by reorienting it along two core themes — product-related services, and infrastructure-related services. Earlier, Wipro used to divide its services into seven verticals and five capabilities. The seven verticals included segments like manufacturing, telecom, consumer products, financial […]

Vodafone Idea says it can continue only if Govt provides relief

Vodafone Idea, one of the top three telecom players in the country, warned that it will be able to continue as ‘a going concern’ only if it is able to obtain relief from the government. Going concern refers to a company that has the ability to continue to operate and does not face the threat […]

RIL reorganizes telecom business prior to strategic monetization

Reliance Industries, India’s most valuable company by shareholding, has restructured its telecom investments and holdings to facilitate its “early monetization”. The oil-to-retail giant said it has decided to set up a new company exclusively for holding the digital business of RJIL — devoid of towers and fiber — and plans to sell stakes in this […]

NSE seeks clarification from Jet Airways on Brit entrepreneur’s interest

The National Stock Exchange on Wednesday sought a clarification from Jet Airways regarding reports that a British entrepreneur has expressed interest in acquiring it. The NSE has asked Jet Airways whether such negotiations were taking place and whether it was aware of any information that has not been informed to both NSE and BSE. This […]

RCom gives up on lender talks, to file for bankruptcy proceedings

Anil Ambani Group’s Reliance Communications has given up on reaching a debt resolution plan acceptable to all its lenders and has decided to start bankruptcy proceedings at the Mumbai National Company Law Appellate Tribunal. The original plan, unveiled in 2017, envisaged a step-by-step asset sale process through which the company planned to raise tens of […]

RCom to pay off Ericsson, others as SC orders DoT to approve Jio deal

Anil Ambani Group’s Reliance Communications Ltd got a big relief today after the Supreme Court ordered the Department of Telecommunications, Government of India to approve the sale of the company’s spectrum lease to Reliance Jio. “The Spectrum trading transaction will now be completed and RCOM will pay-off Ericsson and minority investors of Reliance Infratel Limited […]

Vodafone Idea to eliminate 16,000 distributors, shut 2,000 showrooms

Vodafone Idea, the company formed out of the merger of the former No.2 and No.3 telecom operators in India, said it will eliminate around 16,000 distributors, close over 2,000 branded stores in urban areas and slash the number of call centers by more than half. The moves are aimed at reducing operating costs and helping […]

Jet Airways outlines more cost-cutting as Q2 sees Rs 1,297 cr loss

Jet Airways managed to sequentially bring down its pretax loss by a smidgen due to its recently started cost cutting measures during the second quarter, and announced further measures to reduce losses. Even as revenue rose sequentially by Rs 170 cr in Jul-Sep quarter, total non-tax expenses rose by only Rs 144 cr, which had […]

Hotel Leelaventure misses interest payment to LIC, says exploring asset sale

Hotel Leelaventure, one of India’s biggest hotel groups, said it missed yet another interest payment on debt issued to Life Insurance Corporation of India. “The company has defaulted in payment of quarterly interest of Rs 212.67 lakhs, which was due on 19 September, 2018,” it said in a statement. Leela had raised debt of Rs […]

Jet Airways to put cost-cutting measures before board on Monday

The board of directors of Jet Airways, the body that acts as the representative of all shareholders, will on Monday consider the cost cutting measures proposed by the management of the airline, the company said. “The Audit Committee and the Board of Directors at their meeting scheduled to be held on Monday, 27 August 2018, […]

Fortis Healthcare says no risk of bankruptcy

Fortis Healthcare confirmed a report that the company had availed of a three-year loan of Rs 160 cr, but denied that it was done to avoid bankruptcy. “We wish to confirm that the Company has availed a secured financing facility upto Rs. 160 crore from RattanIndia Finance Private Limited on March 29, 2018.. We would […]

RCom says confident of completing asset sale to Reliance Jio on time

Anil Ambani-led Reliance Communications said it is confident of completing the sale of the assets related to its mobile network to Reliance Jio on time. The company’s statement was in the context of the Supreme Court refusing to give any urgent relief on the stay imposed on the asset sale by the National Company Law […]

Prakash Industries to spin off plastics business, enter packaging business

Prakash Industries said it will spin off its plastics business and enter the ‘flexible plastic packaging’ segment, a move that would see it competing with the likes of Uflex. The company said the new business will focus on high performance barrier films and laminates for use in packaging food, beverages, oil, personal care and pharmaceutical […]

RCom says sale to Reliance Jio likely to be over next month

Anil Ambani Group’s Reliance Communications said it is on track to complete the sale of its mobile network assets by the end of next month. Speaking in the context of gaining shareholder approval for the scheme, the company said: “RCOM’s asset monetization is proceeding on fast track to close by March 2018, subject to lenders’ […]

Tata Steel UK wins regultory approval for separating pension liabilities

Tata Steel UK, formerly Corus Group, has taken one more step towards solving its financial woes by moving its pension-related liabilities to a new entity. It said the UK Pensions Regulator has approved a Regulated Apportionment Arrangement or RAA that separates the pension scheme from itself. Tata Steel UK will pay £550 million to the […]

Persistent Systems restructures after IBM alliance

Persistent Systems, a product and outsourcing company, said it is reorganizing its business structure in four divisions. These divisions are ‘digital’, IBM, Services and Accelerite. It will also set up a new Corporate Operations office whose job will be to accelerate the four growth units. It will be headed by Atul Khadilkar. “Unique to Persistent, the […]

Apollo Tyres Africa files for business rescue after financial distress

Apollo Tyres Ltd subsidiary Apollo Tyres Africa Proprietary Limited has initiated business rescue proceedings, similar to bankruptcy protection proceedings in the US, to deal with financial and operational challenges. The company has voluntary initiated the proceedings and “has appointed a specialist to re-structure its operations and to secure best value for all stakeholders,” the Indian […]