Company News

Jet Airways acting CEO resigns

Jet Airways acting CEO resigns

Mumbai-headquartered private sector carrier Jet Airways is going to suffer one more high profile exit as its acting Chief Executive Officer (CEO) Ravishankar Gopalakrishnan is going to leave the carrier, sources said.

People with direct knowledge of the matter revealed that Gopalakrishnan has handed over his resignation and he will leave the carrier at the end of next month.

However, neither Gopalakrishnan nor Jet Airways responded to requests for a comment on the reports.

Nokia files writ petition against Tamil Nadu govt.’s Rs 2,400cr tax demand

Nokia files writ petition against Tamil Nadu govt.’s Rs 2,400cr tax demand

Nokia India on Friday refuted Tamil Nadu government's allegation that the handset maker avoided taxes on handsets sold domestically by masking them as exports.

Filing a writ petition with the Madras High Court, Nokia India revealed that Tamil Nadu's income tax department had asked it to pay Rs 2,400 crore in tax, claiming that that handsets manufactured by the company in Chennai were not exported and were instead sold in the domestic market.

Sesa Sterlite planning to cut 1,000 jobs

Sesa Sterlite planning to cut 1,000 jobs

Sesa Sterlite Ltd, India's leading iron ore exporter until it was banned from mining in Goa around months back, is now planning to cut jobs to cope with escalating costs.

The miner on Tuesday announced that it might have to eliminate 40 per cent of its workforce or 1,000 of its 2,500 workers, if the court put a limit on the amount of ore it can mine in the state.

Prasun Kumar Mukherjee, executive director for iron ore business at Sesa Sterlite Ltd, confirmed that the company was looking critically at all fixed costs and planning to layoff nearly one thousand workers.

Vodafone and Verizon accused of secretly sharing data with British spy agency

Vodafone and Verizon accused of secretly sharing data with British spy agency

Telecommunications services providers Vodafone and Verizon have secretly shared subscriber data with a British intelligence agency, the Internal Security Division of the Indian Home Ministry has alleged.

As per the Home Ministry's Internal Security Division, the UK-based Vodafone and Verizon have provided British intelligence agency Government Communication Headquarters (GCHQ) with unlimited access to their network, enabling them to tap their subscribers' phone calls, messages, emails etc.

Tatas to take final decision on retail JV after final regulatory nod

Tatas to take final decision on retail JV after final regulatory nod

The Tata Group has said that it would take the final decision on its plan to open multi-brand retail stores in partnership with British retailer Tesco only after gaining final regulatory approvals.

In December 2012, Tata Group's Trent Hypermarket and Tesco won approval of the Foreign Investment Promotion Board (FIPB) to open multi-brand retail stores in India, but final approvals are still pending because of inter-ministerial issues over the approval order's wording.

Rolls-Royce cuts number of middlemen in face of corruption probe

Rolls-Royce cuts number of middlemen in face of corruption probe

As part of its efforts to prevent bribery and corruption charges in the future, aerospace and defence firm Rolls-Royce has slashed the number of middlemen or intermediaries it uses to hit deals.

Apart from slashing down the number of intermediaries, the British manufacturer announced the re-launch of around-the-clock ethics telephone line for staff. In addition, the company has created a new role of head of risk training.

The company also announced that its senior leadership team would not get any pay increment in 2014.

Tech Mahindra to acquire BASF’s software services business

Tech Mahindra to acquire BASF’s software services business

IT solutions provider Tech Mahindra on Thursday confirmed that it had signed an agreement to acquire the software services arm of German chemicals giant BASF.

The Mumbai-headquartered company said in a statement that it entered into a pact the German company to acquire its IT & consultancy services business with third party customers. As part of the deal, the Indian company will take over the Hamburg-based BASF Business Services Consult GmbH.

Wilmar to invest $145 million in Shree Renuka Sugars

Wilmar to invest $145 million in Shree Renuka Sugars

Singapore-based Wilmar International on Thursday confirmed that it would acquire a major stake in Shree Renuka Sugars for an investment of up to $145 million.

Wilmar, which is the world's leading palm oil processor, has business interests in sugar, lauric oils among other commodities. The Shree Renuka deal will see Wilmar and the founders of the Indian firm owning equal stakes in the sugar company.

Google completes $3.2bn Nest acquisition deal

Google completes $3.2bn Nest acquisition deal

U. S. tech giant Google Inc on Wednesday confirmed that it had officially completed the acquisition of digital home device maker Nest.

In a filing with the Securities & Exchange Commission (SEC), Google said the $3.2 billion cash deal for Nest closed on February 7, boosting its once 12 per cent stake in the firm to full ownership.

Coca-Cola partners with Green Mountain to create Keurig Cold machines

Coca-Cola partners with Green Mountain to create Keurig Cold machines

Cold-drinks giant Coca-Cola has reportedly plans to partner with single-serve coffee brewer Keurig's parent firm Green Mountain Coffee Roasters to create Keurig Cold machine that would enable people to make sodas with a press of a button.

According to a fresh report published by the Wall Street Journal (WSJ), the Coke-Keurig machine will work with pods, in a similar manner to the wildly successful Keurig coffee machines.