News

Jain Irrigation Ltd. To Merge With Rivulis To Overcome Debt

Jain Irrigation Ltd. To Merge With Rivulis To Overcome Debt

Jain Irrigation System Ltd., on Tuesday, said that its global irrigation business would be merged with Temasek-owned Rivulis in a cash-and-stock deal. The company took this move to reduce its debt by 45%, or Rs 2,500 cr.  Jain Irrigation’s global business has been valued at Rs 4,200 cr. of which Rs. 2,7oo will be used…

Sri Lanka Closed Schools and Halt Non-essential Govt Services Amid Economic Crisis

Sri Lanka Closed Schools and Halt Non-essential Govt Services Amid Economic Crisis

Sri Lanka is in heavy debt and has been confronting a financial crisis for a long time. Due to this, now the country has begun a two-week shutdown, followed by closed schools and halted all non-essential services. The country took this step to conserve fast-depleting fuel reserves. The International Monetary Funds opened the talks with…

Mahindra Group Appoints Abanti Sankaranarayanan as Chief Group Public Affairs Officer

Mahindra Group Appoints Abanti Sankaranarayanan as Chief Group Public Affairs Officer

Mahindra Group announced the appointment of Abanti Sankaranarayanan as Chief Group Public Affairs Officer, where she will be responsible for the Group Public Affairs (National & International), Group Sustainability and Group Risk & Economist Functions. In addition to this, she will be a part of the Group Executive Board and report to Dr Anish Shah,…

Out Of 100 India’s Unicorns, Only 18 Have Yielded Profit

Out Of 100 India’s Unicorns, Only 18 Have Yielded Profit

Google-backed neobank Open became the 100th unicorn of India with a $1 billion valuation. There are a total of 100 unicorns in India, including Mamaearth, EaseMyTrip, Ola, and Flipkart to name a few. But how many of these are profitable?  According to the statistics from the media portal, only 18 unicorns have achieved profitability. Reports…

Federal Reserve Imposed Highest Interest Rate Hike Since 1994

Federal Reserve Imposed Highest Interest Rate Hike Since 1994

On Wednesday, the Federal Reserve increased the interest rates considering the rising inflation in the United States. It is the highest rate hike by the Fed since 1994.  After a Federal officials meeting of two days, the central bank raised interest rates by 75 basis points. This move will help boost the Federal Funds rate…

Adani, TotalEnergies Joins Hands To Invest In Green Hydrogen

Adani, TotalEnergies Joins Hands To Invest In Green Hydrogen

Adani New Industry Ltd (ANIL) teamed up with TotalEnergies to invest $50 billion in green hydrogen, the deal was announced on Tuesday. French giant TotalEngeries will buy a quarter of the equity in ANIL, part of Adani’s eponymous group. The company will invest a set amount for a period of over ten years.  With this…

Chipmaker Broadcom In Talks To Acquire Cloud Company VMware

Chipmaker Broadcom In Talks To Acquire Cloud Company VMware

Chipmaker Broadcom is in talks to buy the cloud service provider VMware in a $61 billion cash-and-stock deal, according to the people familiar with the matter. If it is done, it would be the biggest and boldest bid that will diversify its business into enterprise software.  This will be the second-biggest acquisition globally so far…

Revlon Is To File For Bankruptcy Amid Heavy Debt Load

Revlon Is To File For Bankruptcy Amid Heavy Debt Load

New York-based Revlon, owned by billionaire Ron Perelman’s MacAndrews & Forbes, is preparing to file for Chapter 11 bankruptcy amid a heavy debt load, according to the people aware of this matter. However, the potential filing is not final yet and could change.  Revlon’s shares plunged 53%, the biggest one-day drop on record, on Friday…

Telcos And Tech Firms Are Clashing On 5G Private Networks

Telcos And Tech Firms Are Clashing On 5G Private Networks

The clash between India’s leading telecoms and the forum of tech companies (Broadband India Forum) has stepped up on the issue of direct 5G spectrum allocation to corporations. Tech corporations have discarded a significant claim of telecom companies that the start of private 5G networks would swindle the precious enterprise service revenues and destroy the…

IMF Appoints Krishna Srinivasan As Director Of APD

IMF Appoints Krishna Srinivasan As Director Of APD

Kristalina Georgieva, Managing Director, International Monetary Fund reported the appointment of Krishna Srinivasan as Director of the Asia and Pacific Department. Mr Srinivasan will take charge from June 22.  As per an IMF statement, Mr Srinivasan will replace Changyong Rhee who is all set to retire and his retirement was announced on March 23.  In…