Snapdeal will seek views of its shareholders, including Ratan Tata and PremjiInvest, on the proposed USD 900-950 million buyout deal by Flipkart, a source said. The deal is almost through but there are a few areas of concern and the Board wants to seek views and comments from shareholders on the deal, two people aware […]
Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition. The […]
The government will come out with three new policies, including electronics manufacturing and data protection, as part of its efforts to make India a USD 1 trillion digital economy in a few years. Speaking after a two-and-a-half hour meeting with Indian tech industry captains, IT Minister Ravi Shankar Prasad today exuded confidence that India is […]
Wipro Chairman Azim Premji’s pay package saw a huge 63 per cent fall at USD 1,21,853 (about Rs 79 lakh) last fiscal, with no commission being paid during the year. The IT czar had drawn a larger compensation of USD 3,27,993 (about Rs 2.17 crore) in the previous fiscal. Premjis package included USD 66,464 in […]
Ratan Tata-backed eyeware retailer Lenskart plans to invest over Rs 100 crore on business expansion, including opening of 400 stores, in the next two years. The company, which has a strong online presence, is eyeing a total of 700 stores by March 2019 by targeting small towns, tier II and III cities. “As of now […]
IT services major Infosys today said it will hire 20,000 people this year as against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as “overstated”. Infosys COO UB Pravin Rao said the technology-driven transformation presents new opportunities for companies like Infosys. “With respect to all the […]
Founder Chairman of Infosys N R Narayana Murthy today expressed sadness over the IT companies laying off their employees as part of their cost cutting strategy. “…It is sad…,” Murthy told in an email reply to a Pixr8 query about recent IT layoffs. Murthy, however, did not elaborate on the matter. Infosys had announced that […]
Infosys could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review amid a challenging business environment. The development comes at a time when its peers Wipro and Cognizant are taking similar measures to control costs. Interestingly, Infosys has said it will hire 10,000 Americans in the […]
Automation and the new US administration were the big unknowns at the Indian tech sector’s annual shindig this week, with machines threatening to take away thousands of jobs and concerns over possible visa rule changes in the key American market. But senior executives from the USD 150 billion industry, which rose to prominence at the […]
Premji Invest, the investment arm of Wipro Chairman Azim Premji, on Thursday said it has appointed TK Kurien as its Managing Partner and Chief Investment Officer (CIO) with effect from February 1. Kurien is Wipro’s Executive Vice-Chairman and is set to retire from that post at the end of this month. He succeeds Prakash Parthasarathy who […]
Moving the head of Tata Consultancy Services to the top job at Tata Sons’ holding company fills a critical hole for the salt-to-software conglomerate, but it leaves another at its most valuable company ahead of a complex and unpredictable 2017. The promotion of Tata veteran Natarajan Chandrasekaran – the well-regarded, high-performing boss of TCS under […]
The bitter boardroom battle at Tata Sons is unlikely to impact operations of the USD 100-billion conglomerate’s crown jewel TCS, but if its chief N Chandrasekaran is elevated to the top at the group level, it could be a blip on the firm’s business, say analysts. “Customers care about delivery and long-term stability, not so […]