Corporate Trends
Jamshyd Godrej, sister planning family council; Crishna & daughters plan family office too
The families of Jamshyd N Godrej and Smita V Crishna are establishing a family council following a business realignment in April. The Crishna branch will also establish a family office, headed by Nyrika, who is executive director at Godrej & Boyce. The conglomerate was split into two groups, the Godrej Enterprises Group (GEG) and the Godrej Industries Group (GIG).
Hinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator.
NCLT approves Raymond group entities’ strategic demerger, amalgamation
The National Company Law Tribunal (NCLT) has approved Raymond’s composite scheme of arrangement and restructuring, involving the demerger of its lifestyle business and the amalgamation of its consumer trading arm. The approval paves the way for a focused and streamlined corporate structure, separating Raymond Ltd and Raymond Lifestyle, with the integration of Ray Global Consumer Trading. Shareholders will receive equity shares based on the swap ratio post-restructuring.
Gautam Adani's salary in FY24 was lower than most industry peers, even his own top execs
Going by FY24 data, Gautam Adani's salary is less than the heads of almost all big family-owned business groups in India. His pay is way below those of Sunil Bharti Mittal (Rs 16.7 crore in 2022-23), Rajiv Bajaj (Rs 53.7 crore), Pawan Munjal (Rs 80 crore), L&T Chairman S N Subrahmanyan and Infosys CEO Salil S Parekh.
CEO posts about his 'honest' firing approach on LinkedIn, faces backlash online
Matthew Baltzell, CEO of Cap X Media, faced a social media backlash after posting about firing an employee on LinkedIn. His 10-minute meeting with the employee, offering a severance package and a future reference, was seen as both professional and insensitive by different users. While some praised his transparency, others criticized his approach as tone-deaf and unprofessional. Baltzell emphasized the importance of handling exits with respect and maintaining a positive company culture.
Sarkari babus don't be late to office or you'll lose attendance; Centre cracks whip on latecomers
The Centre's DoPT mandates biometric attendance by 9:15 AM, allowing a 15-minute delay with half-day leave deduction for latecomers. The directive enforces punctuality and advance notice, addressing concerns post-Covid-19 outbreak.
High Court restrains Delhi company from using Infosys trademark
Delhi High Court restrains Southern Infosys, a software firm, from using 'Infosys' in a manner that infringes the trademark rights of Infosys, giving four months for transition to a non-infringing name.
Unicorn count may rise to 152 in 5 years with valuation over $1 billion
According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, India is poised to witness the addition of at least 152 new unicorns (startups valued over $1 billion) from 31 cities over the next 3-5 years. This growth would expand the current count of 67 unicorns. Throughout the year, there has been notable activity in the future unicorn list, with 25 startups dropping off. Additionally, 12 companies were downgraded from gazelle status to cheetah, while 10 moved up from cheetah to gazelle.
Employees prefer work from home as heatwave forces corporates to adopt hybrid work
The 2023 report released by the Intergovernmental Panel on Climate Change (IPCC) reveals that rising global temperatures have led to unprecedented climate change across all regions of the world, with consequences ranging from rising sea levels to more frequent and severe weather events, as well as the rapid disappearance of sea ice.
Proxy advisory firm recommends voting against reappointment of Gautam Singhania to Raymond's board
A proxy advisory firm recommends Raymond shareholders to vote against reappointing Chairman Gautam Singhania due to accusations of domestic violence and misappropriation of funds by his estranged wife. The firm also suggests an independent investigation. Raymond's AGM is on June 27.
Must Watch
JM Financial finalises investment of Rs 40 cr in Modish Tractoraurkisan
JM Financial Private Equity has finalised an investment of Rs 40 crore in Modish Tractoraurkisan Pvt Ltd, a farm equipment company. The company sells its products under the brand name Balwaan. This investment will drive the company's brand-building initiatives, enhance marketing efforts, support working capital needs, and expand the distribution network, ensuring Balwaan's continued growth and leadership in the farm equipment industry.
We are investing in automation, digitisation and generative AI: Jennifer Tippin, Group COO, NatWest Group
Jennifer Tippin, Group COO, NatWest Group, said, "India is our second largest location outside of the UK, housing a quarter of our global workforce and half our technology workforce. We’ve been growing our presence here as our customers’ needs have changed, requiring more digitisation, enhancing our propositions and experiences. So, we’ve grown our capability here substantially - it’s more than just operations now."
Vena Solutions expands into India with new headquarters for talent growth
Vena Solutions has established a head office in Indore, Madhya Pradesh, in collaboration with Innogent Technologies, named Vena Solutions India, to recruit talent across India.
Herd on PE Street: TPG outruns everyone in race for Altimetrik
Last month, its Asia-focused fund TPG Asia VIII secured $5.3 billion in aggregate capital commitments. That made it the firm’s largest Asia fund in 30 years of investing in the region. Since inception, TPG Asia has ploughed more than $13 billion into core sectors including consumer, healthcare, financial services and TMT/new economy and the fund has realised more than $16 billion, according to its website.
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
ET graphics: Shah Rukh Khan rises to third in celebrity brand value rankings, Kroll study shows
A study by Kroll ranks India's most powerful celebrity brands based on endorsement portfolios and social media presence, with Bollywood star Shah Rukh Khan ranking third in terms of brand value.
