- Thursday, April 10, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Friday, May 10, 2024:
Indian information technology (IT) company Tech Mahindra’s business head for Europe, Middle East and Africa, Vikram Nair, has resigned after a stint of 19 years in the company, according to a regulatory filing. While the regulatory filing describes Nair as President for Europe Business, the company’s portal mentions his designation as President for EMEA Business. “Vikram Nair, President – Europe Business and Senior Management Personnel of the Company, has tendered his resignation from services of the Company due to personal reasons. The Company has agreed to relieve him from the services of the Company with effect from close of business hours on July 27, 2024,” the filing said.
Air India on Friday said it will start additional flights to Amsterdam, Copenhagen, and Milan as the airline expands its operations to meet rising demand. “From 22 June 2024, Air India will operate daily non-stop flights from Delhi to Amsterdam Schiphol and Delhi to Milan Malpensa, increasing frequency on the two key routes from 4x weekly and 5x weekly, respectively. “Additionally, Air India will add another flight on the Delhi-Copenhagen route, taking the frequency on the route to 5x weekly,” it said in a release. This will be effective from July 1. The airline will launch daily, non-stop flights to Zurich from June 16. Air India CEO & MD Campbell Wilson said the expansion of the global route network continues to be a key priority for the airline’s ongoing transformation journey.
Mining billionaire Anil Agarwal-led Vedanta Ltd on Friday announced that it has acquired an additional 46.57 per cent stake in Japanese glass substrate manufacturer AvanStrate Inc. With this acquisition, Vedanta’s total holding in AvanStrate has increased to 98.2 per cent. The transaction is likely to be completed by the first quarter of the current financial year. “The board of directors of Vedanta Limited on Friday… have approved the acquisition of additional stake of 46.57 per cent in AvanStrate Inc (ASI) (an indirect subsidiary of the Company with 51.63 per cent holding) from HOYA Corporation, Japan through Cairn India Holdings Ltd (CIHL), a wholly-owned subsidiary of the company,” the mining conglomerate said in a filing to the BSE. Vedanta had bought a controlling stake in the Japanese company in 2017 for $158 million.
Reserve Bank of India (RBI) on Friday appointed R Lakshmi Kanth Rao as executive director (ED). Prior to being promoted as ED, Rao was serving as Chief General Manager-in-Charge in the Department of Regulation, RBI said in a statement. As ED, Rao will look after Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA), and department of communication. Rao has the experience of over three decades in the Reserve Bank having worked in the areas of Regulation of banks and NBFCs, supervision of banks and consumer protection. He had served as Banking Ombudsman at RBI Chennai and as regional director of Uttar Pradesh at Lucknow.
Sapphire Foods India, which operates the Pizza Hut and KFC chains of restaurants, has posted its biggest slump in profit since listing and missed estimates on Friday, as inflation-weary customers continued to cut back on dining out and ordering in. The Yum Brands franchisee’s consolidated net profit fell 98 per cent to Rs 23.9 million for the quarter ended March 31, marking its fourth straight quarterly profit fall, Reuters reported. Analysts, on average, had expected a profit of Rs 44.5 million, according to LSEG data, the report added. Shares of the company, which went public in November 2021, fell as much as 3.3 per cent after the results. India’s quick-service restaurants have found it challenging throughout the fiscal year to attract customers, who slashed spending due to sticky inflation.
(With agencies)
