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Budget carrier SpiceJet on Monday said its subsidiary <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM &amp; MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers. SRAM &amp; MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas. So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 per cent on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>, which is facing headwinds, on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise USD 200 million, which is around Rs 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. In continuing woes for the carrier, aviation watchdog DGCA on Wednesday deregistered two more <keyword id="6357957" type="General" weightage="50" keywordseo="boeing" source="Orion">Boeing</keyword> 737 planes of SpiceJet, following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries from today and like the previous month, "salary will be credited in a graded format". Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern". On Wednesday, the airline also said that its Chief Financial Officer Sanjeev Taneja has resigned. The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment. "Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release. The airline, which had delayed its March quarter and FY2022 earnings, saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period. For the full fiscal year 2021-22, the net loss surged 73 per cent to Rs 1,725 crore from Rs 998.30 crore in the comparable period. According to the airline, business was severely impacted by the third wave of the coronavirus pandemic and high fuel prices in the March quarter. SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> said the industry has been witness to one of the most severe operating environment in the recent past, which impacted the progress and recovery made in the third quarter of FY2022. In the June quarter, jet fuel prices rose 105 per cent on a year-on-year basis and 40 per cent on a sequential basis, the airline said. "We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said. The airline's cargo arm <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> was in black during the first quarter of the current fiscal. It reported a net profit of Rs 18 crore. Cargo revenues rose 74 per cent to Rs 1,944 crore in FY2022. "We will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023," Singh said. Meanwhile, certain concerns have been flagged in the independent auditor report of the company's quarterly results. "... the group has an incurred net loss (after other comprehensive income) of Rs 7,827.82 million during the quarter ended 30 June 2022 and, as of that date, the group's accumulated losses amounts to Rs 67,471.11 million, which have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 67,719.67 million as at 30 June 2022," it said. According to the report, these conditions and other matters indicate the existence of a material uncertainties that may cast significant doubt about the Group's ability to continue as a going concern. Singh said that despite the complex operating environment and highest-ever input costs, SpiceJet has been able to sustain its operations. "Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners, including manufacturers and lessors setting the stage for our seamless growth and expansion. "As we move ahead, we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel-efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes," he added. In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airfares-may-get-costlier-this-festive-season-as-theres-no-cap-ticket-prices-from-now/articleshow/93917729.cms">Airfares may get costlier this festive season as there's no cap ticket prices from now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

SpiceJet net loss widens to ₹789 crore, CFO resigns

New Delhi, Nov 29 () Shares of <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> companies rallied in early trade on Friday after the CCI approved Amazon.com NV <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">Investment</keyword> Holdings' proposal to acquire about 49 per cent share in Future Coupons. Future Enterprises was trading 18.96 per cent up at Rs 26.35 on the BSE. Future Consumer hit a high of Rs 27.90, up 10.06 per cent. It gained as much as 14.79 per cent in early trade.
 Future Retail surged nearly 18.22 per cent to Rs 387.90. After shedding some gains, it was trading 13.61 per cent up at Rs 372.75.
 Shares of Future Lifetsyle Fashions rose 5.45 per cent to Rs 428.45. Later, it was trading at Rs 413.35, up 1.74 per cent.
 The Competition Commission of India (CCI) on Thursday said it has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 per cent share in Future Coupons.
 "The proposed combination pertains to the acquisition by the acquirer (Amazon) of approximately 49 per cent of the voting and non-voting equity shares of the target (Future Coupons Ltd)," a statement said.
 A detailed order of the CCI will follow, it added.
 Amazon.com NV Investment Holdings is a direct subsidiary of Amazon.com, Inc (ACI) and belongs to the Amazon group. ACI is the ultimate parent entity of the Amazon group, as per the statement. RUJ ANS
ANS

Shares of Future group companies zoom after Amazon-Future Coupon deal

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersMichael Novogratz, President of Fortress Investment Group, speaks at the annual Skybridge Alternatives Conference (SALT) in Las Vegas</div></div></div>Fortress Investment Group is halted for news pending.The stock was trading up 0.18% at about $5.45 per share.Yesterday, <a href="http://www.bloomberg.com/news/articles/2015-10-12/fortress-said-to-plan-closing-down-macro-fund-run-by-novogratz">Bloomberg News</a> reported that the Fortress Macro Fund, run by Michael Novogratz, would be closing.The macro fund fell 4.67% in September and was down 17.49% year-to-date, <a href="http://www.sec.gov/Archives/edgar/data/1380393/000119312515341386/d76070d8k.htm">the firm said in</a> a recent securities filing.Novogratz, chief investment officer of the macro fund, is also expected to leave the firm, <a href="http://www.wsj.com/articles/fortress-investment-to-close-flagship-macro-hedge-fund-1444681007">The Wall Street Journal</a> reported. We'll have more shortly. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/excel-index-match-versus-vlookup-masters-find-data-2015-9">This is what separates the Excel masters from the wannabes</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="50YnY4czr4ms1vJ7yz3xzq0excz_pUMs" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Shares of Fortress Investment Group halted, news pending

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.flickr.com/photos/glencooper/6098671023/sizes/l/in/photolist-ahVhqp-gAtfuY-gAub5c-gAtK29-gAtcyN-gAtJLD-gAtHgq-gAteZE-gAu7Tc-gAunBn-9Udj4K-bYsoDA-bYsoYy-dJR7Kf-dnXG2c-dGo5nf-doe9ra-fur6LV-fDd16X-dJR7mf-fuFoAG-furMsi-a8JvMp-fDWc6s-fuG8x9-fuGeSf-furW3B-fuFouL-fbgmn4-ej1YXi-a18MD3-a18KMh-a18Kaf-a18Kgf-a18JY9-a18JN9-a18KAA-a15Unv-a18Mxu-a18Mpu-a15VuX-a18MuU-a15VRp-a15SMc-a18Me9-a15UMF-a18Krq-a18MEm-a18MzC-a18JzY-a18M9W/">GlenCooper/flickr</a></div></div></div>Fortune's Dan Primack <a href="http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/">reports</a> Fortress Investment Group is launching a Bitcoin fund.
Back in October, Fortress CIO Michael Novogratz alluded to his firm's growing interest in the cryptocurrency, <a href="http://www.businessinsider.com/figs-novogratz-is-bullish-on-bitcoin-2013-10">saying</a>, "Put a little money in Bitcoin...Come back in a few years and it's going to be worth a lot."
It now seems Fortress is putting its $58 billion assets-under-management where its mouth is. 
<a href="http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/">From Primack</a>:
"... The Fortress effort will be something like an unlisted currency ETF (similar to [SecondMarket's] Bitcoin Investment Trust), with Fortress also perhaps raising a separate vehicle to back Bitcoin-related startups. And there likely is some relationship to a new Bitcoin-related fund raised by Pantera Capital, a San Francisco-based hedge fund whose clients are known to include several Fortress executives."
The aforementioned SecondMarket was the first major firm to launch a major Bitcoin investment fund (we're not counting the Winklevoss' Bitcoin ETF, which does not yet officially exist). <a href="http://www.businessweek.com/articles/2013-12-27/does-it-make-any-sense-for-overstock-dot-com-to-accept-bitcoin">A few weeks ago</a>, SecondMarket founder and CEO Barry Silbert predicted 2014 would be "the year of Wall Street and Bitcoin."
It seems to be shaking out that way.
<a href="http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/">Click here to read Primack's full story at Fortune »</a>

Fortress Investment Group Is Launching A Bitcoin Fund

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

There is no respite for <keyword id="163404" type="General" weightage="20" keywordseo="softbank" source="Orion">SoftBank</keyword> <keyword id="45472" type="General" weightage="20" keywordseo="group" source="Orion">Group</keyword> in the ongoing global tech meltdown as the <keyword id="6373366" type="General" weightage="20" keywordseo="japanese" source="Orion">Japanese</keyword> <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> giant on Tuesday reported a massive around $5.9 billion net loss in its third quarter that ended December 31. SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies". The investment giant had lost $10 billion in the previous quarter (July-September 2022). According to the company, the fair value of its current late-stage portfolio is now more than $37 billion. On its earnings call with analysts, SoftBank said it's in the "defence mode". For the first time in decades, Masayoshi Son, founder and chief executive of SoftBank Group, skipped the analysts' call. According to <keyword id="105784" type="General" weightage="20" keywordseo="the-financial-times" source="Orion">The Financial Times</keyword>, at December-end, SoftBank said the fair value of the $100 billion Vision Fund I was down 4.4 per cent from a year earlier. The valuation for investments in Vision Fund II was down 6.2 per cent. SoftBank said it's taking a "cautious approach" to investing in the blockchain and crypto sector. Battered by heavy losses, SoftBank in September last year announced to lay off at least 30 per cent of employees at its loss-making Vision Fund. In August, SoftBank Group revealed plans to sell nearly 242 million American depository receipts (ADRs) of Chinese behemoth Alibaba, which will help it gain 4.6 trillion yen ($34 billion) in pre-tax gain from the sale. Investment bank Jefferies had predicted that SoftBank would need "$40-45 billion of cash this year" if it were to sustain. Son had warned unicorns and startups to prepare for a harsh and longer funding winter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/k-satyanarayana-raju-appointed-as-new-md-ceo-of-canara-bank/articleshow/97691108.cms">K Satyanarayana Raju appointed as new MD &amp; CEO of Canara Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-returns-ipo-papers-of-fairfax-backed-go-digit-general-insurance-co-to-refile/articleshow/97691075.cms">Sebi returns IPO papers of Fairfax backed Go Digit General Insurance, co to refile</a>

SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

BANGALORE: <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword>, chairman emeritus at Tata Sons, has invested in Delhi-based online marketplace <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
The company did not disclose the amount invested. The announcement comes a day after Snapdeal entered into a partnership with Tata Value Homes to sell apartment units of projects spread across five cities, namely, Bangalore, Chennai, Pune, Mumbai and Ahmedabad. 
 
Snapdeal’s cofounder and chief executive Kunal Bahl termed Tata’s investment a validation of the company’s growth. “An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company,” said Bahl. 
 
This investment also underlines the growing interest shown by India’s traditional industries in the fast-growing ecommerce sector. Recently traditional retail majors like Reliance and Arvind have made forays online. 
 The sector has also attracted large <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> in the past few months. Snapdeal raised over $233 million this year in two rounds from investors like eBay Inc, Singapore-based Temasek and Wipro chairman Azim Premji’s family office Premji Invest. Market leader Flipkart too raised two rounds of <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> this year. In July it raised $1 billion from existing investors and <keyword id="6356662" type="COUNTRY" weightage="60" keywordseo="Singapore">Singapore</keyword> sovereign wealth fund GIC. Global major Amazon also announced a $2 billion investment for its India operations in July. 
 
Snapdeal, which is estimated to have crossed $1 billion in sales this year, is rapidly adding new categories of products. Apart from apartments, it has launched a catering supplies segment recently. In the next few months the four-year-old platform is planning to add 10 more categories. Bahl has stated in the past that the company will focus on adding new merchants, new categories and focus on mobile commerce to ensure growth.

Ratan Tata, Tata Group's Chairman Emeritus, Invests In Snapdeal

<ul class="summary-list"><li>Peter Thiel has invested in an effort to create an Olympic Games that welcomes doping.</li><li>The <a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">PayPal cofounder</a> was one of several investors named Wednesday in the Enhanced Games.</li></ul><a target="_blank" href="https://www.businessinsider.com/peter-thiel-fbi-informant-charles-johnson-johnathan-buma-chs-genius-2023-10">Peter Thiel</a> is backing an effort to create an Olympic Games that welcomes using performance-enhancing drugs.<a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">The PayPal and Palantir cofounder</a> was named as one of several VCs investing in The Enhanced Games in a <a target="_blank" href="https://www.prnewswire.com/news-releases/venture-capitalists-christian-angermayer-peter-thiel-and-balaji-srinivasan-join-funding-for-the-enhanced-games-the-21st-century-olympics-without-drug-testing-302049164.html">press release</a> Wednesday. Also named were Christian Angermayer's Apeiron Investment Group and former Coinbase CTO Balaji Srinivasan."Just as the ancient Olympics were revived and renovated in 1896 for the Victorian world, the Enhanced Games is once again renovating the Olympic model for the twenty-first century," said Aron D'Souza, president of the Enhanced Games, in a <a target="_blank" href="https://www.prnewswire.com/news-releases/venture-capitalists-christian-angermayer-peter-thiel-and-balaji-srinivasan-join-funding-for-the-enhanced-games-the-21st-century-olympics-without-drug-testing-302049164.html">press release</a> Wednesday. "In the era of accelerating technological and scientific change, the world needs a sporting event that embraces the future, particularly advances in medical science."The Enhanced Games plans to have "health checks before and after competitions" as well as "advanced screening to check for pre-existing conditions, for example, cardiac risk," said Dr. Michael Sagner, MD, of King's College London, who is a member of the Enhanced Games' Scientific and Medical Advisory Commission, in the press release.Medical professionals warn that <a target="_blank" href="https://www.businessinsider.com/guides/health/side-effects-of-steroids">steroid use can have harmful side effects</a>, including mood changes, loss of bone density, and increased risk of serious infection.The <a target="_blank" href="https://www.businessinsider.com/olympics-drugs-banned-affect-athletic-performance-kamila-valieva-shacarri-richardson-2022-2">Olympic Games bans the use of hundreds of medications and drugs</a>, including categories like stimulants, anabolic agents, and hormone and metabolic modulators. Many of these can affect athletes' performance by accelerating muscle gains, improving blood flow, or boosting energy or focus.Just this week, <a target="_blank" href="https://www.businessinsider.com/olympian-slams-ioc-response-valieva-russian-doping-medal-ceremony-cancellation-2022-2">Russian figure skater Kamila Valieva</a> was retroactively disqualified from the 2022 Beijing Olympic Games after the Court of Arbitration for Sport ruled she'd violated anti-doping rules.

Peter Thiel invests in group to recreate the Olympics on steroids — literally

<keyword id="14855943" type="General" weightage="20" keywordseo="Torrent-Investments" source="Orion">Torrent Investments</keyword> has reportedly informed lenders of <keyword id="6360090" type="General" weightage="20" keywordseo="Reliance-Capital" source="Orion">Reliance Capital</keyword> that it is unwilling to participate in the auction to sell the financial services company. This is likely to hurt the process to maximise returns from the sale because only the <keyword id="120582" type="General" weightage="20" keywordseo="Hinduja-Group" source="Orion">Hinduja Group</keyword> may be left in the fray. Earlier, while opposing the extension of the auction, in a letter to RBI Deputy Governor M. Rajeshwar Rao, Torrent Investments had sought directions to Nageswara Rao Y, administrator of Reliance Capital. The letter said that the challenge process was concluded on December 21, 2022, with the administrator's email to Torrent Investments confirming its NPV bid amount of Rs 8,640 crore as the highest bid amount. However, Torrent Investments was made aware that a competing resolution applicant Hinduja Group had belatedly submitted a revised financial proposal on December 22 after completion of the challenge process on December 21 and after having learnt that Torrent Investments had emerged as the highest bidder. In repeated <keyword id="1786965" type="General" weightage="20" keywordseo="Supreme-Court-judgements" source="Orion">Supreme Court judgements</keyword>, it has been held that maximisation of value is a key factor in any plan approval by CoC. The only resolution done for a financial services company under special powers of RBI Section 227 was DHFL which was won by Piramal Group. In that case <keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword>, which was not even a resolution applicant, was admitted by CoC as it offered highest value to the Piramal bid. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Torrent Investments not to participate in 2nd auction for Reliance Capital; Hinduja sole bidder

BANGALORE: TCS has become the world's third largest employer of people in the technology sector, with over 3 lakh employees. And given the pace at which it is growing, it could become the second largest employer this year, crossing Hewlett-Packard, and would be fast closing in on leader IBM. 
 
In India, it's one of the biggest creators of jobs in recent years, possibly even the biggest. Besides the Indian army, government departments like the Indian Railways and India Post, and PSU companies like Coal India, there's perhaps no other company that has more employees. And unlike the government departments, which are mostly reducing their staff strength, TCS numbers are rising each year by between 25,000 and 35,000. 
 
 
READ ALSO: <a href="http://timesofindia.indiatimes.com/tech/tech-news/TCS-joins-top-10-global-IT-services-companies-club/articleshow/34067479.cms">TCS joins top 10 global IT services companies club</a> 
 In the last fiscal year, the $13.4-billion <keyword id="146310" type="CITY" weightage="40" keywordseo="Tata-Group-company">Tata Group company</keyword> hired 61,200 people, with the net addition being 24,268, discounting those who left the company. The net addition in each of the past several years has been along similar lines or higher. 
 
 
 
 
 
On the contrary, for some of the leading global tech companies, numbers are dropping given the transformations they are going through to deal with shifts in technology towards areas like cloud computing and mobility. HP had 349,600 employees in 2011, but that number is now down to 317,500. IBM, which has about 4.3 lakh employees, is also in the midst of layoffs. 
 
 
 
 
TCS has said it will hire 55,000 people this year. If the net addition is half of that, it will be well ahead of HP's number by the end of this fiscal. Among Indian IT companies, Infosys is almost 50% of TCS with 1.6 lakh employees. 
 Sanchit Vir Gogia, chief analyst at Greyhound Research, says TCS is ahead of many of its Indian peers in identifying new areas of growth, making <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword> and all the right noises. "It is betting big on the Digital Five Forces—mobility, big data, cloud, social media and robotics," he said. 
 
Analysts also find it remarkable that it has grown its people strength so quickly, and yet created an organizational structure nimble enough to handle these numbers. Equally, it has kept its people costs under such control that it is seen as a major factor in its extremely high operating margins (over 28%), perhaps the highest among large companies in the global IT services industry. 
 
Pradeep Mukherji, president and managing partner in global management consulting firm Avasant, said TCS is managing the huge workforce by breaking it into smaller business units that each function virtually as a smaller company. "The depth and breadth of middle management and work delegation, managing a good onshore and offshore mix are some of the key drivers in managing the employee pyramid effectively," he said. 
 
TCS' employee cost has risen from Rs 90 billion in 2007 to Rs 319.2 billion in 2013, but the cost per employee has barely risen in these past seven years. The cost per headcount has grown from Rs 11.5 lakh in 2007, to Rs 12.4 lakh) in 2013, an annual increase of a mere 1.2%, said a report by US-based IT advisory firm HfS Research. "A conservative estimate of 8% annual wage hike in India, 2% hike in developed countries and 4% hike in developing countries will lead to about 7.5% weighted average annual wage hike for TCS' mix of employees," said HfS analyst Pareekh Jain. In other words, TCS has been able to offset its salary hikes through other measures. 
 
One of the biggest of these looks to be a sharp increase in its fresher intake relative to the intake of experienced employees. The percentage of freshers hired (of total hiring) increased to 81% in 2013 from 51% in 2007, finds HfS. 
 
"They have stretched the employee pyramid with an army of junior employees. TCS is aggressively hiring in tier-2 and -3 cities that offsets cost to a large extents TCS has also focused on automation and reusable software tools and frameworks to improve employee productivity," said Sudin Apte, CEO of IT advisory firm Offshore Insights. 
 
Jain believes that hiring more freshers has given TCS the flexibility to deploy them in lower value and transactional activities, thus freeing up experienced resources for higher value work. "Secondly, training freshers for new skills is easier than retraining old resources for new skills," he said. 
 <keyword id="1643718" type="PERSON" weightage="40" keywordseo="Ashish-Chopra">Ashish Chopra</keyword>, IT analyst with brokerage firm Motilal Oswal, noted that TCS had also significantly reduced the proportion of employees at client sites overseas, thus reducing the salary burden. 
 
But some also caution that adding employees in such large numbers may not be the best way to go in the longer run. "Linear employee growth is not a sustainable solution in the long run as newer technologies are nudging IT firms to explore non-linear revenue growth, growth delinked from headcount," said Mukherji. 
 
Gogia echoed that: "With new technologies, especially automation, shaping the world, it's only prudent that TCS utilizes its employees effectively."

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