Dunzo Shakeup: Co-Founder Exits Amid Restructuring
Indian delivery platform Dunzo, backed by Reliance Industries, saw co-founder Dalvir Suri step down amid an organization-wide restructuring. The company, facing financial troubles, has gone through layoffs and reduced salaries. The specifics of the restructuring remain undisclosed, but the move is seen as a turning point for the firm. Dunzo is also reportedly in advanced talks for a funding round that could bolster Reliance Retail’s stake in the company.
Adani’s Solar Surge: 10 GW Capacity by 2027
Adani Group is set to expand its solar manufacturing capacity to 10 gigawatts by 2027, aiming to capitalize on the energy transition trend, PTI reported. Currently having a capacity of 4 gigawatts, Adani Solar has secured over 3,000 megawatts in export orders and recently raised $394 million for expansion. The Indian government’s supportive policies have spurred growth in the solar sector, with Adani leading the charge. The group’s new facility in Mundra, Gujarat, will create over 13,000 green jobs and strengthen India’s position as a global solar manufacturing hub.
Viatris Divests: $1.2B Deal for API & Women's Healthcare
Global healthcare firm Viatris has sold its API and women’s healthcare businesses in India for around $1.2 billion. This move is part of a global divestiture drive to reduce debt. The Hyderabad-based Iquest Enterprises, owned by Nimmagadda Prasad, acquired Viatris’s API business, including three manufacturing sites and a R&D lab in Hyderabad. The deal signifies a strategic shift for Viatris as it focuses on streamlining its operations and financial health.
Barclays’ Battle: Whistleblower Retaliation Ruling Challenged
Barclays is appealing an Indian court ruling that found the bank retaliated against a whistleblower. The case involves a former senior IT manager who raised concerns about data loss handling. The Pune District Court ordered Barclays to pay the whistleblower two years' salary, totaling around $115,620. The case, scheduled for an appeal hearing on October 20, puts Barclays' whistleblowing procedures under scrutiny and raises questions about the bank's commitment to protecting individuals who raise red flags about internal issues.
Future Retail Bid Rejected: Insolvency Extended
The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, Economic Times reported. The resolution plan failed to get the required number of votes in the e-voting process of the Committee of Creditors (CoC). Space Mantra, the single bidder, had offered around ₹550 crore, close to the liquidation value but just 2.8% of Future Retail’s outstanding dues. The National Company Law Tribunal (NCLT) has extended the deadline to complete the Corporate Insolvency Resolution Process for 15 days, marking the fourth extension granted by the Mumbai bench of NCLT.
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