Jio Eyes Sri Lanka Telco, IT Firms Report Major Headcount Cuts And More Stores From The Weekend You Can't Miss

Jio Shows Interest in Sri Lanka Telecom

Reliance Industries’ Jio Platforms is among three entities eyeing a stake in Sri Lanka Telecom PLC. The Sri Lankan government’s decision to divest its stake in the national telecom provider has attracted interest from Jio, Gortune International and Pettigo Comercio.

Jio’s potential acquisition could mark a significant expansion into the Sri Lankan market, aligning with its broader strategy to extend its telecommunications footprint beyond India. This move reflects the growing interest of major telecom players in exploring new markets in the South Asian region.

Top 3 IT Firms in India Witness Workforce Decline

India’s leading IT companies, Infosys, TCS and Wipro, have collectively seen a workforce reduction of over 16,000 employees in the third quarter of FY24.

This trend highlights the industry’s response to an uncertain global demand environment, with companies strategically managing their human resources. HCLTech, however, has shown a contrasting trend with an increase in its employee count.

The IT sector’s focus on optimizing workforce utilisation and enhancing productivity through digital solutions is evident in these developments, reflecting a shift towards more agile and efficient operational models in the face of global economic uncertainties.

See Also: Tata Consumer To Raise Funds Through ₹3,500 Cr Rights Issue After Mega Acquisitions

Panasonic Electric Targets Major Market Share in India

Panasonic Electric Works India (PEWIN), a subsidiary of Panasonic Life Solutions, is aiming to capture a 50% share in India’s wiring devices market by 2030. Joint Managing Director Toshinobu Kawasaki has outlined plans for significant market expansion, focusing on switchgear and lighting.

The company’s strategy includes investing in its Sri City facility in Andhra Pradesh to enhance manufacturing efficiency.

Panasonic’s commitment to streamlined tax processes and efficient tax litigation in India is part of its broader strategy to strengthen its market position and deliver innovative solutions in key business areas.

Apple’s AI Team Restructuring Affects Jobs

Apple is undergoing a significant reshuffle, leading to the closure of a key AI team responsible for Siri improvements.

The 121-person team, based in San Diego, faces termination if they choose not to relocate to Austin. This decision impacts Apple’s AI operations globally, including offices in China, India, Ireland and Spain.

The move is part of Apple’s strategy to consolidate its AI efforts, but it also indicates a major shift in the company’s approach to AI development and employee management. The restructuring highlights the tech giant’s focus on centralising its operations and possibly streamlining its AI initiatives.

Read Next: Wipro Shares Surge 10% After Q3: Buy, Sell Or Hold?

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