SpiceJet To Lay Off 1,400 Workers, LIC Expects Tax Refund And Other Stories From The Weekend You Can't Miss

JSW Group’s EV Manufacturing Venture in Odisha

JSW Group announces a significant investment of 400 billion rupees ($4.82 billion) to establish electric vehicle (EV) and battery manufacturing units in Odisha, India.

This initiative, in partnership with the state government, aims to bolster India’s position in the EV market, challenging both domestic and international competitors.

The collaboration with China’s SAIC Motor underscores JSW’s commitment to green mobility and the EV ecosystem’s development.

Tower Semiconductor’s $8B Proposal in India

Tower Semiconductor has proposed an $8 billion chipmaking facility in India, targeting the manufacture of 65 and 40 nanometre chips.

This move aligns with India’s ambitions to become a semiconductor production hub, despite previous challenges in attracting the industry with significant incentives.

The proposal seeks government support to realise this vision, marking a potential milestone in India’s tech manufacturing sector.

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SpiceJet to Lay Off 1,400 Employees Amid Financial Strain

SpiceJet is set to lay off 1,400 employees due to financial challenges, highlighted by a ₹60 crore salary bill.

The decision reflects ongoing operational adjustments within the aviation industry, aiming for cost efficiency.

Despite the layoffs, SpiceJet has been facing delays in salary payments, with many employees yet to receive their wages for January.

LIC Expects a Hefty Income Tax Refund

Life Insurance Corporation of India (LIC) anticipates a substantial income tax refund of ₹25,464 crore in the current quarter.

This expectation follows an order from the Income Tax Appellate Tribunal related to interim bonuses paid to policyholders.

LIC’s chairman, Siddhartha Mohanty, confirmed the anticipated refund, highlighting the financial maneuver as a notable event in the corporation’s fiscal management. This refund is poised to bolster LIC’s financial standing, reflecting its substantial impact on the company’s quarterly financials.

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