KPMG Planning To Hire 9,000
The management consulting team of KPMG is looking to hire nearly 8,000-9,000 people in India, says a report.
A 10th of them will be deployed on projects overseas, as the company sees global clients increasingly want one of the Big Four audit firms to implement solutions and demonstrate results for the strategy guidance it gives them.
KPMG is consolidating its global delivery capability in India, its largest offshore base, hiring engineers and executives to deliver on the promises its consultants make to clients.
Lodha Eyeing Property Sales Surge
Lodha Developers has sold properties worth about 4,200 crore rupees in the first half of this fiscal, says a report.
The realty major’s sales may cross 9,000 crore in 2018-19 on improved demand for affordable and mid-income housing, a top company official said.
It has emerged as the biggest player in Mumbai Metropolitan Region (MMR) with 18 per cent market share in sales, a top official said, citing industry data.
Angel Funding Faces Litmus Test
Angel funding by wealthy individuals in India’s startup ecosystem is facing a litmus test, says a report.
This comes as a lack of good exit opportunities, valuation mismatches, and regulatory and tax issues have created a major hurdles. This, however, could help separate the wheat from the chaff, say industry members.
About half of the angel investors in India see only 25% of their portfolio companies raising follow-on funding, and more than half of them have not seen any exits so far, shows a survey of 200 angel investors by LetsVenture, a platform for angel investors.
Vodafone Idea To Scale Down 2G-3G Services
Vodafone Idea plans to scale down its 2G and 3G services and shift subscribers to 4G to fight Reliance Jio Infocomm and After Bharti Airtel more effectively, says a report.
Vodafone Idea, the new telecom market leader, will initially bring in 900 MHz band spectrum – currently used for 2G – to offer the more efficient 4G mobile standard and subsequently look at using a sizeable chunk of its 3G in the 2100 MHz band for such services.
The company recently started trials in Mumbai for delivering 4G services on 900 MHz and is likely to repeat them in other markets shortly, sources said.
Ford Motor Back In The Green
Ford Motor’s Indian unit swung to profit in fiscal 2018 after reporting losses for almost a decade, says a report.
This comes as cost reduction efforts and improved capacity utilisation, after making the country an export base, started paying rich dividends.
Ford Motor India posted a profit of 526 crore rupees in fiscal 2018, compared with a loss of 521 crore the previous year, it said in a filing with the Ministry of Corporate Affairs.
Coke Launches New International Group
The Coca-Cola Company has created a new international group called Global Ventures to focus on ensuring maximum value from acquisitions and investments, says a report.
The company is currently pursuing GlaxoSmithKline Consumer’s $4 billion Indian nutrition business including malt beverages Horlicks and Boost.
Coca-Cola and consumer goods giants Nestle and Unilever are in the due diligence stage for acquiring GSK Consumer’s nutrition business, people aware of the developments have said.
Colgate Targets Ayurvedic Products Push
Colgate-Palmolive, the company behind the famous toothpaste, said innovation in India to compete within ayurvedic segment has helped launch similar brands in global markets too.
Vedshakti in India is now transferred under Colgate Naturals Panjaved (in Thailand), a top official said.
Vedshakti, launched nearly two years ago in India, was aimed squarely at the Baba Ramdev-led Patanjali, which has challenged the multinational’s dominance of the segment with its Dant Kanti toothpaste.