Morning Buzz: GoFirst creditors approve revival plan, Byju's on filing 2022 earnings, and more

Here are the top business headlines this morning, to get your day started

Published: Jun 26, 2023 09:10:59 AM IST

Updated: Jun 26, 2023 09:39:02 AM IST

GoFirst is scheduled to resume operations soon. Image: Nasir Kachroo/NurPhoto via Getty Images

GoFirst creditors approve revival plan

The committee of creditors (CoC) for Go First Airlines has approved an in-principle interim funding of Rs425 crore. This gives a chance for the ailing carrier, the first in the country to voluntarily seek bankruptcy protection, to start to resume operations soon. It owes Rs6,521 crore to its financial creditors, according to its filings with the NCLT.(Economic Times, Financial Express)

Amazon, Google to expand India investments post Modi-Biden talks

Amazon.com and Google are committing to boost investments in India eyeing this key market to spur growth. Amazon plans for an additional $15 billion investment in India by 2030, which includes investments towards cloud infrastructure. Google plans to open a global financial-technology center in the Gift city of Gujarat. Already Foxconn, the maker of iPhones, has plans for a manufacturing factory and an EV factory in India over the next two years.

(Bloomberg, Hindustan Times, NDTV)

HUL’s Sanjiv Mehta's last AGM today

Sanjiv Mehta, the former CMD of Hindustan Unilever, will attend his last annual general meeting on June 26. In his tenure during the last ten years, HUL added Euro 4 billion (Rs32,000 crores) to its turnover increasing it by 2.3x and market cap by 5x. Its market share in soaps, shampoos and skincare products improved. Another veteran, Rohit Jawa takes over from Mehta on Tuesday, the company had said in March. Jawa seeks to focus on acquisitions and boost volume growth.

(Economic Times, Moneycontrol)

Byju's tells investors it will file 2022 earnings by September

Edtech giant Byju’s has signaled that it will file 2022 audited earnings by September and 2023 results by December. The long-delayed financial results was one of the issues which led to auditor Deloitte parting ways with Byju’s last week. Besides, three board members G V Ravishankar, managing director at Peak XV Partners (earlier Sequoia India), Russell Andrew Dreisenstock of Prosus Group and Chan Zuckerberg's Vivian Wu have stepped down. Byju’s continues to battle with lenders over a term loan repayment and has fired several employees in recent weeks.

(Reuters, Hindu Businessline)

ICICI Bank to consider decision to delist of Securities arm this week

ICICI Bank has said it will meet this week to consider the delisting of its subsidiary ICICI Securities, the institutional and retail broking arm, as per market regulator Sebi norms. The subsidiary had reported a fall in its net profit for the March-ended quarter. The plan was for the subsidiary to diversify its financial services tools further.

(Moneycontrol, Economic Times, Business Today)