Top headlines: Adani promoters sell stakes, AI plans single pay structure

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Direct tax collection in FY23 likely to top govt's Revised Estimates

Direct tax collection in 2022-23 is likely to exceed the government’s Revised Estimates (RE), potentially helping narrow the fiscal deficit. Robust corporate tax collections and a likely recovery from pending tax demand have given the government confidence in actual revenue collections exceeding RE of Rs 16.5 trillion in the current fiscal year (2022-23, or FY23), according to government sources. Read more

Adani promoters sell stakes worth Rs 15,446 crore to GQG Partners

The promoters of the Adani group on Thursday sold shares worth Rs 15,446 crore in four of its listed entities to GQG Partners, a US-based global equity-investment boutique firm. The promoters plan to use the proceeds to retire debt and for other purposes. They sold shares in Adani Enterprises worth Rs 5,460 crore, and those worth Rs 5,282 crore in Adani Ports & SEZ. Read more

Air India plans single pay structure, common seniority list for pilots

Air India’s management has proposed a single simplified salary structure and a common master seniority list for 3,100 pilots across Tata airlines, as the group begins the process of the integration of four carriers.

These were among the proposals put forth at separate town hall meetings with pilots of Air India and Vistara on Thursday. The meetings were addressed by Air India CEO Campbell Wilson, Vistara CEO Vinod Kannan, and senior pilots and HR heads of the two airlines. They were joined by an executive from consulting firm BCG, which is advising the Tata group airlines on integration. Read more

VC model of investment looks like ponzi scheme: N R Narayana Murthy

N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. Read more

In search of funding, Vodafone Idea dials KKR and Temasek Holdings

Vodafone Idea (VIL) has started preliminary talks with leading global private equity investors, including Singapore-based Temasek Holdings and US-based KKR, to raise money through equity and debt.

This comes close on the heels of the Union government (in the first week of February) approving the conversion of the telco’s dues linked to interest related to spectrum auction instalments and adjusted gross revenue of Rs 16,133 crore into 33.14 per cent equity -- a decision that was long-awaited and provided the cash-strapped company a lifeline. Read more