Latest news with #IFC
Time of India
14 hours ago
- Business
- Time of India
TCS CEO's pay hike; L Catterton's India fund
TCS CEO's pay hike; L Catterton's India fund Also in the letter: TCS paid CEO K Krithivasan Rs 26.5 crore in FY25 Breakdown: Base salary: Rs 1.4 crore Rs 1.4 crore Benefits, allowance and prerequisites: Rs 2.13 crore. Rs 2.13 crore. Commissions: Rs 23 crore. Rs 23 crore. Pay ratio to the median employee remuneration: 329.8. For employees: TCS awarded annual increments ranging from 4.5% to 7% for its workforce of six lakh employees. Top performers received double-digit increases. Factoring in promotions and other event-based compensation, total pay hikes varied between 5.5% and 7.5%. Employees based outside India received wage hikes between 1.5% and 6%. Also Read: AI ahead: Headcount Also Read: L Catterton to raise $600 million for its first India-dedicated fund Driving the news: More details: IFC will invest $30 million in L Catterton India Fund-I, with an additional $30 million allocated for co-investment. Last March, former Hindustan Unilever chief executive Sanjiv Mehta partnered with L Catterton to establish this India-focused fund. In July, ET reported that L Catterton had applied to the Securities and Exchange Board (Sebi) of India to register the India-focused fund as a Category II alternative investment fund (AIF). Tell me more: L Catterton aims to make seven to nine investments from the India-focused fund, with cheque sizes ranging from $25 million to $150 million. The fund will primarily focus on companies in the food and beverages, consumer services (including healthcare, retail, and restaurants), and consumer brands sectors, according to IFC. Future outlook: Also Read: Unacademy founders' shift to AirLearn, Jain's offline role are strategic: Gaurav Munjal to employees Driving the news: No worries: Tell me more: Reality check: Also Read: Myntra secures Rs 1,063 crore funding from Singapore-based parent entity Driving the news: Yes, and: Expansion play: On May 19, Myntra launched Myntra Global, offering local brands to the Indian diaspora in Singapore as part of its international expansion. Partner brands will export products from their inventory in India, with shipping times ranging from four to seven days. Additionally, the company is racing to enter the evolving quick delivery space in India, with M-Now. It is expanding beyond apparel to include accessories, home furnishings, and makeup. Google paid Neal Mohan $100 million to stop him from joining Twitter What's the news: Money matters: Trying their luck: IT major TCS paid Rs 26.5 crore in remuneration to CEO and MD K Krithivasan in FY25. This and more in today's ETtech Top 5.■ Unacademy founders' 'strategic' shift■ Myntra gets expansion capital■ Google's $100m offer to Neal MohanK Krithivasan, CEO, TCSTata Consultancy Services (TCS) paid its chief executive, K Krithivasan, Rs 26.5 crore in the financial year 2025 , marking a 4.6% increase from FY24, according to the company's latest annual total compensation rose from Rs 25.45 crore in the previous year, following his appointment as CEO and MD in N Chandrasekaran stated in the report that TCS aims to expand its workforce with a substantial number of AI agents alongside human employees.'IT and business services are moving toward autonomous operations. The rise of autonomous robots and AI agents promises a future of 'dark factories' and AI-assisted enterprise functions,' he said in a letter to shareholders in TCS' annual report.: The report added that TCS's headcount reached 607,979 in FY25, reflecting an increase of 6,433 individuals compared to FY24, following consecutive fiscal periods of workforce Mehta, executive chairman, L Catterton IndiaL Catterton, the LVMH-backed private equity firm, is raising $600 million for its inaugural India-focused fund, according to a disclosure by the International Finance Corporation (IFC).The move could mark the first instance of a global private equity firm launching an investment vehicle specifically for the Indian market.L Catterton will enter a market already populated by consumer-focused investors, such as A91 Partners, alongside early-stage firms like Fireside Ventures and DSG Consumer Munjal and Roman Sain, founders, UnacademyUnacademy cofounder Gaurav Munjal wrote to employees on Wednesday clarifying that his increased involvement in the company's new platform, AirLearn, alongside cofounder Roman Saini, and incoming CEO Sumit Jain's focus on the offline business, are "strategic moves."The memo followed ET's Wednesday newsbreak that Munjal and Saini plan to step back from their executive roles to focus on the internal email, Munjal stated that he and Saini are now devoting 'substantial time and resources' to the language learning portal AirLearn, while Jain is 'channelling efforts' to strengthen the offline business.'I want to be clear – there's no cause for concern. Unacademy is performing exceptionally well. We've successfully completed appraisals across the board, and our burn rate is significantly reduced. Our balance sheet remains robust and healthy,' Munjal wrote, looking to quell layoff concerns triggered by which competes with Duolingo in the consumer-facing language learning space, has entered talks with potential investors. Some of Unacademy's existing shareholders may participate. However, this development has rankled certain board members, who believe the company should focus more aggressively on addressing core business challenges. Once valued at $3.4 billion , Unacademy has come down from its pandemic-era highs. In FY24, it reported revenue of Rs 840 crore while trimming its losses to Rs 631 crore Nandita Sinha, CEO, MyntraOnline fashion retailer Myntra has secured a fresh capital infusion of Rs 1,063 crore from its parent entity, FK Myntra Holdings, amid its expansion into to regulatory filings, Myntra Designs has allotted 19,43,753 equity shares to its Singapore-based parent at an issue price of Rs 5,465.23 each on a rights basis to raise this total Myntra, Flipkart's parent company, invested $81 million in November 2024 and $338 million in March 2024 into the fashion faces fierce competition in the crowded online fashion space from rivals like Amazon and the Chinese company Shein, which has returned to the Indian market after a five-year Mohan, CEO, YouTubeYouTube chief executive Neal Mohan's recent appearance on Nikhil Kamath's podcast has revived discussion around long-standing rumours that Google paid him $100 million a decade ago to prevent him from joining Twitter (now X).During the podcast, Kamath said, 'I remember reading this thing about Google offering you $100 million not to quit. Not today, but 15 years ago, which was a lot of money.' Mohan did not deny the played a pivotal role in Google's advertising and YouTube's product teams in 2011. Reports indicated that he was offered $100 million in restricted stock units, set to vest over several offer was made when Twitter was attempting to recruit him as chief product officer, led by David Rosenblatt, a board member of the microblogging site now known as X. He was Mohan's former was reported that Twitter also attempted to poach Sundar Pichai, who was then leading Chrome and Chrome OS at Google. The search giant retained him with a $50 million stock grant.
Time of India
20 hours ago
- Business
- Time of India
Private equity firm L Catterton to raise $600 million for its first India-dedicated fund
L Catterton , a private equity firm backed by LVMH, the world's largest luxury goods conglomerate, is raising $600 million for its debut India-focused fund , according to a disclosure by the International Finance Corporation (IFC), the World Bank Group's private sector investment arm. This may mark the first time a global private equity firm is launching an investment vehicle dedicated to India. As per the disclosure, IFC will invest $30 million in the L Catterton India Fund-I with an additional co-investment amount of $30 million. In March last year, former Hindustan Unilever (HUL) chief executive Sanjiv Mehta teamed up with L Catterton to launch an India-focused investment vehicle, according to an official statement made at the time. Mehta, who headed HUL, India's largest FMCG company, for ten years until 2023, formed an India consumer sector-focused joint venture with L Catterton to develop a new investment vehicle. ET had reported last July that L Catterton had submitted an application with the Securities and Exchange Board of India (Sebi) to register the India-focused vehicle as a Category II AIF ( alternative investment fund ). The vehicle will be led by Mehta, the firm's executive chairman for India, along with Anjana Sasidharan, partner and head of India investments, and the existing L Catterton Asia leadership team headed by managing partner Scott Chen, who has been in the role since 2019. L Catterton plans to make seven to nine investments from this India-dedicated fund, with cheque sizes ranging from $25 million to $150 million. According to IFC, the fund will primarily back companies across segments such as food and beverages, consumer services (including healthcare, retail and restaurants), and consumer brands. So far, L Catterton has invested in Indian companies through its Asia fund. The firm's portfolio includes beauty brand Sugar Cosmetics, healthy snacking startup Farmley (where it led a $40 million round last month), petcare brand Drools, which became a unicorn following a minority investment from Nestle SA, and Impresario, the parent company of restaurant chain Social, founded by Riyaaz Amlani. L Catterton has also invested in Jio Platforms, owned by Reliance Industries . The development was first reported by online news publication The Arc. With its India-focused fund, L Catterton will step into a market already home to consumer-focused investment firms like A91 Partners, as well as early-stage backers such as Fireside Ventures, DSG Consumer Partners, and others. This fund raise trend also reflects the broader dynamics in the Indian investment ecosystem. In 2024, Bluestone investor IvyCap Ventures, former KKR India CEO Sanjay Nayar's Sorin Investments, and climate-focused Avaana Capital also announced sizable fund closures. More recently, A91 Partners closed its largest-ever fund with a $665 million corpus, while venture capital fund Accel India, an early backer of Flipkart and Swiggy, also closed a $650 million fund. ET had reported on April 25 that Peak XV Partners is set to raise its first independent fund after its split from Silicon Valley firm Sequoia Capital with a target corpus of $1.2-1.4 billion.
Yahoo
2 days ago
- Business
- Yahoo
Gilat Receives Over $25 Million in Orders for its Multi-Orbit Satellite Solutions
Orders from leading satellite operators highlight continued demand for Gilat's IFC solutions, alongside broader support for global satellite-based connectivity services PETAH TIKVA, Israel, May 27, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that its Commercial Division received over $25 million in orders from leading global satellite operators. Deliveries are scheduled throughout 2025 and 2026. The orders demonstrate continued confidence in Gilat's powerful portfolio of products and services for multi-orbit constellations—GEO, MEO, and LEO—, including ground segment infrastructure, network management systems, and value-added services. Much of the current momentum is driven by increasing demand for high-quality broadband connectivity in the skies, reinforcing Gilat's leadership in the IFC market. Gilat's technologies are built to meet the stringent requirements of mobility-driven services like IFC, where performance, efficiency, and reliability are paramount. At the same time, the company's solutions continue to support a range of commercial satellite applications, helping operators maximize network value and customer satisfaction. 'We're seeing accelerating demand for high-quality In-Flight Connectivity as satellite operators expand their service offerings to meet rising expectations from the aviation industry,' said Ron Levin, President of Gilat's Commercial Division. 'At the same time, these orders reflect the broader confidence in Gilat's ability to deliver reliable, high-performance solutions across a range of satellite communications applications.' About Gilat Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world. Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services. Gilat's products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'estimate', 'project', 'intend', 'expect', 'believe' and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology and risks associated with Gilat's international operations and its location in Israel, including those related to the hostilities between Israel and Hamas. For additional information regarding these and other risks and uncertainties associated with Gilat's business, reference is made to Gilat's reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason. Contact: Gilat Satellite NetworksHagay Katz, Chief Product and Marketing Officerhagayk@ Alliance Advisors:GilatIR@ +1 212 838 3777
Yahoo
5 days ago
- Entertainment
- Yahoo
Watch ‘Off Script With The Hollywood Reporter' Featuring Top Stand-Up Comedians Friday on IFC and AMC+
A star-studded lineup of talent returns in the new season of Off Script With The Hollywood Reporter. The Emmy-nominated series returns Friday night with a group of top stand-up comedians: Jamie Foxx, Chelsea Handler, Hasan Minhaj, Seth Meyers, Sarah Silverman and Roy Wood Jr. More from The Hollywood Reporter Cancellation, Conspiracies, Cocaine: Jamie Foxx, Sarah Silverman, Seth Meyers Let Loose on THR's Stand-Up Comedy Roundtable "If You Show Any Doubt, They'll Eat You Alive": Ridley Scott, Denis Villeneuve and the Director Roundtable "Jump In and Learn How to Swim After": Robbie Williams, Andra Day and the Songwriter Roundtable The show premieres at 9 p.m. PT/midnight PT on IFC and will be available to stream the same day on AMC+. New episodes will continue weekly on Fridays. Off Script With The Hollywood Reporter showcases five categories of Emmy contenders, featuring themed episodes for Drama Actress, Drama Actor, Comedy Actress, Comedy Actor and Stand-Up. Moderated by THR's Lacey Rose and Mikey O'Connell, the series is known for its sharp, unfiltered roundtable format, delivering honest, insightful and often hilarious conversations about the craft and chaos of working in television. But what truly sets Off Script apart is its unmatched ability to curate a who's who of Hollywood who rarely, if ever, share the same stage. Closely timed with each episode's premiere, THR will release digital covers, in-depth features, and full video cuts of each roundtable on and THR's YouTube channel. See the full schedule and talent lineup below. Friday, May 23 at 9 p.m. PT on IFC and available to stream on AMC+ Jamie Foxx, What Had Happened Was…Chelsea Handler, The FeelingHasan Minhaj, Off With His HeadSeth Meyers, Dad Man WalkingSarah Silverman, PostMortemRoy Wood Jr., Lonely FlowersModerated by Lacey Rose Friday, May 30 at 9 p.m. PT on IFC and available to stream on AMC+ Kathy Bates, MatlockCristin Milioti, The Penguin, Black MirrorHelen Mirren, 1923, MobLandNiecy Nash-Betts, GrotesquerieParker Posey, The White LotusKeri Russell, The DiplomatModerated by Mikey O'Connell Friday, June 6 at 9 p.m. PT on IFC and available to stream on AMC+ Kristen Bell, Nobody Wants ThisHannah Einbinder, HacksKathryn Hahn, Agatha All Along, The StudioNatasha Lyonne, Poker FaceMichelle Williams, Dying for SexJessica Williams, ShrinkingModerated by Lacey Rose Friday, June 13 at 9 p.m. PT on IFC and available to stream on AMC+ Adam Brody, Nobody Wants ThisTed Danson, A Man on the InsideJohn Mulaney, Everybody's Live With John MulaneySeth Rogen, The StudioJason Segel, ShrinkingJulio Torres, FantasmasModerated by Lacey Rose Friday, June 20 at 9 p.m. PT on IFC and available to stream on AMC+ Walton Goggins, The White Lotus, The Righteous GemstonesCooper Koch, Monsters: The Lyle and Erik Menendez StoryDiego Luna, Andor, La MáquinaEddie Redmayne, The Day of the JackalAdam Scott, SeveranceJeffrey Wright, The Last of Us, The Agency: Central IntelligenceModerated by Lacey Rose Off Script With The Hollywood Reporter is executive produced by Elisabeth D. Rabishaw and Jason Rovou, vp video production and development of THR, and THR co-editors-in-chief Maer Roshan and Shirley Halperin. The news comes on the heels of THR's 58 SoCal Journalism Awards nominations, including best website and three journalist of the year noms. THR is a flagship entertainment media brand, offering in-depth reporting, analysis and thought-provoking reviews; unparalleled access, world-class photography and video; and feature exclusives in its award-winning weekly magazine and dynamic website. THR also boasts prestigious live events, industry-leading philanthropic, empowerment and diversity initiatives and hugely successful video series including Off Script. Best of The Hollywood Reporter 'The Studio': 30 Famous Faces Who Play (a Version of) Themselves in the Hollywood-Based Series 22 of the Most Shocking Character Deaths in Television History A 'Star Wars' Timeline: All the Movies and TV Shows in the Franchise
Business Wire
7 days ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Intact Financial Corporation and Its Core Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of 'aa-' (Superior) of Intact Insurance Company, the lead company of Intact Financial Corporation (IFC) [TSX: IFC], as well as the core insurance subsidiaries of IFC. Concurrently, AM Best has affirmed the Long-Term ICR of 'a-' (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of IFC, the parent holding company. In addition, AM Best has affirmed the Long-Term ICR of 'a-' (Excellent) of Intact U.S. Holdings Inc. (Delaware), an intermediate holding company of IFC. The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Ontario, Canada, unless otherwise specified. (Please see below for a complete listing of the FSRs, Long-Term ICRs and Long-Term IRs for the core members of Intact Financial Corporation.) The ratings reflect IFC's consolidated balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). IFC's balance sheet strength assessment is supported by its very strong risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), long-term capital growth and historically favorable reserve development trends. Furthermore, the balance sheet strength assessment reflects IFC's favorable liquidity profile which is supported by a prudent investment approach. Surplus accumulation over the long term has been driven by capital raises (both debt and stock offerings) in support of acquisitions, as well as profitable operating earnings in more recent years. IFC's financial leverage ratios remain within AM Best guidelines and have improved through first-quarter 2025, driven by favorable net earnings and re-payment of debt through 2024. Overall, IFC benefits from financial flexibility through access to Canadian and U.S. capital markets. AM Best views IFC's operating performance as strong driven by consistently favorable underwriting results through all geographic territories, which includes Canada, the United States, the United Kingdom and Ireland (UK&I). Additionally, overall net earnings have also benefited from increasing net investment income. Despite IFC's primary market of Canada having seen historical catastrophe activity over the recent five-year period, IFC's results have remained favorable owing to its underwriting guidelines, market knowledge and geographic diversification. In the UK&I, IFC's focus in 2024 has been on the integration of Direct Line Insurance Group plc's brokered commercial lines operations, as well as continued refinement following IFC's personal lines exit in that market. AM Best notes that these strategic actions are expected to continue enhancing IFC's operating performance further in the organization's UK&I business. AM Best assesses IFC's business profile as favorable, reflecting excellent geographic, product and channel diversifications in the independent broker channel and direct to consumer. IFC is the largest provider of property/casualty insurance in Canada and benefits from a strong brand name recognition through its operating entities. Intact U.S. provides the organization with further diversification and a North America-based platform to write specialty commercial lines. AM Best considers IFC's ERM program as appropriate, supported by a comprehensive risk framework that includes robust internal controls, clearly defined risk appetites and tolerances and effective mitigation strategies. AM Best also comments that the ratings of The Guarantee Company of North America USA (GCNA), part of IFC's specialty operations in the United States, remain unchanged and under review with negative implications pending the closing of the proposed sale of GCNA to Hadron Holdco LLC, which remains subject to regulatory approval. The FSR of A+ (Superior) and the Long-Term ICRs of 'aa-' (Superior) have been affirmed with stable outlooks for the following members of the Intact Financial Corporation: Atlantic Specialty Insurance Company Belair Insurance Company Inc. Homeland Insurance Company of New York Homeland Insurance Company of Delaware Intact Insurance Company Jevco Insurance Company Novex Insurance Company OBI America Insurance Company OBI National Insurance Company Split Rock Insurance, Ltd. The Nordic Insurance Company of Canada Trafalgar Insurance Company of Canada The following Long-Term IRs have been affirmed with stable outlooks: Intact Financial Corporation— -- 'a-' (Excellent) on $500 million, 5.459% senior unsecured medium-term notes, due 2032 -- 'a-' (Excellent) on CAD 250 million, Series 2, 6.40% senior unsecured medium-term notes, due 2039 -- 'a-' (Excellent) on CAD 100 million, Series 3, 6.2% senior unsecured medium-term notes, due 2061 -- 'a-' (Excellent) on CAD 250 million, Series 5, 5.16% senior unsecured medium-term notes, due 2042 -- 'a-' (Excellent) on CAD 250 million, Series 6, 3.77% senior unsecured medium-term notes, due 2026 -- 'a-' (Excellent) on CAD 425 million, Series 7, 2.85% senior unsecured medium-term notes, due 2027 -- 'a-' (Excellent) on CAD 300 million, Series 9, 1.928% senior unsecured medium-term notes, due 2030 -- 'a-' (Excellent) on CAD 300 million, 4.653% senior unsecured medium-term notes, due 2034 -- 'a-' (Excellent) on CAD 300 million, Series 10, 2.954% senior unsecured medium-term notes, due 2050 -- 'a-' (Excellent) on CAD 375 million, Series 12, 2.179% senior unsecured medium-term notes, due 2028 -- 'a-' (Excellent) on CAD 250 million, Series 13, 3.765% senior unsecured medium-term notes, due 2053 -- 'a-' (Excellent) on CAD 400 million, Series 14, 5.276 % senior unsecured medium-term notes, due 2054 -- 'a-' (Excellent) on CAD 300 million, Series 16, 4.645 senior unsecured medium-term notes, due 2060 -- 'bbb' (Good) on CAD 150 million, 5.25% preferred shares -- 'bbb+' (Good) on CAD 250 million, 4.125% subordinated debentures, due 2081 -- 'bbb' (Good) on CAD 300 million, 7.338% subordinated debentures, due 2083 -- 'bbb' (Good) on CAD 250 million, 4.841% non-cumulative five-year reset Class A Series 1 preferred shares -- 'bbb' (Good) on CAD 250 million, 3.457% non-cumulative five-year rate reset Class A Series 3 preferred shares -- 'bbb' (Good) on CAD 150 million, 5.2% non-cumulative fixed rate Class A Series 5 preferred shares -- 'bbb' (Good) on CAD 150 million, 5.3% non-cumulative fixed rate Class A Series 6 preferred shares -- 'bbb' (Good) on CAD 250 million, 4.9% non-cumulative five-year rate reset Class A Series 7 preferred shares -- 'bbb' (Good) on CAD 150 million, 5.4% non-cumulative fixed rate shares Class A Series 9 preferred shares The following indicative Long-Term IRs under the shelf registration have been affirmed with stable outlooks: Intact Financial Corporation— -- 'a-' (Excellent) on senior unsecured notes -- 'bbb+' (Good) on subordinated unsecured notes -- 'bbb' (Good) on Class A preferred shares This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
