Main titles: Byju’s emphasis on profit; YES Bank sells distressed loans

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After reporting a loss of Rs 4,588 crore in the 2021 financial year, Byju Raveendran, the founder and CEO of the world’s most valuable edtech company, Byju’s, told employees that the company had already started to focus on profitable growth. McLeod Russel India’s lenders will meet shortly to discuss a proposal by Carbon Resources to write off outstanding bank debt and take over the company. Read more about it in our main titles.


Byju Focuses on Profitable Growth, $2 Billion Revenue in Sight: From CEO to Staff

After reporting a loss of Rs 4,588 crore in the 2021 financial year, Byju Raveendran, the founder and CEO of the world’s most valuable edtech company, Byju’s, told employees that the company had already started to focus on profitable growth. He said $2 billion in revenue was within sight of the business. “The April-June 2022 (period) was our best quarter by far,” Raveendran said in a letter to employees reviewed by Business Standard. Read more


McLeod Russel India lenders likely to discuss Carbon Resources proposal

McLeod Russel India’s lenders will meet shortly to discuss a proposal by Carbon Resources to write off outstanding bank debt and take over the company. On Friday, family-owned Jalan Carbon Resources Private Limited sent a non-binding letter of intent to settle McLeod Russel’s debt and acquire a majority stake in the country’s largest loose tea producer. Read more


Yes Bank approves sale of stressed loans of Rs 48,000 cr to JC Flowers ARC

Private lender Yes Bank said on Tuesday that its board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no bids to challenge one made by the finance company. capital investment. As a result, the Board of Directors of Yes Bank approved the declaration of JC Flowers as the winner of the Swiss Challenge method which was used for the sale of the stressed assets. Read more


Adani Group signs non-deal pact with foreign banks on cement stake

Adani Group has signed a non-dealing agreement with foreign banks on all of its stakes in Ambuja Cements and ACC to raise funds to acquire the two cement companies, stock exchanges said on Tuesday. After acquisition, the group holds 63.15% of Ambuja Cements and 56.69% of ACC (of which 50.05% is held via Ambuja Cements). Read more


RBI wants fintech operators to play by the rules: Shaktikanta Das

Governor Shaktikanta Das said on Tuesday that the RBI will not stifle or penalize fintech firms, but wants them to follow “traffic rules” where their innovations meet certain regulator expectations. The innovations that come out must improve the efficiency and resilience of the financial system, while benefiting the customer, Das said at the third Global Fintech Fest. Read more


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