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Top headlines: M&M’s board rejig, Fitch lowers India GDP growth, and more

M&M announces board rejig, Anand Mahindra to be non-executive chairman

M&M on Friday announced a rejig of its top management with Anand Mahindra, 64, transiting to the role of non-executive chairman from executive chairman, effective 1 April, 2020. In a statement, the firm said Pawan Kumar Goenka has been re-appointed the managing director with additional responsibilities of CEO for a year, effective 1 April, 2020. Read more

Fitch lowers India GDP growth to 4.6%, says business confidence weakening

Fitch Ratings affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook. Fitch said growth will gradually recover to 5.6 per cent in FY21 and 6.5 per cent in the following year with support from easing monetary and fiscal policy and structural measures. Read more

Eyewear start-up Lenskart’s valuation crosses $1.5 bn with SoftBank deal

Eyewear start-up Lenskart is raising Rs 1,645 crore in a funding round led by Masayoshi Son-led SoftBank. Lenskart Solutions Private Limited passed a board resolution on December 12, approving the allotment of 22,976,465 (22.9 million) Series-G compulsorily convertible cumulative preference shares to SVF II (Cayman Islands) Lightbulb, a Cayman Islands-based entity that appears to be an investment vehicle of Softbank Vision Fund (SVF). Read more

Telecom lobby meets Sitharaman, seeks help in meeting SC-ordered dues

India’s telecom companies on Friday asked the government to reduce licence fee and spectrum usage charges, seeking help again after the Supreme Court asked them to pay Rs 92,642 crore as adjusted gross revenue (AGR). Read more

Modi says India will emerge stronger from slowdown, urges investments

Indian will emerge stronger from an economic slowdown, Prime Minister Narendra Modi said in a speech on Friday, reassuring investors about their long-term bets on Asia’s third-biggest economy.Read more

Source: Business Standard