The patriarch of the Rs 16,000-crore (Rs 160-billion) diversified conglomerate RPG Enterprises, R P Goenka said on Friday that the empire would be divided between his two sons by December this year.
Bucking the current trend of job lay-offs and salary cuts worldwide, the RPG Group said on Friday its hiring plans for this fiscal is on track and has already hired 34 interns. "Our hiring plans are very much on track. This year, we hired 34 interns who have worked with various group companies over the summer," RPG Enterprises president corporate development and human resources Arvind Agrawal told PTI.
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Speaking on the current economic meltdown, RPG said that the global meldown would help India emerge to be a much stronger economy.
This is the first initiative of the company to enter mainstream education. The company runs the RPG Institute of Retail Management in Chennai, which is a training institute for frontline staff and store managers.
The RPG group has bought Fujitsu's 30 per cent stake in software and BPO services company Zensar Technologies.
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Spencer's Retail, promoted by the Rs 11,500 crore (Rs 115 billion) RPG group, is in talks with international retailers for a possible joint venture in India. The company is exploring the JV route to introduce new formats.
RPG Group, which owns the Spencer's brand of retail stores, will invest Rs 1,000 crore (Rs 10 billion) for opening nearly 365 supermarkets in the next one year.
The RPG group has earmarked an investment of Rs 12,000 crore (Rs 120 billion) for power and Rs 450 crore (Rs 4.50 billion) for carbon black as two of its thrust business focus areas over the next 2-3 years.
RPG Group said on Thursday it will invest Rs 2,500 crore (Rs 25 billion) in retail expansion across the country during the next four years.
Industry leaders including Google's India-born chief executive Sundar Pichai on Wednesday mourned the death of Ratan Tata, saying the veteran industrialist cared about making India better. "He leaves an extraordinary business and philanthropic legacy and was instrumental in mentoring and developing the modern business leadership in India. He deeply cared about making India better," Pichai said in a post on X. Pichai recalled that his last meeting with Tata was at Google's office where they spoke about the progress of self-driving car Waymo.
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Singh, who opened up the economy as finance minister and served as prime minister for two consecutive terms, died on Thursday at the age of 92. "History will forever honour his pivotal role in the transformative 1991 reforms that reshaped India and opened its doors to the world.
"My life has been full of interesting people", Rama Prasad Goenka tells Business Standard when asked about memories of an era when the open Indian economy was converted into a closed one based on the licence raj by the person whom he openly idolises, former Prime Minister Indira Gandhi.
For the past few days, Tata had been admitted to the Breach Candy Hospital in south Mumbai.
RPG Life Sciences Ltd, the pharmaceutical arm of RPG Enterprises, is recruiting sales officers and district managers.
Weighing in on the 90-hour workweek controversy, ITC Ltd chairman Sanjiv Puri said that it is more important for the workers to be aligned to the grander vision of the company rather than the number of hours put in. Giving an analogy of many workers building a castle, he said, "If you ask a mason what he is doing, he might say he is laying a brick, another might say he is building a wall but some might say he is building a castle.
RPG Enterprises' vice-chairman is upbeat about retail firm Spencer's and talks of a pan-India growth plan for power company CESC.
'Even if organised retail takes 10 percent of the market, it is around Rs 50,000 crores!' says RPG Retail CEO Raghu Pillai.
He was 83. Goenka is survived by his wife Sushila and sons Harsh Vardhan and Sanjiv.
The company is planning to open a global development centre in Jordan.
Spencer's, the retail arm of the Rs 13,500-crore RPG Enterprises, will be focusing more on large format stores this fiscal and prune down investments per store in order to beat recession blues and turn the company profitable.
Ceat Tyres, an RPG Enterprise-promoted company, would soon set up a sales and marketing division in Europe and the US by next year to increase its international footprint.
KEC International Limited, a part of the Rs 9,500-crore (Rs 95 billion) RPG Enterprises has floated a joint venture company with the Power Engineers Inc of the US in a bid to tap the North American market.
Industry leaders, including Mahindra Group chairman Anand Mahindra, RPG Enterprises chairman Harsh Goenka and Biocon Ltd chairperson Kiran Mazumdar-Shaw on Monday came out in support of the Agnipath scheme, saying it has large potential for employment of youth in the corporate sector. Mahindra also expressed dismay over the violence against the scheme while asserting that the farm equipment to aerospace conglomerate welcomes the opportunity to recruit trained, capable and young people under the programme. The Agnipath scheme, announced on June 14, provides for the recruitment of youths between the age bracket of 17-and-half years to 21 for only four years with a provision to retain 25 per cent of them for 15 more years.
The incident happened in Bagh-e-Shamal village of the provincial capital Pul-e-Khomre, TOLOnews reported, citing local officials.
It was one of the toughest times in history to announce a budget, says Harsh Goenka, chairman of RPG Enterprises.
RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent "hard earned public money being stolen" as companies' promoters stash away money on the side and get "80-90% haircut" from bankers during the insolvency resolution process. In an apparent reference to recent cases of insolvency proceedings of some firms wherein creditors have taken huge haircuts on their dues, Goenka said it is the "new game in town". Insolvency resolution plans require approval of the National Company Law Tribunal (NCLT).
In years past, we often approached the Budget expecting to see changes in direct and indirect taxes. Those days are behind us. The Budget of today seeks to expand the economy and keep it at the forefront of technology, observes Harsh Goenka.
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