Layoffs / Restructuring

Court orders dismissed MSRTC employee to repay Rs 10.26 Lakh in fraud case

A civil court in Chhatrapati Sambhajinagar has directed a former employee of the Maharashtra State Road Transport Corporation (MSRTC) to repay over Rs 10.26 lakh along with interest and compensation. The court found him guilty of misappropriating public funds collected from student concession passes. The order was passed on 1 January by the 5th Joint [...] The post Court orders dismissed MSRTC employee to repay Rs 10.26 Lakh in fraud case appeared first on HR Katha .

Startup Funding

Urban Harvest acquires gourmet food brand Cocosutra in Rs 2.5 crore all-cash deal

Urban Harvest, a rapidly growing B2B fresh-produce and food supply company, has announced the acquisition of premium gourmet food brand Cocosutra in a Rs 2.5 crore all-cash deal. The acquisition strengthens Urban Harvest’s value proposition by expanding its portfolio into high-margin, value-added food products while deepening penetration across its existing restaurant and HoReCa network. Speaking on the strategic rationale behind the acquisition, the company said that integrating Cocosutra into the Urban Harvest ecosystem will enable it to offer superior- quality, value-added gourmet products at more competitive price points than market alternatives, while leveraging its strong distribution footprint. Commenting on the acquisition, Sidhantt Suri, Founder & CEO, Urban Harvest & DeliverIt, said, “This acquisition reinforces our commitment to delivering greater value to our restaurant partners. With Cocosutra, we will be able to provide a wider product basket, deeper category penetrati...

Industry Trends

Chinese auto parts firm offers apartments to employees to improve retention

A Chinese auto components manufacturer has drawn widespread attention after unveiling a rare employee- retention incentive that goes beyond bonuses and promotions. Zhejiang Guosheng Automobile, a maker of automotive fasteners based in Wenzhou, has introduced a housing-linked reward scheme under which long-serving employees can receive residential apartments. As part of this initiative, the company has [...] The post Chinese auto parts firm offers apartments to employees to improve retention appeared first on HR Katha .