Forbes India 15th Anniversary Special

Morning buzz: Flipkart plans to trim rolls by 7%, Nexus eyes R City Mall in Mumbai, and more

Here are the top business headlines this morning, to get your day started

Samar Srivastava
Published: Jan 8, 2024 09:53:17 AM IST
Updated: Jan 8, 2024 10:12:12 AM IST

Morning buzz: Flipkart plans to trim rolls by 7%, Nexus eyes R City Mall in Mumbai, and moreFlipkart is working on an exercise that could see a reduction in its team size by 5-7 percent. Image: Samyukta Lakshmi/Bloomberg via Getty Images

Flipkart plans to trim rolls by 7 percent

Flipkart is working on an exercise that could see a reduction in its team size by 5-7 percent. The exercise is also likely to focus on group companies Cleartrip and Shopsy and is likely to be completed by April. The company is likely to list in FY24 and is in the process of completing a $1 billion funding plan from Amazon. Last year the top 30 percent of the company’s employees were not handed out any appraisal letters.

US asks for more clarity on India’s import system for laptops

The United States Trade Representative plans to take up the issue of laptop imports during her upcoming visit to India. After initially curtailing imports India has said it plans to put in an import authorization system that will be valid till September 2024. It is not clear that will happen after that. Several US companies Apple, HP, Dell import laptops for the Indian market.
(BusinessLine)

Bananas to get more expensive

Banana prices are headed north on account of falling cultivation and the spread of a disease. In November banana inflation was up 16.5 percent from 2.2 percent four years ago. Prices are up from Rs1,800 crore per quintal to Rs2,900 crore. Traders said that production js down by 15-30 percent. Fruits inflation in November stood at 11 percent.
(Economic Times)

Nexus eyes R City Mall in Mumbai

Nexus has been in talks to acquire R City mall from Runway Developers. It is not clear whether the talks will lead to a deal. Runwal had acquired GICs stake in the mall in May for Rs1,000 crore. The mall has been operational for the last 13 years and has 1.2 million sq feet of retail space. It is one of the few malls in the city that could see a deal as it is unlikely that Phoenix or Oberoi Realty would sell anything from their portfolio.
(BusinessLine)