As India s first space-based solar observatory, Aditya L1, takes giant strides in its sun mission, whats not much known is that it was a group of youngsters, and the countrys women in science back home, who made the endeavour a reality. This and more in todays ETtech Morning Dispatch.
A few weeks ago, Tata group company Titan hogged the headlines when it bought 27% stake in CaratLane (Titan has been a strategic investor since 2016). A cash exit for an Indian consumer internet entrepreneur is rare, more so when it comes as the broader industry is struggling to get the fundamentals right, and funding from risk investors has fallen precipitously.
The ED accused CaratLane of violating the Foreign Exchange Management Act (FEMA). The notice served on March 28, 2022, stated that FDI was not allowed in single-brand retail at the time. The notice has not been made public till now.
The company has around 1,700 employees, and its ESOP pool holds around 1.5% stake. Following the purchase of Sachetis 27.18% stake in CaratLane, Titan will hold a 98.28% stake in the company.