Tata Group to add 45,000 workers to win Apple iPhone orders – report; Freshworks faces class action lawsuit
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India’s Tata Group is planning to multiply the number of employees at its electronics factory in southern India that makes iPhone components, adding tens of thousands of workers as part of a push to win more business from Apple, Bloomberg reports. And India’s SaaS darling Freshworks is facing a class action lawsuit in the US, for allegedly withholding information about obstacles to its business in the lead-up to its IPO last year. Notes: India’s Tata Group is planning to add tens of thousands of women employees at its factory in southern India that makes iPhone components, as part of its efforts to win more business from Apple, according to a Bloomberg report that was carried in Business Standard yesterday. The plant, in the industrial town of Hosur, in the Indian state of Tamil Nadu, will hire as many as 45,000 women workers within 18 to 24 months as it sets up new production lines, according to the report. The factory, which produces iPhone housings, currently employs about 10,000 workers, most of them women, according to the report. A senior Microsoft executive said yesterday that thousands of businesses will fail to meet pledges to combat climate change unless they start training employees on sustainability. "We have to move very quickly to start to bring our emissions down, and the ultimate bottleneck is the supply of skilled people," Microsoft’s President Brad Smith told Reuters, ahead of a report the company released. The report is based on a study by Microsoft and Boston Consulting Group, which found that many corporate environmental leaders, about 68 percent, in fact, were internal hires whose team members lacked sustainability-related degrees more often than not. The findings primarily stemmed from interviews and surveys with Microsoft and eight other large companies in sectors such as finance and consumer goods, according to Reuters. Freshworks, India’s first SaaS company to list on the Nasdaq, is facing a class action lawsuit in the US that says the company knew its business was facing “obstacles” but withheld that information leading up to its IPO last year. Scott+Scott, which describes itself as an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against Freshworks and some of its directors and officers, and the underwriters of the company’s September 2021 listing, according to a press release on Nov. 1. The firm is asking people who purchased Freshworks’ common stock to get in touch and join the class action. According to the complaint filed in the US District of California, Northern District and captioned Sundaram v. Freshworks, the company’s IPO documents were false and misleading and omitted to state that, at the time of the offering, the Company’s business had encountered obstacles. Byju’s, India’s most valued unicorn that is haemorrhaging money and sacking staff, has initiated discussions to raise $250-300 million from private equity group TPG to capitalise the business further, Economic Times reports, citing people aware of the discussions. The company recently raised $250 million from existing investors, including Qatar Investment Authority and Tiger Global. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds
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