Jio and UVARC emerge as top bidders for RCom assets and subsidiaries.
We Have to Let You Go: Hospitality platform OYO will lay off near 45%-50% of the total of 300 employees in its cloud kitchen vertical, as per sources.
The news comes shortly after OYO reported that it plans to shed over 1,200 employees in India over the next three to four months in a bid to control burn rate, get rid of over-hiring and explore a sustainable path this year. Entrackr
OYO had launched several brands including Adraq, O Biryani under its cloud kitchen business in February last year.
A Bid You Can't Resist: Reliance Jio and and Delhi-based UV Asset Reconstruction Company (UVARC) are learnt to have emerged as the highest bidders for the assets of Reliance Communications (RCom) and its subsidiaries. The combined bid amount is ?21,000cr ($2,968m).
UVARC has offered to pay about ?16,000cr ($2,261m) for the spectrum, real estate, and enterprise and data centre businesses of RCom and Reliance Telecom, which houses these assets. BS
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