ED files case against Myntra over Rs 1,654-crore FDI 'violation'
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The Print
an hour ago
- The Print
Microsoft suspends services to Nayara, co sues firm in Delhi High Court
The European Union earlier this month imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. 'Nayara Energy has initiated legal proceedings against Microsoft following the abrupt and unilateral suspension of critical services. Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products – despite these being acquired under fully paid-up licences,' the company said in a statement. New Delhi, Jul 28 (PTI) Microsoft Corp has stopped providing services to Russian oil giant Rosneft-backed Nayara Energy following European Union sanctions, prompting the Indian refinery to sue the tech giant in the Delhi High Court. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. An investment consortium SPV, Kesani Enterprises Company, holds another 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.). 'This decision, based solely on Microsoft's unilateral interpretation of recent European Union (EU) sanctions, sets a dangerous precedent for corporate overreach and raises serious concerns regarding its implications on India's energy ecosystem,' Nayara said. The firm said it has filed a petition before the High Court of Delhi seeking an interim injunction and resumption of services to safeguard its rights and ensure continued access to essential digital infrastructure. 'These steps are aimed at preventing any potential disruption to Nayara's ability to meet its obligations to Indian consumers and stakeholders,' it said. The firm went on to state that while the sanctions originate exclusively from the EU, Microsoft – a US-headquartered corporation – has chosen to withdraw services from Nayara Energy without any legal requirement to do so under US or Indian law. 'This action has been taken unilaterally, without prior notice, consultation or recourse, and under the guise of compliance. Such moves signal a worrying trend of global corporations extending foreign legal frameworks into jurisdictions where they have no applicability,' it said. Nayara Energy said it is a vital contributor to India's energy security, accounting for approximately 8 per cent of the country's total refining capacity, 7 per cent of its retail petrol pump network. 'Despite these external challenges that Nayara Energy is currently facing, we remain fully committed to ensuring uninterrupted service and supply to India's energy demands,' the statement said. 'All of Nayara Energy's operations are fully compliant with Indian laws and regulations, and the company remains in regular engagement with Indian authorities to ensure transparency and accountability. Nayara said it primarily caters to the domestic market through India's largest private fuel retail network, institutional sales, and partnerships with other Oil Marketing Companies (OMCs). The company is also investing in petrochemicals and clean energy, creating thousands of direct and indirect employment opportunities across India. PTI ANZ ANZ MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
2 hours ago
- Time of India
The AI startup dilemma: To pivot or perish
Academy Empower your mind, elevate your skills In the last few weeks, four Indian AI startups have announced that they are shutting in the face of challenges such as scaling up, raising funds and pivoting as technology shifts rapidly. This includes two Y-Combinator companies Wuri and CodeParrot as well as and This is not unusual in the world of startups. According to the US Bureau of Labor Statistics, more than 50% of the startups fail within five unlike the previous cycles, beyond operational challenges, these closures are coming amid rapid technological development in artificial intelligence.'Startups are shutting down quicker compared to before,' said a Bengaluru-based investor. Unlike previous technology cycles during which founders could continue running businesses for longer until they found the right fit, many now realize it's better to shut down and start afresh than burn money. AI startups for instance are being rendered obsolete, Tencent Investments managing partner Jeffrey Li told a recent in point, the sheer number of AI tools that are going out of the market. AI tool aggregation platform said that of the 4,956 added, 1,301 have been terminated. In 2025, 227 AI tools ceased operations. In order to win in the age of AI, startups should pivot fast as the technology becomes more commoditised, experts said. While technology is important, it's key to focus on the problem that's to be solved.'Right now is a very difficult time to be a founder because the developments are happening at such a rapid pace,' said Akshay Megharaj, founder of Wuri. People always seek inspiration from past experience, which is not possible due to the sheer nature of how the technology is developing, he said.'As much as artificial intelligence has made it easy to build products, the rapidly evolving technology is also making it challenging for startups to have a right to win,' said Naman Maheshwari, co-founder, Tune AI, an orchestration platform that closed recently. This means that companies need to pivot and fast, to stay more than anything, is a primary moat in the world of AI, said Sanjay Nath, co-founder and partner, Blume Ventures. He explained that even if a startup has a great product, if they don't keep pace with technology, they will be left behind by competitors, who may have 20% inferior product but execute 50% said, 'A large percentage of companies that we back at seed end up pivoting, and the ones that are agile and keep evolving are the ones that are likely to succeed in this crazy, fast-flowing environment.'The key is to find the right problem to build enduring companies, startups need to solve fundamental issues in the areas of healthcare, climate and sustainability, Google country manager Preeti Lobana said at the recently concluded Google I/O event in Bengaluru. A Bengaluru-based investor said, 'For most startups, AI is mostly an add-on. They need to ask themselves this question — are you solving a problem even if you take AI out of the equation.'
Mint
2 hours ago
- Mint
Accion Labs sale kicks off; TA Associates, True North eye $1 billion valuation
Mumbai: Private equity investors TA Associates and True North are looking to exit their stakes in Pittsburgh, US-based digital engineering firm Accion Labs Holdings Inc. The two investors have kicked off deliberations for a potential billion-dollar valuation for the company, according to four people familiar with the matter. The sale process is being led by JP Morgan and Avendus, these people said on condition of anonymity. 'The preliminary diligence process is expected to start in the coming weeks and about 20 NDAs (non-disclosure agreements) have been signed," one of the people cited above said. A second person said that the deal is in its initial stages and the information memorandums–the official launch of a deal where details are shared with prospective buyers–were sent out recently. 'The interested parties will begin engaging in early August after which the due diligence process will start," this person added. JP Morgan and Avendus declined to comment. Accion Labs, True North and TA Associates did not immediately respond to Mint's requests for comment. The development marks a significant milestone for the fast-growing tech services company founded by entrepreneur Kinesh Doshi, as it draws interest from global buyers amid sustained demand for next-gen digital engineering capabilities even in a potential recessionary period. According to a report last year from management and strategy consulting firm Zinnov, the global market size for digital engineering products and services stood at $1.03 trillion as of October 2024 and is expected to grow at a compounded annual growth rate of 13% over the next three years. In March 2020, Boston-headquartered TA Associates had leveraged its India pool of capital to pick up a stake in Accion Labs, along with Basil Technology Partners, a Singapore-based specialist technology investor. Two years later, homegrown private equity fund True North, along with some co-investors, picked up a significant minority stake worth $93 million from TA Associates and other shareholders through its Indium VI fund. At the time of the investment, True North highlighted that it aims to invest up to 30% of funds that it manages or advises in tech and digital businesses. To be sure, TA Associates continues to be the majority shareholder in the company. Founded in 2011, Accion Labs focuses on providing digital transformation consulting and services to global enterprises and technology firms. Its client base includes software product firms, e-SaaS firms, e-commerce organizations and e-business organizations. Its offerings range from digital consulting and data to machine learning engineering and automation. The company has more than 4,800 employees globally, spread over 20 locations within the US, Canada, the UK and Asia-Pacific. Accion Labs also has a significant presence in India through strategic partnerships and development centres that contribute to its global revenues. It has strategic partnerships with Pune, India-based e-Zest Solutions, a digital innovations company, and Micro Focus, which has a significant India presence. Within the APAC region, Accion Labs has development centres and offices in Dubai, Mumbai, Pune, Hyderabad, Bangalore, Goa, Singapore, Kuala Lumpur, Manila and Bangkok. Some of its top competitors include UST, Happiest Minds and Endava, as per data from market intelligence provider Tracxn.
