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IndiGo's Aditya Ghosh gets Rs 21-cr incentive after record profit IndiGo’s President and whole-time Director   Aditya Ghosh   took home Rs 27 crore in salary, including Rs 20.9 crore in one-time incentive for the financial year ended March 31, 2016. India’s most profitable airline was also generous in rewarding its 12,000-plus employees who received an average 42 per cent rise in remuneration in FY16. Ghosh received the incentive “in recognition of his efforts towards the growth and success of the company during the financial year ending March 31, 2016,” the airline said in its annual report. Ghosh earned Rs 27 crore in gross salary and 700,000 shares in stock options in FY16. In FY15, he had received a gross remuneration of Rs 3.7 crore, according to the airline’s initial public offering prospectus.   (more)

Ola shuts down TaxiForSure business; lays off 700 employees India’s largest taxi aggregator, Ola, has shut down its   TaxiForSure   (TFS) business and has laid off 700 employees in the process, as it looks to consolidate its presence and reduce   cash burn   to fend off an attack from Uber. Ola   had acquired smaller rival TFS in March 2015 for $200 million to help it maintain market leadership against Uber. While Ola had said it would maintain TaxiForSure as an independent entity, the company soon began moving drivers from TFS to its own platform. The Economic Times newspaper first reported this story on Wednesday. Ola declined to comment on the story. While the TFS   Android   app was still functional, apart from the Ola Micro category, which the company cross-sells, no cabs were available in the Nano, Hatchback and Sedan categories. Since the acquisition, Ola has been pursuing drivers on TFS to join its own platform. Apart from cross-s...

Patanjali Ayurved successfully bids for food park in Nagpur Patanjali Ayurved Ltd, founded by yoga guru   Baba Ramdev , has successfully bid for setting up a modern food park at Mihan here. Maharashtra Airport Development Company (MADC) earlier floated two global tenders (in May and July 2016), but failed to get any bidder. In the third call, MADC has received   Patanjali Ayurved   as the technically qualified bidder, the state-run agency said in a release here on Friday. MADC has decided to develop agro, food, herbal and forest -based industrial park on a sprawling 230 acres of land in Mihan. The project is part of the company's efforts to develop the Vidarbha region. According to conditions set by the company, the bidders should have a minimum turnover of Rs 300 crore per annum from agro, food, herbal and forest-based processing business in the last three years. Also, their net worth should be Rs 75 crore in the last financial year, the release said. P...