Zomato Cuts 600 Jobs | Aditya Birla Sells Paper Biz to ITC for ₹3,500 Cr CAG Flags Telecom & Digital Infra Failures, Billions Lost

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  Zepto Bets Big on Cold Chain for Fresh Produce Quick commerce is fast, but fresh produce needs better logistics. Zepto is doubling down on cold chain infrastructure to improve margins and quality. CEO Aadit Palicha is actively seeking cold supply chain experts to enhance operations. The company has partnered with Transport Corporation of India to expand storage in the South. Fruits and vegetables account for 8-10% of quick commerce sales but face 15% wastage due to India’s fragmented cold chain. The market is projected to grow from $14.5 billion (2023) to $53 billion (2032). Zepto’s private-label meat brand, Relish, leveraged cold logistics to hit ₹150 crore ARR in six months. Zomato Lays Off 600 Employees Amid Automation Push Zomato has reportedly laid off 600 customer support employees in a bid to cut costs as growth slows. The layoffs follow AI-driven automation in customer service and financial pressures at its quick commerce arm, Blinkit. Employees claim they were dismissed without notice periods or clear explanations, while Zomato cites performance issues. On Reddit, ex-employees shared grievances, with one alleging termination for being late by 28 minutes over three months. Despite the layoffs, Zomato’s stock closed 0.84% higher at ₹203.20. Aditya Birla Exits Paper Business, Sells to ITC for ₹3,500 Crore Aditya Birla Real Estate Ltd (ABREL) is exiting the paper sector, selling Century Pulp and Paper to ITC Ltd for ₹3,500 crore. The deal surpassed estimates, with Nomura valuing it at 18x EV/EBITDA for FY25. ABREL’s paper segment has struggled, with revenue falling 5.5% YoY in FY24 and margins shrinking by 410 basis points. The sale will help reduce net debt (₹4,300 crore) to near-zero, boosting ABREL’s real estate expansion. However, significant cash flow from projects like Niyaara will only materialize from FY27 onwards. ABREL’s stock is down 21% in 2025, and investors await Q4 results and the Niyaara Phase 3 launch in FY26. CAG Report Flags Revenue Losses, Weak Oversight in Telecom & Digital Infra The Comptroller and Auditor General (CAG) has raised alarms over governance failures in telecom, electronics, and postal services: • Telecom: The Department of Telecommunications (DoT) failed to recover ₹2,463.67 crore from telcos due to delayed audits. BSNL lost ₹1,757.76 crore by failing to bill Reliance Jio for technology use. • Electronics Manufacturing: Under M-SIPS, only ₹2,136 crore was disbursed from ₹36,991 crore in committed investments, causing policy instability for investors. • Digital Infrastructure: The ₹6,548-crore National Knowledge Network for research institutions was flagged for poor bandwidth utilization and cybersecurity gaps. • Postal Services: GST mismanagement and irregular promotions resulted in ₹17.22 crore in tax losses. The findings expose execution flaws in India’s push for digital self-reliance. Shapoorji Pallonji Faces Insolvency Plea Over Unpaid ₹2.72 Crore The National Company Law Tribunal (NCLT)-Mumbai has issued a notice to Shapoorji Pallonji & Co. Pvt. Ltd (SPCPL) over an insolvency plea filed by Chennai-based Intertouch Metal Buildings Pvt. Ltd. The roofing firm alleges unpaid dues for work on Port Blair’s Veer Savarkar International Airport. SPCPL must respond within seven days, with the next hearing on April 24. This isn’t SPCPL’s first insolvency dispute. In October 2024, NCLT dismissed a similar plea by KBC Infrastructure, ruling that insolvency laws cannot be used as a debt recovery tool. As legal proceedings unfold, all eyes are on Shapoorji Pallonji’s response and whether the case progresses to full-fledged insolvency.