Brands
Greaves Cotton shifts gears with Parag Satpute as group CEO
MUMBAI: Greaves Cotton Ltd has turned a fresh chapter in its storied 165-year history, appointing Parag Satpute as group CEO and managing director. Satpute, a seasoned leader with a career spanning over three decades, steps into the driver’s seat of the engineering powerhouse, renowned for its pivotal role in powering India’s growth story across agriculture, transportation, and infrastructure.
Under Satpute’s stewardship, Greaves Cotton is set for a transformation — evolving beyond its roots to become a fuel-agnostic mobility solutions provider. With a portfolio that spans diesel, petrol, CNG/LPG, electric, and even hydrogen-powered engines, the company is charging towards its vision of “Empowering Lives,” aiming to touch a billion lives by 2030.
Satpute’s credentials speak for themselves. His leadership stints at Bridgestone and Sandvik have honed his expertise in change management and strategy, making him a perfect fit to lead Greaves Cotton through this next phase of growth. From leading Bridgestone Mobility Solutions in Amsterdam to overseeing Sandvik’s India operations, Satpute has a proven track record of steering industry giants through transformative journeys.
As he steps up at Greaves Cotton, Satpute aims to build a digitally integrated ecosystem that connects consumers, business partners, and service providers across the mobility and power generation value chain — setting the stage for a new era of sustainable, inclusive growth.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
