SVB fallout: US admin's statement positive outcome, says Nazara Tech CEO

Nazara Tech, whose two step-down subsidiaries have Rs 64 crore deposits in Silicon Valley Bank, on Monday said the US administration's statements on protecting depositors for the entire amount is a "positive outcome" and gives confidence about the recovery of money.

The two subsidiaries have working capital to meet their requirements, including payroll, Nitish Mittersain, Founder and CEO of Nazara Technologies said as he categorically ruled out the possibility of layoffs within the company as a result of the Silicon Valley Bank crisis.

In fact, the current environment yields "many opportunities", and Nazara Tech intends to double down on its efforts to look for "good companies to acquire and invest" given the attractive valuations.

"The statement by Yellen (Treasury Secretary Janet L. Yellen) saying all depositors will be protected for the entire amount, is a very positive outcome and makes us more confident that we will recover all of this money," Mittersain told PTI.

On Friday, t