Gautam Adani, Chairman of the Adani Group, has surpassed Mukesh Ambani to become Asia's richest person, with a net worth of USD 92.6 billion, placing him 19th globally according to the Bloomberg Billionaires Index.
The Adani Group plans to invest a record $15-20 billion across businesses over the next five years to chart out the next phase of growth, chairman Gautam Adani said on Tuesday as he touted the conglomerate's strong balance sheet and robust business to shrug off relentless scrutiny it faces. Record earnings from the businesses ranging from seaports to airports, renewable energy parks to data centres, cement to gas and electricity has built India's largest infrastructure group that not only exists just to serve the markets but to serve the nation's destiny, he said.
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin.
PC maker Lenovo India will start manufacturing 50,000 GPU-based AI servers in India next year, the company said on Tuesday. Besides this, Lenovo announced setting up its fourth largest research and development centre in Bengaluru. Lenovo India managing director Shailendra Katyal said that the company will make servers locally and also export them from its manufacturing unit in Puducherry.
'I believe that as we produce more, our cost will come down further. We will maintain our competitiveness.'
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
Reliance Communications Ltd (RCom) on Friday announced the sale of 51 per cent stake in its telecom tower business to Canada-based Brookfield Infrastructure Group, for an upfront cash payment of Rs 11,000 crore.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
Raghu Ramakrishnan, a vice president at Yahoo!, has been awarded the 2008 Innovation Award by the Association for Computing Machinery Special Interest Group on Knowledge Discovery and Data Mining for his significant technical achievements in the field.
Indian infrastructure group GMR on Wednesday agreed to buy half of US power producer InterGen for about $1.1bn from an investment firm backed by American International Group and Highstar Capital.
In order to tap the booming construction sector, Europe's leading infrastructure group, Strabag SE, has joined hands with Indiabulls Real Estate Ltd for working on large development projects in the country.
Delhi International Airport Ltd move likely to impact revenue flow to government kitty.
Punjab is likely to corner a lion's share of the Rs 9,000 crore (Rs 90 billion) investments planned in India by Emaar-MGF infrastructure group, a joint venture between Dubai-based realty major Emaar and Delhi-based MGF
As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank
This was mostly driven by Qatar Foundation Endowment's $1.26 billion investment in Bharti Airtel.
In his meeting with the secretaries of all government departments, Prime Minister Narendra Modi gave the top bureaucrats space and time to voice their expectations from the new administration besides listing areas needing urgent attention.
In a first, Prime Minister Narendra Modi on Wednesday met the secretaries of all the government departments collectively and asked them to directly get in touch with him to resolve issues and expedite decision-making.
The minister has sought the help of US technology, expertise and innovation to make road safety a priority in India.
Irked by India's status as the world's biggest arms importer, Modi wants to build an advanced defence industry
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