Led by a $6.5 billion surge in personal net worth on Tuesday, Gautam Adani, chairman of the Adani Group, is back in the top 20 of the world's richest list and is now ranked 19th globally. Adani is also now India's second richest with a net worth of $66.7 billion as of Tuesday, per the Bloomberg Rich List, while Mukesh Ambani, chair of Reliance Industries, is ranked number one in India and number 13 in the world with a net worth of $89.5 billion.
The board of Religare Enterprises Ltd (REL) has rallied behind its embattled chairperson Rashmi Saluja, saying she had turned around the financial services company whose market cap has increased to about a billion dollars from under $100 million in March 2018. The board -- which is fending off an Rs 2,200 crore open offer by the Burman family -- said accusations had not only targeted Saluja but the entire Religare management that has made Religare debt free. "Our story has been one of resurgence under the guidance of the Board of Directors led by Saluja, executive chairman.
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur's) move to acquire Religare Enterprises, a financial services company. "We have not received any formal communication on any such FIR
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
Capital expenditure by Indian companies is likely to see an uptick in the upcoming quarters as capacity utilisation has surpassed the critical threshold of 75 per cent, and numerous companies have deleveraged their balance sheets, according to analysts. The first quarter of the current financial year has shown improved profitability, driven by a decrease in input prices. This, according to analysts at Care Ratings, should stimulate a revival in the private capex cycle.
The Hinduja group is learnt to be looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The regulator, Insurance Regulatory & Development Authority of India (Irdai), had earlier rejected the collateral offered by the group to raise funds. The Hinduja group was in talks with Barclays, JPMorgan, Cerberus Capital Management and Apollo Global Management to raise up to $850 million.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.
Analysts assert that Vedanta Group's plan to demerge India-listed Vedanta Limited into six listed entities will not resolve the debt problem of its promoter entity, Vedanta Resources (VRL). They suggest that additional asset sales or stake sales by promoters will be necessary to repay the debt. Vedanta is already considering the divestment of its iron-steel division and its copper plant.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
Nirma has roped in BCG and KPMG to advise it on the fundraising options for the acquisition. The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition. Bankers said the company will rely on its funds and future GLS dividend to repay its debt for acquisition.
The promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market at Rs 15-20 lakh, a source close to the development said.
Mergers and acquisitions (M&As) in India are expected to stay buoyant, seen over the last three-four years, despite a slowdown in the first seven months of the calendar year. "M&A is a lumpy business activity, and we may suddenly see large deals taking place during the next two quarters of the calendar year. "This would help maintain the streak of strong M&A activity.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
38 auditors resigned in 2022-23, compared with 46 the previous year.
The combined market capitalisation of Adani Group companies fell by Rs 54,876 crore, to Rs 10.92 trillion, as investor sentiment turned bearish on Wednesday. Shares of Adani Transmission fell by 7.7 per cent to close at Rs 886 while those of Adani Power lost 7.1 per cent to end the day at Rs 323. The stock of Adani Enterprises, the flagship company of the group, lost 6.2 per cent to finish at Rs 2,530.
Tata Sons chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22). With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
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