Dev Chatterjee

All stories by Dev Chatterjee

Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Rediff.com4 days ago

The Piramal group and Zurich Insurance have decided to jointly bid for Reliance General Insurance, a subsidiary of Reliance Capital. The groups had earlier submitted separate bids for the general insurance business of bankrupt Reliance Capital. Both Piramal and Zurich will hold 50 per cent each in the proposed special purpose vehicle (SPV).

Torrent group to make Rs 2,900-cr bid for Reliance Nippon Life Insurance

Torrent group to make Rs 2,900-cr bid for Reliance Nippon Life Insurance

Rediff.com7 days ago

Ahmedabad-based Torrent group is planning to make an offer for Reliance Nippon Life Insurance Company (RNLIC), a 51:49 joint venture between Reliance Capital (RCap) and Nippon Life of Japan. Reliance Capital is undergoing a bankruptcy process and the administrator had sought offers for the entire company and for its various business clusters. During the process, no offers were received for the life insurance business even as the lenders received indicative offers for the entire company and for various other companies owned by Reliance Capital.

Tata Sons to invest Rs 975 crore in Pune IT City Metro rail project

Tata Sons to invest Rs 975 crore in Pune IT City Metro rail project

Rediff.com14 Sep 2022

Tata Sons, holding company of the Tata group, is investing Rs 975 crore in Pune IT City Metro Rail, a special purpose vehicle that has won the contract to construct, operate, and maintain the project connecting Shivaji Nagar and Hinjewadi in the city. The Tatas own a 74 per cent stake in the SPV; the rest is owned by Siemens Project Ventures. The Rs 7,420-crore, 23-km project is being financed through debt-to-equity of 1.8 times and the entire debt has been tied up, and the envisaged equity commitment is supported by Tata Sons, said a banking source.

Reliance Infra had filed arbitration claim of Rs 500 crore: Adani

Reliance Infra had filed arbitration claim of Rs 500 crore: Adani

Rediff.com13 Sep 2022

The Adani group said Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group, had initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021 with a claim for just Rs 500 crore. Adani said it has filed counterclaims against the Ambani company. The Adani group firm, Adani Electricity was reacting to a Reliance Infrastructure statement of last week, which said it has filed an arbitration claim of Rs 13,400 crore against Adani Group in the Mumbai Centre for International Arbitration (MCIA). Reliance had cited a breach of a December 2017 share purchase agreement relating to the transfer of its Mumbai power distribution business to Adani Transmission.

RIL may be lone bidder for JBF Petrochem

RIL may be lone bidder for JBF Petrochem

Rediff.com22 Aug 2022

Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know. "There were several companies which had submitted their expressions of interest (EoIs) for the company but after due diligence decided to exit the race," said a source close to the development. "The new deadline for submitting financial offers is August-end," the source said.

Rupee at 80: How top Indian companies hedged themselves for dollar

Rupee at 80: How top Indian companies hedged themselves for dollar

Rediff.com27 Jul 2022

Reliance Industries, the Tata group, Bharti Airtel and Aditya Birla are among Indian conglomerates that have hedged their revenue and costs linked to the US dollar, giving them financial cover as the rupee fell past 80 against the greenback on Tuesday.

Tatas Planning First IPO In 18 Years

Tatas Planning First IPO In 18 Years

Rediff.com18 Jul 2022

The Tata Tech IPO will be the first from the Tata group since TCS listed its shares in 2004.

LIC finds no takers among ARCs for Rs 3,400-crore Reliance Capital bonds

LIC finds no takers among ARCs for Rs 3,400-crore Reliance Capital bonds

Rediff.com12 Jul 2022

LIC's plan to sell its exposure in bonds worth Rs 3,400 crore issued by Reliance Capital (RCap) did not find any takers among asset reconstruction companies (ARCs), as the deadline to submit expressions of interest (EoIs) closed on Monday. Multiple sources said ARCs did not find the option to buy bonds of the bankrupt firm attractive and decided to give it a miss. A source said IDBI Capital, which has been mandated to sell the bonds, will extend the deadline to July 22.

Shareholders expect RIL to unlock value in telecom, retail

Shareholders expect RIL to unlock value in telecom, retail

Rediff.com11 Jul 2022

Institutional shareholders of Reliance Industries Limited (RIL) are expecting big-ticket announcements from the company, including timeline for listing of its telecom and retail subsidiaries. They expect this to unlock value in the company, which has seen a sharp fall in market valuation on Friday. This is due to windfall tax imposed by the Centre on refiners and oil producers.

Boots UK sale abandoned; RIL to look for other opportunities

Boots UK sale abandoned; RIL to look for other opportunities

Rediff.com29 Jun 2022

American retail major Walgreens Boots Alliance on Tuesday said it would retain its pharma retail business - Boots UK - thus abandoning the entire sale process. The company did not make any comment specifically on the offer made by Mukesh Ambani-owned Reliance Industries (RIL), which had made a bid for the company last month. "As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company.

To mark Adani's 60th birthday, family pledges Rs 60K cr to charities

To mark Adani's 60th birthday, family pledges Rs 60K cr to charities

Rediff.com24 Jun 2022

In one of the biggest donations by a business family in India, the family of Adani Group chairman Gautam Adani on Thursday committed to donating Rs 60,000 crore (around $7.7 billion) to various charities related to health care, education, and skill development. The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani. The corpus will be administered by the Adani Foundation. "At a very fundamental level, [programmes] related to all these three areas should be seen holistically and they collectively form the drivers to build an equitable and future-ready India.

Adani group to be India's 2nd-largest cement manufacturer

Adani group to be India's 2nd-largest cement manufacturer

Rediff.com16 May 2022

Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.

Ultratech joins race for Ambuja Cements and ACC, submits non-binding bid

Ultratech joins race for Ambuja Cements and ACC, submits non-binding bid

Rediff.com12 May 2022

India's largest cement firm, Ultratech Cement, has joined the race to acquire the Holcim stake in Ambuja Cements and its subsidiary, ACC. UltraTech - part of the Aditya Birla Group - submitted a non-binding bid on Wednesday. Swiss multinational Holcim, which manufactures building material, is exiting India by selling its 63.19% stake in Ambuja Cements. According to banking sources, UltraTech has submitted a plan to Holcim, outlining divestiture details that would meet the norms set by anti-trust body Competition Commission of India.

JSW Group's Sajjan Jindal bets $4.5 bn of his wealth on Ambuja Cements

JSW Group's Sajjan Jindal bets $4.5 bn of his wealth on Ambuja Cements

Rediff.com11 May 2022

The chairman of the JSW Group of companies, Sajjan Jindal, whose stake in the group is valued at $14.5 billion (Rs 1.1 trillion), is betting $4.5 billion of his personal fortune in the firm's bid for Ambuja Cements. According to bankers, Jindal's contribution will be a combination of share sale and debts raised by pledging the stake of the target entities with private equities. The JSW Group chairman has offered $7 billion for Ambuja Cements, including $2.5 billion of investments from private equities, the Financial Times reported on Tuesday.

Air India takes Rs 60,800 cr cover for its fleet

Air India takes Rs 60,800 cr cover for its fleet

Rediff.com26 Apr 2022

Air India, under its new Tata management, has taken a Rs 60,800 crore ($8 billion) cover by paying Rs 266 crore premium to a clutch of insurance companies, including Tata AIG General Insurance. The airline managed to get a better deal as it valued its fleet lower by almost $2 billion. The new management held extensive negotiations - both in India and London, to get a good deal considering the rising premiums due to the ongoing Russia-Ukraine war.

Future group shareholders stare at possible wipeout of investments

Future group shareholders stare at possible wipeout of investments

Rediff.com25 Apr 2022

Future group promoter Kishore Biyani's stake fell consistently across group companies since December 2019 after American retail major Amazon infused funds in a Future group promoter entity and the group companies started showing signs of financial distress due to closure of stores due to Covid-19 pandemic. As lenders take Future group companies to the bankruptcy courts to recover their dues under the Insolvency and Bankruptcy Code, the shareholders of Future group companies are staring at complete wipeout of their investments as secured lenders get top priority in any potential recovery, say lawyers. "The fate of all Future group shareholders is now sealed with them looking at a complete loss.

Tata AIG, ICICI Lombard join race for RCap's assets

Tata AIG, ICICI Lombard join race for RCap's assets

Rediff.com28 Mar 2022

Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.

ABG's auditor failed to red-flag fund diversion

ABG's auditor failed to red-flag fund diversion

Rediff.com1 Mar 2022

The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.

Adani, Jindal, Ambani are in race to buy Videocon's assets

Adani, Jindal, Ambani are in race to buy Videocon's assets

Rediff.com10 Feb 2022

With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.

World is awash in capital, no better time to be an entrepreneur: Kumar Birla

World is awash in capital, no better time to be an entrepreneur: Kumar Birla

Rediff.com29 Jan 2022

A hallmark of some new businesses today is that they seek to use the brute force of capital, combined with smart technology and operations, to create new needs that you didn't even know existed, the chairman of Aditya Birla group said in a blog post on the trends for the new year.

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