Walt Disney Co and Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth. Reliance and its affiliates will hold 63.16 per cent in the combined entity while Disney will hold the remaining 36.84 per cent, the companies said in a statement.
Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction. The lease for four of its existing iron ore mines -- Joda East, Noamundi, Katamati, and Khondbond -- that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations. The year will also coincide with Tata Steel's ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore. The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.
Street gave a thumbs down to Aditya Birla Fashion and Retail (ABFRL)-TCNS Clothing deal as analysts flagged near-term profitability risks for ABFRL with its latest acquisition. At the bourses, shares of the Aditya Birla group company tumbled 6.2 per cent in the intra-day trade, before settling 3.27 per cent lower at R 207.2. Those of TCNS, meanwhile, plunged 20 per cent to end at Rs 416.64.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
Fast moving consumer goods company Dabur is planning to acquire more companies in the healthcare segment in India and could spend up to Rs 500 crore for the buyouts.
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
Infosys, the country's second largest IT services firm, is open to 'bigger scale' mergers and acquisitions but with a caveat, it is not interested in "yesterdays" companies.
Mohit Burman, the youngest among the newly appointed corporate heads among Dabur businesses, is known to have a penchant for acquisitions.
Net foreign direct investment (FDI) in India, inflows minus outflows, declined sharply in April-August this year to $2.99 billion from $18.03 billion in the same period last year on moderation in global activities and a rise in repatriation. The Reserve Bank of India's data (October 2023 bulletin) said FDI in India was $7.28 billion and FDI by India, that is money invested abroad from the country, was $4.28 billion in April-August 2023. As for 2022, FDI in India was $22.79 billion and FDI by India was $4.76 billion in April-August.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
The ICICI Prudential Life Insurance Company's net premium income in the third quarter (October - December) of the current financial year (Q3FY24) swelled by 4.9 per cent year-on-year (Y-o-Y) to touch Rs 9,929 crore. Income from investment rose 111.3 per cent Y-o-Y to touch Rs 16,315 crore. The Annual premium equivalent (APE), and new business premium (NBP) increased by 4.8 per cent Y-o-Y. Both declined 7.5 per cent and 5.6 per cent respectively, quarter-on-quarter (Q-o-Q).
Farmers too will get better deals
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The government's acquisition of land for projects has been facing protests across the country, the violence in Uttar Pradesh being only the latest. As people's power collides with public projects, MR Madhavan explains what land acquisition is all about
State-run Oil India Ltd, which got listed on the bourses on Wednesday, is looking at acquisition of assets or companies in Australia, South-East Asia, Africa, Russia and Latin America.
A 21-year-old farmer was killed and a few others injured following a clash between security personnel and protesting farmers at Khanauri on the Punjab-Haryana border.
After a gap of nine months, the Orissa government on Wednesday resumed land acquisition work for the Rs 52,000-crore (Rs 520-billion) Posco steel plant, amidst tight security even as those opposed to the project started thronging the area.
The battle for Champions League qualification continues with fourth-placed Aston Villa away to Luton Town on Saturday and Tottenham Hotspur, who are five points behind with a game in hand, hosting Crystal Palace.
The Land Acquisition Bill, passed by Parliament during the Monsoon Session to replace a 119-year-old legislation, became a law with President Pranab Mukherjee giving assent to it on.
Fortis Healthcare on Thursday said it has inked a pact with the VPS Group to acquire Manesar-based Medeor Hospital for Rs 225 crore. The healthcare major said it has signed definitive agreements to acquire Medeor Hospital for an overall purchase consideration of Rs 225 crore. The hospital has a potential capacity of 350 beds and can be operationalised in a phased manner in around nine months, it added.
This follows the MoEF's final nod for diversion of 1,253 hectares of forest land for the project last Monday.
Land laws in India need not be archaic, say experts.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
The land acquisition work will start in a peaceful manner," Steel and Mines Minister Raghunath Mohanty told reporters adding the land acquisition work had been halted for nine months due to a 'stop work' order from the Ministry of Environment and Forest.
More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote.
Eyes bank, brokerages, and asset management businesses.
10 costliest buys that stirred the cash-rich league.
"Mr Robert Vadra not only renovated the aforesaid property at 12 Bryanston Square, London through Sumit Chadha but also stayed in the same," it said.
'The deal pipeline across products is robust for 2024.'
Need for consent of affected families and social-impact assessment could go.
Union Railway Minister Mamata Banerjee on Monday said that Trinamool Congress was totally against forcible acquisition of land for industrial purposes and the choice of giving up land should be left to the people. "We are against forcible acquisition of land. Our party fought in Singur and Nandigram against land acquisition. If the people agree to give land, it is their decision," Banerjee said.
Farmers leaders taking part in the 'Delhi Chalo' agitation on Monday rejected the Centre's proposal of procuring pulses, maize and cotton at MSP by government agencies for five years, saying it was not in farmers' interest and announced that they will march towards the national capital on Wednesday.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
A picture has been created that present government is anti-farmer, which is absolutely wrong, says BJP MP Bhupender Yadav.
The Enforcement Directorate (ED) on Wednesday produced WhatsApp chat records between former Jharkhand chief minister Hemant Soren and a close associate where information related to transfer and posting of state government officials involving 'huge amount of money' is alleged to have been discussed.
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