Indian conglomerate Vedanta on Monday said it has signed a pact with electronics manufacturing services giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India. Vedanta is the first company to make the announcement to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore programme to boost electronic chip and display ecosystem in the country. This is also the second attempt of Vedanta to enter the semiconductor space after its earlier plans to set up a display unit with about Rs 60,000 crore investment could not take off.
The government on Thursday withdrew its offer to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Ltd, saying that majority of bidders have expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.
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.
The government may take a fresh look at BPCL privatisation, including revising the terms of sale, an official said. "We need to go back to the drawing board on BPCL. "There are issues in terms of consortium formation, geopolitical situation and energy transition aspects," an official said. The government is selling its entire 52.98 per cent stake in BPCL for which three expressions of interest (EoIs), including one from billionaire Anil Agarwal-led Vedanta Group, have been received.
An increased brand fee paid by India-listed Vedanta, apart from record dividend, has helped Vedanta Resources (VRL) - the London-based holding company of Vedanta Group - to repay part of its debt. Vedanta paid a brand fee of Rs 2,632 crore ($325 million) for 2022-23 (FY23), according to Nomura report. This was after the Anil Agarwal-owned holding company raised the brand fee to 2 per cent of the turnover for its Indian businesses in 2021.
The Enforcement Directorate (ED) has filed its first chargesheet in connection with a money-laundering probe linked to alleged irregularities in the Delhi Jal Board (DJB), official sources said on Saturday.
Interview with chairman, Vedanta.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
The demonstrators oncarried placards saying 'Anil Agarwal, Blood on Your hands', 'Who killed Arsi Majhi? Vedanta, Vedanta'.
The circular issued on Saturday read, "A complaint has been received regarding Malayalam language being used for communication in working places in GIPMER. Whereas maximum patients and colleagues do not know this language and feel helpless causing a lot of inconvenience."
Taiwanese electronic contract manufacturer Foxconn on Monday said it has decided to pull out of semiconductor joint venture with Indian conglomerate Vedanta, according to a statement. Foxconn said it is "working to remove the Foxconn name from what now is a fully-owned entity of Vedanta". "Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders," Hon Hai Technology group (Foxconn) said.
Anil Agarwal-led Vedanta's Sterlite Copper on Monday came out with an advertisement inviting expression of interest (EoI) for carrying out plant "restart activities" at its Thoothukudi unit in Tamil Nadu, that got closed more than five years ago following an order issued by the Tamil Nadu Pollution Control Board (TNPCB). The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work. "We have initiated the upkeep and maintenance activities at the plant as allowed by the Supreme Court vide its order dated May 4, 2023, in coordination with the district authorities.
Tax Guru Anil Rego answers your personal income tax queries.
Indian companies are investing up to $600 million every year and creating jobs and contributing to the British economy.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
The markets have reacted negatively, for example, to recent news that Cairn India, of which the Anil Agarwal group company Vedanta owns 60 per cent, will give a $1.25-billion loan (about Rs 7,500 crore) on notably easy terms to Sesa Sterlite, another Anil Agarwal group company.
"They (BJP) are in power at the Centre, state and have other agencies with them. Let them probe, then things will be clear," Pawar said.
Agarwal's is a classic story of a small trader becoming metal king. The secret, he says, lies in believing in himself and in the country's potential.
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
Grandhi Rao shot into the limelight with his winning bid to privatize India's second-largest airport and a public offering that made him a billionaire. Now he has to live up to the hype.
The Sterlite group is gearing up to revive its steel project in Orissa in partnership with a foreign company
The list has been compiled by the Shanghai-based The Hurun Research Institute, the second year it has done this ranking, of an 'India philanthropy list'.
The corporate rivalry in India is pass. I believe there is enough water in the sea for every fish.
Anil Agarwal-promoted Vedanta Resources on Tuesday said its acquisition of Konkola Copper Mines in Zambia is complete, making it the fifth largest producer of refined copper in the world.
Mining magnate Anil Agarwal has said Gujarat was picked over Maharashtra for the Vedanta-Foxconn's Rs 1.52 lakh crore semiconductor project based on 'professional and independent' advice, as the political row in Maharashtra over the facility escalated on Thursday.
Seeks talks after court battle lost.
There are no guesses on how many times the group of ministers will meet before any clarity emerges on the $9.6-billion deal.
SC overrules order to shut down Tuticorin plant but asks the company to pay up for ecological damage.
Cairn Energy Plc, which has 50 production blocks across the world, holds 10% in Cairn India.
Brokerages put sell notice on Vedanta shares over the company's move to buy Volcan Investments' stake in Anglo American via subsidiary Cairn India Holdings, reports Aditi Divekar.
After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies.
UK-based Diageo's acquisition of 53.4 per cent stake in Vijay Mallya-led United Spirits for Rs 11,166.5 crore ($2 billion) could be the biggest inbound M&A deal so far this year.
If the waxy crude oil from Cairn's Mangala field in Rajasthan's Barmer area could get the company such high valuations, the prospects of other companies producing higher-grade crude oil or natural gas certainly brighten.
The announcement came just ahead of the meeting of a ministerial panel, headed by Finance Minister Pranab Mukherjee, to look into the Cairn-Vedanta deal which was struck in August.
Maharashtra fell behind Gujarat in attracting foreign investment during the MVA's tenure but in the next two years the present government would take Maharashtra ahead, said Fadnavis.
The National Company Law Appellate Tribunal on Monday stayed industrialist Anil Agarwal's Twin Star Technologies' Rs 2,962.02 crore-takeover bid of debt-ridden Videocon Industries. A two-member NCLAT bench headed by its Officiating Chairperson Justice A I S Cheema stayed the order passed by the Mumbai bench of the National Company Law Tribunal on June 9. The National Company Law Appellate Tribunal's (NCLAT) direction came over two petitions filed by unsatisfied creditors -- Bank of Maharashtra and IFCI Ltd. The appellate tribunal has issued notices to the Committee of Creditors, the Resolution Professional of Videocon and the successful resolution applicant Twin Star.
International investment in the domestic energy sector could get affected if the government unduly delays the deal between Cairn Energy and Vedanta Resources, says Bill Gammell, Cairn India Chairman and CEO of its British parent.
The government has told Cairn Energy that its deal with Anil Agarwal-promoted Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained.
According to the Asian Rich List 2010, brought out by Eastern Eye, a publication of the Asian Media & Marketing Group, 59-year-old Mittal is followed by the Hinduja brothers -- Srichand and Gopichand -- with estimated wealth of 8 billion pounds, Anil Agarwal of mining group Vedanta Resources with 4 billion pounds, Sir Anwar Pervez of Bestways with 715 million pounds and industrialist Swraj Paul of Caparo with 510 million pounds.
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