'It can position itself as a China Plus One solution, fulfilling the demands of developed economies.'
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters I P Khaitan and Kiran Khaitan, besides Essar group director (Strategy and Planning) Vikash Saraf were directed by the court to furnish personal bail bond of Rs 500,000 each and two sureities of like amount.
Besides Ruias, the CBI charged Essar Group director (strategy and Planning) Vikas Saraf, Loop Telecom promoters Kiran Khaitan and her husband I P Khaitan.
The Central Bureau India (CBI) on Monday alleged before a special court that Essar Group of companies had created a "corporate veil".
Essar Group has announced the appointment of Malay Mukherjee as chief executive officer of its steel business, effective from October 15. He will take charge from current CEO J Mehra, who will assume a new role as director, Essar Group, and will continue to support the promoter-directors in business strategy, investments, corporate relations and corporate governance.
Ruias-controlled Essar group on Thursday said it will delist its two steel and oil arms from stock exchanges to gain more flexibility in running the companies.
The ongoing arguments in the case remained inconclusive and would continue on August 5
The complaint was made to the Prime Minister's Office by lawyer Suren Uppal alleging that the Essar Group had ordered its former security chief Albasit Khan to tap into its business rivals' telephone conversations.
The new partners have also agreed to change the Hutch brand in a period of eight months to a year.
Essar Energy chairman Ravi Ruia on Wednesday announced his decision to step down from the post amid the Central Bureau of Investigation claiming that the Essar Group had suppressed facts related to its equity holding in Loop Telecom, an allegation denied by the conglomerate.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
Over a year after the judgement was reserved, a bench of justices G S Singhvi and S J Mukhopadhaya rejected the pleas of the telecom companies which pleaded that they be tried in a magisterial court unlike other accused in 2G cases as they have not been charged under Prevention of Corruption (PC) Act.
Essar Shipping Ports & Logistics on Thursday said Ravi Ruia, who is also the Vice-Chairman of Essar Group, has resigned from the company's board with immediate effect due to other commitments.
This is the latest in a series of large office space buyouts by RMZ Corp which has created a portfolio of rent-yielding commercial assets in India.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
Within a month of the Comptroller and Auditor General of India (CAG) tabling the coal block allocation report in Parliament in August last year, the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Hyderabad-based Navabharat Power Private Ltd for the coal block allotted to it in Odisha in January 2008.
"We are seriously looking at launching our own mobile brand, offering a complete range of handsets to bring better value to our customers. We are currently negotiating with a couple of original equipment manufacturers (OEM)," Rajiv Agarwal, chief executive officer and director, The MobileStore, said, while refusing to give details.
Essar Power would invest Rs 4,000 crore (Rs 40 billion) for setting up a 1,000 MW coal-fired power plant in Chhattisgarh, a senior Essar group official said in Raipur on Tuesday.
The Rs 5,700-crore Essar Group has recommenced the 12 million tonne mega refinery project in Gujarat, stalled since 1999, after tying up with financial institutions.
Vodafone CEO Arun Sarin on Thursday met key members of the Ruia family, as part of efforts to woo the Essar Group to ensure smooth sailing of mobile venture Hutch-Essar, where the UK company is acquiring majority stake.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
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.
Director General of Civil Aviation Kanu Gohain signed the papers in New Delhi granting permission to the Tata Group for the helipad atop the Taj Wellington Mews -- a luxury hotel -- for private use.
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
Musk said on Friday that he believes India-US ties are "trending positive" and that he favours an enhanced trade partnership between the two nations.
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
The UK group bought a 52 per cent stake in the Indian company in May, which is now called Vodafone Essar. Mumbai-based Essar Group owns 33 per cent, with Asim Ghosh, Vodafone Essar managing director, and Indian businessman Analjit Singh owning the remaining 15 per cent.
Vodafone chief executive Arun Sarin has arrived in the country to attend Hutch-Essar's board meeting slated to take place on Friday.
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Justice Dinesh Kumar Sharma said the parties shall file brief written submissions not exceeding five pages.
Aided by the $57.8-billion merger of HDFC Bank and HDFC, India Inc reported its highest ever mergers and acquisitions in calendar 2022 at $171 billion as against deals worth $145 billion announced last year. The acquisition by the Adani group across cement, media and ports dominated the headlines with the conglomerate making its foray into the cement sector by buying Swiss materials firm Holcim's stake in Ambuja Cements for $6.5 billion. The Adani family's additional $4-billion open offer for Ambuja did not get a response because shareholders preferred to stay invested with the new owner.
The Central Bureau of Investigation (CBI) began making submissions on Monday on its appeal before the Delhi high court challenging the acquittal of accused persons, including former telecom minister A Raja, and firms in the 2G spectrum allocation scam case in December 2017.
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