The Reserve Bank of India (RBI) on Wednesday met the long-standing demand of banks by allowing them to finance acquisitions by Indian companies, a move that also expands banks' capital market lending in the country.
Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 80.
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.
Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space.
Bookstore owners were cautioned against keeping or distributing the books. Police personnel briefed the bookstore owners about the legal consequences of violating the ban.
'It can position itself as a China Plus One solution, fulfilling the demands of developed economies.'
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
Price of put option to be assessed for future sale.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
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.
The board of Hutch Essar, India's fourth-largest mobile firm that is believed to have generated interest among domestic and global players, met in Mumbai on Friday.
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.
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.
No hybrid name, exercise to begin this week.
Announces 50% cut in prepaid monthly recharge.
Announces 50% cut in prepaid monthly recharge.
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.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
In 2007, Essar had said it would set up a $1.8-bn unit in Minnesota, but scaled down from a full-scale taconite steel mill project to pellet plant after the 2008 financial crisis
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
Vodafone CEO Arun Sarin is expected to visit India next month to reconstitute the board of Hutch Essar, which would be renamed as Vodafone Essar.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
Essar Steel aims to participate in the indigenisation of products used in naval defence
The Committee of Creditors have issued ArcelorMittal and its partner Japan's Nippon Steel & Sumitomo Metal Corp a Letter of Intent declaring them as the "successful applicant".
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
May take Rs 1,000-crore hit to re-route country's longest slurry pipeline
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
Hutchison Telecommunications India Ltd is unlikely to give the Essar Group an option to match Vodafone's offer in the documentation of the sale of its 67 per cent equity stake in Hutchison-Essar.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
The NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
Naguib Sawiris, CEO of Orascom, which is open to acquire Hutch-Essar, said during his India visit that "they (Essar) felt bad because they thought they were not consulted before (the Egyptian firm) came on board.
Sources close to the development said a significant amount of around Rs 7,000 crore had been put into the SBI account with a proposal on escrow of the deposited funds.
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.
The British teleco is bidding hard for cellular operator Hutchison Essar. At stake: the world's fastest growing mobile market-and Vodafone's reputation.
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