A PIL had sought probe into the Essar e-mail leak case.
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.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
The Essar group is exploring the option of an $8-billion listing on the London Stock Exchange, potentially making it the first Indian company to enter LSE since Vedanta Resources seven years ago.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
Rapping the government for its failure to timely implement the competitive bidding mechanism for allocation of coal blocks, CAG on Friday said part of the Rs 1.86 lakh crore loss could have been partially tapped had the procedure been put in place earlier.
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RPG Industries, Hindalco, SAIL, Jindal Steel, Monnet Ispat, GVK Power and Jaiprakash Associates among companies summoned for review.
The Essar Group is close to buying Trinity Coal, one of the top 10 coal producers in the US, in a deal worth $550-600 million (Rs 2,500-2,735 crore). Trinity is owned by private equity investment firm Denham Capital Management.
Power Finance Corporation, the nodal agency for ultra mega power projects, has extended the last date for accepting bids for Krishnapatnam project to October 24, sources said. Essar Power, Sterlite Industries, Larsen and Toubro, D S Construction, Japan's Sumitomo Corp and CLP-GMR combine are other companies believed to be in the qualified bidders list.
China on Tuesday announced a major policy change for its crisis-ridden power sector by allowing coal-fired power plants to charge their industrial and commercial customers market-driven prices. The National Development and Reform Commission (NDRC) of China said the electricity generated by coal-fired plants would discover price in market trading "in an orderly manner" from October 15. This is being done to pass on the high costs of coal and is being held up as the boldest reform in the Chinese power sector.
The negotiations for a bail-out of the two plants could see continuity though a weakened BJP majority is a cause of concern among analysts, says Amritha Pillay.
Union Transport Minister Nitin Gadkari was on Friday at the centre of a controversy over reports that he and his family spent two nights on a luxury yacht owned by Essar group.
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
The Ruias of Essar have informed merchant bankers that they have 'veto powers' to prevent any buyer of Hutchison Whampoa's 67 per cent stake in Hutchison-Essar from using its own brand name.
Tata, Adani, Lanco to be hit as Indonesia may ban export of low-grade coal
Finance Minister P Chidambaram on Friday took stock of the power ministry's ambitious plans to set up five ultra mega power projects of 4,000 MW each envisaging an investment of Rs 75,000 crore
The launch of VF 247 solar powered phone is in keeping with Vodafone's aim to increase mobile technology accessibility for millions in India.
R-Power, Essar could be hit as state mulls benefit-sharing levy for ecology loss.
The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
The companies are looking at tapping solar power, wind energy and bio-fuels, including fish and vegetable oil, to run base transceiver systems in areas with poor power supply.
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
Dhirendra Mulkalwar, one of the protestors who raised a protest banner at Essar's Mumbai headquarters, on why he joined Greenpeace's Junglistan group that is working to save India's forests.
The CEOs, sources said, also discussed the steps to raise domestic production of coal.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Oil ministry this week issued written instructions to the billionaire Mukesh Ambani-run firm to make a 'pro-rata' cut in gas supplies to all existing customers if the production from its KG-D6 field cannot support new customers, two sources with direct knowledge of the information have said.
Tatas, Essar, Reliance Energy and L&T are among the dozen companies in race to build India's first fully independent private power transmission lines in Gujarat and Maharashtra at an estimated investment of Rs 1,500 crore (Rs 15 billion).
The government will now auction 23 mines, instead of 24
Almost all major metal and mining firms would be affected by the Supreme Court ruling canceling 214 coal blocks, but Naveen Jindal's JSPL and Aditya Birla Group's Hindalco would be among the worst hit, analysts said.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines have raced ahead, witnessing a growth of 72 per cent compared to 15 per cent for CIL. For the current fiscal year, CIL's production is expected to be around 565 million tonnes.
The government on Friday issued fresh show cause notices to prior allottees of coal blocks like JSPL, JSW and Tata Steel, asking reasons behind delays in mines development and warned of deduction in their bank guarantees if they failed to furnish replies.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Govt to issue ownership rights of 15 coal mines on Mar 23.
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.
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
The e-auction is seeing aggressive bidding.
He supervised and handled several major big ticket insolvency cases that includes Essar Steel, Bhushan Power & Steel, Bhushan Steel, Jaypee Infratech, ElectroSteel Steel, Binani Cement, Reliance Communications.
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