Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Some of the world's wealthiest Indian billionaires, such steel magnate Lakshmi Mittal and mining and metals tycoon Anil Agarwal, are based in London.
Hinduja Group expanding in defence sector in big way: Gopi
Jaitley presents NRI award to G P Hinduja.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
While about 8,000 people are in the long list of invitees, the select list features 506 A-listers, including prominent politicians, leading industrialists, top film stars, sportspersons, diplomats, judges and high priests.
Bad loans of PSBs are at Rs 20 trillion. Most of it is, I sense, due to corruption and behest lending. Nobody pays a price for this charade. Not the promoters, the bankers, RBI officials, finance ministry bureaucrats or politicians, points out Debashis Basu.
IndusInd Bank, a private-sector bank in India promoted by the UK-based Hindujas, will launch a $1 billion fund for deployment in the country's infrastructure sector besides its foray into semi-urban and rural areas.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
Isn't it time to review the 'fit and proper' criteria for banking licence, particularly with reference to individuals applying for it, asks Tamal Bandyopadhyay?
In a bid to position itself in the highly competitive retail banking segment, Hinduja group promoted IndusInd Bank on Wednesday said it was open to acquisitions.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
Currently bankers are trying to stave off bankruptcy even as media reports said Etihad Airways, which already owns 24 per cent in the airline, has teamed up with the Hindujas to buy the airline.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
'Investors are now getting clarity on policies.'
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap up 0.5% and 0.6%.
It said it was not convinced with the grounds of the CBI to condone over 4,500 days' delay in filing the appeal. The CBI had filed the appeal on February 2 this year.
Financial creditors shall submit their claims with proof by electronic means only, resolution professional Ashish Chhawchharia of Grant Thornton said in a public notice.
Gautam Adani, who is diversifying into many businesses, saw a 48 per cent rise in his wealth to Rs 1.40 lakh crore and moved up two places in rankings to being the fourth richest Indian. Hinduja Brothers and HCL's Shiv Nadar were ranked 2nd and 3rd. Wipro's Azim Premji slipped two places to fifth place.
Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.
147 domestic and international recruiters -- including Ola, Amazon, Flipkart and Xiaomi -- hired all 460 graduates.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
The industry said if the policy was announced, it would have taken 28 million vehicles bought before March 2005 off the road.
West Bengal Chief Minister Mamata Banerjee's maiden visit to the financial capital Mumbai drew an enthusiastic response from India Inc with industry captains queuing up to attend the meeting called by her.
While smart boys like the Ruias of Essar, Ajay Piramal, Max India promoter Analjit Singh laughed all the way to the bank, the Tatas, Anil Ambani, Malaysian tycoon T Ananda Krishna of Maxis (which invested in Aircel), Sistema, and Norway's Telenor burnt their fingers, notes Surajeet Das Gupta.
The CBI filed the appeal against the May 31, 2005 decision of the high court by which all accused, including Europe-based industrialists Hinduja brothers, were discharged from the Rs 64-crore pay-off case.
The growth was led by family-owned companies and business groups with presence in pharmaceuticals, information technology services, and consumer products.
IndusInd Bank MD & CEO Romesh Sobti said that, during the fourth quarter, the private sector lender was expecting a 20 per cent growth in its loan book. "There are still a lot of good companies, and you don't write off everyone. There is nothing like zero-risk. It is low-, medium- and high-risk, and you avoid high-risk though they give you high returns," Sobti said after announcing the inauguration of new-look branches aimed at attracting more high networth customers.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
Romesh Sobti, ABN country head for India, will move to IndusInd Bank, a domestic private-sector institution controlled by the Hinduja family.
'Now, the theme is going to be preservation of margins. We will focus on non-capital guzzling revenue streams, and every bank will think on the same lines,' says Romesh Sobti, MD & CEO, IndusInd Bank.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
The Hinduja group controlled, IndusInd Bank, plans to raise around Rs 140 crore (Rs 1.4 billion) through global depository receipts by March-end.
The combined market capitalisation of the top 873 family-owned companies was down 26.3 per cent year-on-year (YoY) to Rs 61.8 trillion at the end of trading on Tuesday. It had grown 6 per cent in FY19 and nearly 20 per cent in FY18.
Asian Paints, Cipla, Bharat Forge, Dabur India, Nicholas Piramal and Satyam Computer Services are among the 20 Indian corporate entities that have found place in Forbes' list of 'Best Small Asian Companies'.
In Friday's market rally post the corporate tax cut, the country's top business promoters recouped more than two-thirds of the losses that they suffered in the post-Budget sell-off in equity markets.
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