Engineering goods major Jessop & Co Ltd, acquired by Ruia Cotex, is planning another round of financial restructuring to wipe out the entire accumulated loss of Rs 110 crore.
Noted industrialist Pawan K Ruia, who had bought public sector engineering giant Jessop through National Democratic Alliance's divestment scheme
Ben Duckett's hundred overshadowed Ravichandran Ashwin's monumental feat as England stormed to 207/2 at stumps on Day 2.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Industrialist Pawan Ruia's (think Dunlop and Jessop) arrest this month for cheating and criminal breach of trust marked a new low, but the tide had been turning against him for a while now. Ishita Ayan Dutt & Avishek Rakshit report.
Dunlop & Jessop head for closure & new ventures abroad yet to inspire but tycoon says he's still going strong.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Images from Day 5 of the second Test between England and New Zealand at Trent Bridge in Nottingham on Tuesday.
Banerjee, speaking at a rally at Sahaganj in Hooghly district, also said Modi and Home Minister Amit Shah are spreading lies and hatred throughout the country.
West Bengal Chief Minister Mamata Banerjee on Monday asserted that she would win the ongoing state polls despite injury and eventually aim for power in Delhi.
This week's G20 summit is in danger of over-promising and under-delivering - but it is still worth watching for any initiatives to kick-start global trade, says Julian Jessop at Capital Economics.
The Ruia group, which had taken over ailing companies like Jessop and Dunlop India for turnaround, is also eyeing the sugar sector.
The directorate of revenue Intelligence has issued a show cause notice to Pawan Kumar Ruia, who had acquired public sector engineering giant Jessop & Co and ailing tyre company Dunlop India Ltd, for allegedly claiming false export benefits.
The Supreme Court on Monday in-principle agreed to reconsider its earlier judgement on Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd divestment, and stayed proceedings before all high courts concerning divestment.
The iconic bridge was opened to the public in the middle of World War II.
Then chief minister Jyoti Basu once told an industrialist that capitalists were class enemies and he should expect no sympathy.
'There is a Jack Warner or two in every Caribbean parliament today.'
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