The Tatas have the know-how to quickly close deals which can otherwise get caught in legal wrangle. In 2018, on the day the National Company Law Tribunal declared Tata Steel as the winner of the bid for bankrupt Bhushan Steel, Bhushan promoter Neeraj Singhal was planning to file for a stay order. He did get the case listed for the following day, but the judge did not admit it, deferring it until the following week. The Tatas used the narrow window of 48 hours to close the deal and take control of the company.
'The deal pipeline across products is robust for 2024.'
The acquisition will give the Tatas a firm footing on international routes and generate economies of scale.
The value of the Indian Premier League went up 6.5 per cent to USD 16.4 billion (around Rs 134,858 crore) in 2024, according to a report by American investment bank Houlihan Lokey.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
'If rate cuts happen, bond yields will come down and investors will make mark-to-market capital gains on them.'
Maybe Modi could ask a patriarch of the stature of the late G D Birla to flesh out the details of a new company to manage government land privatisation.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
Reliance Industries closed more than half a per cent higher after the company announced a proposed merger of media and entertainment assets of Viacom18 with Star India. Hindustan Unilever, Bharti Airtel, Tata Motors, ITC, Tech Mahindra and Axis Bank were among the laggards.
'The UK is more of a structural problem, and that's why we're doing the restructuring.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Listed Mumbai developers are battling higher inventory levels.
The Tatas are rather overwhelmed with some facets of the airline they have discovered, but even more unnerved by what they may not have yet uncovered, reveals Anjuli Bhargava.
Each bottle of pickle that leaves FarmDidi, headed to a consumer, has a little kahani behind it -- it's linked to the tale of a life, the life of a simple, striving village woman who created it, and that's what gives Manjari Sharma satisfaction and happiness.
Tata Motors group's investment for this fiscal is pegged at Rs 28,900 crore, mostly for its British arm Jaguar Land Rover (JLR), company chairman N Chandrasekaran said on Friday. The company will also look to raise capital separately for its electric vehicles (EV) business at an appropriate time. It is looking to have 25 per cent of its sales coming from EVs in the medium to long term, up from 2 per cent at present, he said while addressing the company's virtual AGM.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
NBFCs with a proven track record, supported by the brand values of reputed corporate, can play a key role in bringing the benefits of banking and economy to the underserved and newer segments of India.
Virtually addressing employees of Air India across the globe, he said for the airline to be the best again there will be an organisational redesign, and it will "require a huge transformation, probably the largest transformation and the change all of you would ever go through". The carrier will expand its "outreach both domestically and internationally" and it has the desire to connect India with every part of the globe, he added.
Tata Sons has started the process of due diligence of state-owned Air India and its subsidiary Air India Express. Sources said the group has appointed Bain and Company and Seabury Group for this purpose. Once complete, a financial bid will be submitted and a deal to take over the airline is likely to fructify by end of this year or even earlier, people involved in the process said. Simultaneously, the group has brought in veterans in the aviation business from Delta and United Airlines to prepare a plan for post-merger integration of Air India with its existing airline ventures. Tata Sons operates Vistara - a 51:49 percent joint venture with Singapore Airlines and Air Asia India, in which Tatas hold 83.67 per cent stakes.
With the Supreme Court not getting into the valuation part and leaving it to the two parties, lawyers said there was nothing much for Mistry Group to negotiate.
The $12.1 billion Corus acquisition-the biggest global acquisition made by an Indian company-ended up as a millstone around Tata Steel's neck, points out Indrajit Gupta.
'This was earlier driven by industries and the commercial sector.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Bankers say it's a question of survival for debt-heavy companies.
At a closed-door meeting with global investors, the largest asset manager in the country boasted of its nearly Rs 37 trillion assets under management (AUM) - 16.6 times that managed by the second-largest insurer SBI Life. The numbers are as of March 31, 2021. The assets of LIC are 1.2 times the net assets of the entire Indian mutual fund industry, which had AUM of Rs 31.43 trillion as of March 31, 2021 (about Rs 37.3 trillion until November this year). The standalone assets that LIC manages are equal to 18.7 per cent of India's GDP and worth more than gross domestic product (GDP) of the UAE, Bangladesh, Malaysia, Singapore, Hong Kong, South Africa, New Zealand, and Pakistan.
The government will transfer about Rs 16,000 crore of unpaid fuel bills and other pending dues that Air India owes to suppliers, to a special purpose vehicle before handing over the loss-making airline to the Tata Group, a senior official said. Air India Assets Holding Ltd (AIAHL), which will hold non-core assets of Air India such as land and building, will also be saddled with 75 per cent of the airline's debt that the Tata Group is not taking over. Besides the debt, the excess liability going to AIAHL comprises unpaid fuel bills to oil companies, airport operators and vendors, said Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management - the department running the privatisation programme of the government.
Tata Steel and Tata Chemicals under investor watch
'As Tata Steel we will obviously use group-level leverage to make progress where we want.'
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
A court in Canada has ordered the seizure of amounts collected by the International Air Transport Association (IATA) on behalf of Air India and the Airports Authority of India (AAI). Separate orders were passed on November 24 and December 21 on pleas by shareholders of Devas Multimedia Private Limited who have filed multiple petitions to enforce arbitration awards against the Indian government. According to a Devas spokesperson, more than $30 million has been seized to date under the IATA action.
Tatas plan to revive, not sell the Port Talbot steel plant. The investment could be as much as $500 million.
Auto makers are in the midst of a rally with the NSE auto index up 17.5 per cent since the start of February.
Every move that strengthens Cyrus Mistry's position in companies like Indian Hotels could prolong the uncertainty.
IT sector replaces auto sector after a 6-month gap.
'Continue with your SIPs to get the benefit of lower average prices in this challenging market environment.'
'Brexit might delay the sale process of Tata Steel's UK operations'.
Investors were stuck in old schemes though they were suspended because of tax implications.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
The Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
Prime Minister Narendra Modi on Wednesday said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth. He also said that in the rapidly changing world order, India is moving forward as 'vishwa mitra' (friend of the world). Speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw participation of state hea
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