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.
IT sector replaces auto sector after a 6-month gap.
Every move that strengthens Cyrus Mistry's position in companies like Indian Hotels could prolong the uncertainty.
Investors were stuck in old schemes though they were suspended because of tax implications.
'Brexit might delay the sale process of Tata Steel's UK operations'.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
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.
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.
The UK government has promised to put in place measures worth hundreds of millions of pounds to support any rescue deal for the Indian group's UK business.
Fourteen per cent of the $16 billion invested by Ratan Tata in M&As abroad has been written off by his successor.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
The company's planned capex for 2019-2020, which was Rs 12,000 crore, has now been revised down to around Rs 8,000 crore.
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Since the early 1970s, the Tatas have presence in the city-state.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
'This was earlier driven by industries and the commercial sector.'
Tata Communications has elected the private equity (PE) veteran as a successor to Subodh Bhargava.
The Tata Steel Group has extended substantial financial support to the UK business and suffered asset impairment of more than 2 billion pounds in the last 5 years.
Unlike many other B-schools, IIM Ahmedabad follows a cluster system of final placements process where sectors are invited in cohorts at regular intervals.
'As Tata Steel we will obviously use group-level leverage to make progress where we want.'
Automobile sector accounts for the third-highest equity mutual fund contributions.
'Continue with your SIPs to get the benefit of lower average prices in this challenging market environment.'
Tata Motors on Monday said it would spend over Rs 6,000 crore (Rs 60 billion) in its different plant locations in the next five years for development of its products and assets.
Tata said last week it was "committed to seeking all credible options in an urgent manner"
The global semiconductor shortage is turning into a headache for automotive (auto) and appliance manufacturers. But it is proving to be a boon for equity investors. Semiconductor stocks are among the best performers this year. The PHLX Semiconductor Index has gained more than 35 per cent year-to-date.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
One hundred years from now, of course, I expect Tata to be much bigger and more global than it is now.
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.
Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.
There are seven potential buyers, ranging from the Port Talbot steelworks' management to the UK steel industry investors Liberty House
State-run gas firm GAIL (India) Ltd on Wednesday said it was talking to the Indian lenders of the Dabhol Power Company to takeover the 2,184 MW power plant and the adjoining LNG import facility in Maharashtra.
...followed by financial services, IT, and sales and marketing.
Flour millers want import duty exemption.
The business will also see a change of guard. Shailesh Chandra, president of EV and corporate strategy, will replace Mayank Pareek as president of PV business, including EV, with effect from April 1. Pareek will be superannuating from the company after a six-year stint at the end of February 2021. Chandra and Pareek will work on transition over the next few weeks.
Invests $50 mn in 11 entities in just over a year, commits $25 mn more; prefers putting money in firms trying to solve India-specific problems
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
Which were the five businesses Ratan Tata had great hopes for, but his successor failed to deliver?
The combined assets of the top five - Tata Consultancy Services (TCS), Infosys Technologies, Wipro, HCL Technologies and Tech Mahindra were down one per cent to Rs 27,7400 crore at the end of 2017-18, from Rs 28,0100 crore a year before.
Tata Consultancy Services, the $73 billion IT group, is India's biggest company by market value and four times the size of any other listed Tata entity
