A preliminary investigation into the Vedanta power plant explosion in Chhattisgarh points to excessive fuel accumulation as the primary cause, leading to a deadly pressure build-up.
The death toll in the Vedanta power plant blast in Chhattisgarh's Sakti district has risen to 24, with one more worker succumbing to injuries. An investigation is underway to determine the cause of the explosion, which occurred in a steel tube carrying high-pressure steam.
Bihar's Chief Minister Samrat Choudhary has indicated the state government will consider a proposal to form its own Indian Premier League (IPL) team, following a suggestion from Vedanta Group Chairman Anil Agarwal. Sports Minister Shreyasi Singh also expressed support for the initiative, highlighting the state's readiness to host IPL matches.
The death toll from the April 14 blast at Vedanta's power plant in Chhattisgarh's Sakti district has risen to 21, with several others hospitalised. Investigations are underway to determine the cause of the explosion, with preliminary findings pointing to excessive fuel accumulation in the boiler furnace.
Supreme Court judge Justice K Vinod Chandran on Monday recused from hearing a plea seeking directions to authorities to investigate allegations made by US short seller Viceroy Research that billionaire Anil Agarwal's mining conglomerate was "financially unsustainable" and posing severe risk to creditors.
This makes him corporate India's biggest donor to society.
While Vedanta Aluminium, Balco and Cairn India confirmed the job cuts, sources said Sesa Goa too had slashed jobs.
Vedanta Resources has submitted a proposal to the Orissa government to set up a world-class university in the state at an investment of $1 billion.
PM's Massive Mission to achieve 'Swachh Bharat' by 2019 is a tribute to Mahatma Gandhi on his 150th birth anniversary.
'Maharashtra, Telangana and Karnataka were competing for the Foxconn-Vedanta semiconductor manufacturing plant'
The calculation excludes cross-holding of listed group cos in each other.
The project is critical as the region expects huge investments in the automotive, renewable energy, and space sectors.
Vedanta's Cairn Oil & Gas on Thursday announced the appointment of Nick Walker as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P companies," it said.
The Vedanta chief also appeared confident that the deal to acquire a majority stake in Cairn India, promoted by Edinburgh-based Cairn Energy Plc, would soon receive the approval of the government.
Mining magnate Anil Agarwal has said Gujarat was picked over Maharashtra for the Vedanta-Foxconn's Rs 1.52 lakh crore semiconductor project based on 'professional and independent' advice, as the political row in Maharashtra over the facility escalated on Thursday.
The government has already said it is keen on starting ore mining and exports.
The Prayagraj airport in India is experiencing a surge in air traffic due to the Maha Kumbh, a major religious festival. The airport is handling an average of 40 non-scheduled charters and private jets daily, with figures reaching 70 on weekends. This is in addition to the average 148 scheduled commercial passenger aircraft operating daily. The airport recently received a contingent of about 180 politicians from Rajasthan and has seen corporate bigwigs like the Ambani brothers, Gautam Adani, and Pawan Munjal pass through. The airport has also hosted four international flights since the beginning of the Maha Kumbh, including a flight carrying Laurene Powell Jobs, the wife of Apple co-founder Steve Jobs. The airport is currently undergoing an upgrade and expansion, and officials are looking forward to the government's plans to integrate Prayagraj with the airports at Kashi and Ayodhya to promote tourism in the region.
Albanese, 56, will take the helm on April 1.
The shareholders will also get one redeemable preference share in Vedanta Ltd
US chipmaker Advanced Micro Devices (AM) on Friday announced a $400 million investment in India over the next five years and said it will build its largest design centre in Bengaluru. AMD chief technology officer Mark Papermaster made the announcement at the annual semiconductor conference in the presence of Prime Minister Narendra Modi. Undeterred by Taiwan's Foxconn pulling out of his group's $20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years.
59 of the 101 millionaires have seen an overall increase in net worth.
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Cairn India said the company board has accepted Elango's resignation.
It also asked why the data shared pertained to a period from April 2019 even though the scheme for anonymous political funding was introduced in 2017.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
The list has been compiled by the Shanghai-based The Hurun Research Institute, the second year it has done this ranking, of an 'India philanthropy list'.
As the WEF summit draws to a close on Saturday, a few big names from India including Mukesh Ambani and Anand Mahindra were missing in action while Pakistan Prime Minister Nawaz Sharif and Jordan's King Abdullah II were among global leaders who cancelled their trips at the last moment.
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
Cairn has slashed its planned capital expenditure (capex) by 60 per cent to $500 million against the earlier $1.2 billion.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
The company is looking to invest more than $3 bn over the next three years.
'It is my duty to give the govt the right price of crude oil.'
According to industry experts, companies in sectors such as consumer durables (fans, air-conditioners), power cables and the electrical industry will be hit, given that they are big users of copper.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets.
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