Oil Minister Hardeep Singh Puri on Thursday indicated that the much-delayed privatisation of oil major BPCL may not happen in the near future, saying there is "no proposal whatsoever" on his table for now. As part of its asset monetisation plan, the government had in November 2019 put Bharat Petroleum Corporation (BPCL) on the block and said it would completely sell its 52.98 per cent stake in the country's second largest state-run oil refiner and marketer. Though it had received three tentative bids, it got only one financial bid from Vedanta group, forcing it in May 2022 to shelve the plan pending a "comprehensive review".
India Inc seems to have regained its appetite for mergers and acquisitions. In the second-largest acquisition in India's iron ore industry, Sesa Goa, a subsidiary of London-listed Vedanta Resources, on Thursday acquired Goa-based Dempo group's mining and maritime businesses for Rs 1,750 crore in an all-cash deal.
Interview with chairman, Vedanta.
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.
All in all, Cairn India shareholders are getting a 9.1 per cent premium based on closing prices of July 22
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
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'.
Indian cricket legend Kapil Dev was also honoured with a Lifetime Achievement award at the ceremony.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
The exploration company will buy back shares from January 23 and extinguish them.
There is little doubt that the Dongria Kondhs are facing their biggest challenge. Being small in number, they need special attention and care in order to fight this deadly virus.
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'Mining jobs get created in the most backward districts of India's poorest states,' says Anil Agarwal.
'If the BJP comes back to power, Sterlite will open in one week.' 'If the Congress comes to power, it will open in one month.'
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.
In first half of year, firms raise more than banks on low US treasury rates.
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RIL had objected to the state government's decision to receive bids in sealed envelopes instead of an open auction.
Cairn files notice against India in $1.6 billion tax dispute.
According to the decision, such entities can now first operate through e-commerce and then open brick-and-mortar stores.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
Cairn has slashed its planned capital expenditure (capex) by 60 per cent to $500 million against the earlier $1.2 billion.
'It is my duty to give the govt the right price of crude oil.'
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
As per revised rules every four tribals is likely to be displaced or affected by projects, as their habitations were rich in natural resources
Market participants are now awaiting Thursday's meeting of the European Central Bank
With the dizzying rise in the number of Covid-19 cases in the country, India Inc has transitioned from a wait-and-watch policy to full-on emergency mode, bringing back remote and flexi work, stringent safety protocols, and allowing only essential travel. Companies - especially in metros like Delhi, Mumbai and Kolkata - that had adopted a hybrid work model during the last few months when the caseload remained low, are either switching back entirely to work-from-home (WFH), or calling skeletal staff to office on select days. Take the case of cigarettes-to-hotels major, ITC, which had been on a hybrid work model over the last few months.
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.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
'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.'
SC judges suspected a lack of objective criteria in the selection.
From 5G to Tesla to Covid vaccine, 10 things will shape India's future.
Besides the manufacturing industry, voices in favouring the need for protectionism have also been heard from local start-ups, which at times find it tough to compete with global players that entered India with deep pockets.
Chinese alumina refining and metal smelting technologies have emerged as a match for the best anywhere in the world. In fact, Vedanta and Hindalco have bought technologies from China. Our aluminium makers will be haunted by twin fears of rising imports and low metal prices squeezing margins over a long time.
Govt diverts Rs 253-crore subsidy savings to the poor.
As oil minister, he has overseen India's petroleum and natural gas needs. But now he also runs the environment ministry, where he has issued permits for 100 stalled projects in a month-long spree that has delighted industry but shocked green activists.
India's harsh lockdown has left companies grappling with temporary closure, chaotic supply chains and depressed demand. Consequently, business plans have been modified.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
'I joined the protest on the 100th day to show solidarity with the farmers.' 'I was outside the collector's office when people started running.' 'I was wondering what had happened when I felt a pain in my hand and it began bleeding.'
Market cap of government companies has remained unchanged in the past 8 years.
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