The government will reserve the right to decide on the cost recoverability of royalty from Cairn India's block in Barmer while clearing Cairn Energy's sale of its Indian subsidiary to Vedanta Resources.
Oil Ministry is referring the deal to the Cabinet for approval after a standoff between Cairn and Oil and Natural Gas Corporation over the state-owned firm's liability to pay royalty in excess of its 30 per cent share in Cairn's mainstay Rajasthan oilfields.
Cairn Energy Plc chief executive Bill Gammell described the 30-minute meeting as 'positive and constructive'.
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.
Though the Prime Minister's Office had earlier this month asked the ministry to decide on giving approvals to the $9.6-billion acquisition on merit, the Oil Ministry has slipped in 11 pre-conditions that are unlikely to be accepted by the London-listed firm.
Vedanta Aluminium is sourcing half of its bauxite requirement from Bharat Aluminium Company's mines.
Earlier, two different benches of the apex court had refused to hear the cross-appeals saying that one or the other judges had been linked to the adjudication of the issue before.
The government has written to market regulator SEBI saying Cairn Energy Plc's deal to sell majority stake in its Indian arm to Vedanta Resources does not yet have its approval, a condition contingent for the $8.48 billion deal to consummate.
NRI business tycoon Anil Agarwal-led Vedanta Resources will pay $1.37 billion (about Rs 5,700 crore) for acquiring 71 per cent stake in India's biggest iron ore exporter Sesa Goa.
Capital expenditure by Indian companies is likely to see an uptick in the upcoming quarters as capacity utilisation has surpassed the critical threshold of 75 per cent, and numerous companies have deleveraged their balance sheets, according to analysts. The first quarter of the current financial year has shown improved profitability, driven by a decrease in input prices. This, according to analysts at Care Ratings, should stimulate a revival in the private capex cycle.
'Interim Budget has ignited the entrepreneurial spirit.'
The Anil Agarwal promoted Vedanta Aluminium (VAL) plans to invest a whopping Rs 60,000 crore in aluminium, alumina and power sector in Orissa by 2013.
A Group of Ministers headed by Finance Minister Pranab Mukhejree is likely to meet on Monday to vet London-listed mining group Vedanta Resources' $ 9.6 billion acquisition of Cairn India.
Hindustan Zinc (HZL), a subsidiary of Vedanta, announced an interim dividend of Rs 21 per share last week, resulting in an outflow of Rs 8,863 crore. The announcement has turned the spotlight on India Inc's dividend-paying policy - more so for reasons driving the generosity of firms. An analysis of BSE 500 companies by Business Standard Research Bureau shows that some of the top 20 dividend-paying companies in 2021-22 (FY22) include Vedanta, Tata Consultancy Services, HZL, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IndianOil), Hindustan Unilever (HUL), Reliance Industries (RIL), and Bajaj Auto, among others.
The Nationalist Congress Party, the main opposition outfit, accused the neighbouring state, ruled by the Bharatiya Janata Party, of 'snatching morsel from Maharashtra's mouth.'
An unhappy Patnaik also said that Ramesh, the Environment Minister, had given no indication of Tuesday's decision not to give clearance to the group's proposed $1.7 billion bauxite mining project in the state when he met him in Delhi on Tuesday.
State industries minister Uday Samant alleged the previous Maha Vikas Aghadi dispensation was responsible for the loss as it sat on the project offer for seven months whereas the new government approved incentives worth Rs 38,831 crore in July.
Even though Vedanta Resource's proposal to mine bauxite at the sacred mountain in Orissa's Kalahandi district is rejected, for thousands of tribals like Laksa Majhi, who for countless generations have lived in the shadow of Niyamgiri, the insecurities persist.
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.
Billionaire Anil Agarwal-owned mining firm Vedanta Resources on Thursday said it is in talks to buy a stake in Cairn India, the company that owns the nation's largest onland oilfield.
The UK-based Cairn Energy on Monday said it will sell 51 per cent stake in its Indian unit to mining firm Vedanta Resources Plc for $8.48 billion.
The group also has plans to spend Rs 50,000 crore (Rs 500 billion) on power generation. The London-listed giant will spend Rs 43,000 crore (Rs 430 billion) to enhance its capacity, in addition to its Rs 50,000-crore (Rs 500-billion) plan in power generation.
In a big blow to Vedanta Resources, the government on Tuesday rejected environment clearance to its $1.7-billion bauxite mining project in Orissa after accepting recommendations of its key panel clearing such ventures.
Vowing not to give an 'inch of land belonging to Lord Jagannath of Puri' for the proposed Vedanta University in Orissa, Vishwa Hindu Parishad international secretary General Pravin Bhai Togadia on Wednesday said his outfit would fight tooth and nail to protect the 'land of the Lord'. "We vehemently oppose the move of the Naveen Patnaik-led government to hand over thousands of acres of land belonging to Lord Jagannath and the VHP," he said.
Interview with chairman, Vedanta.
This State-corporate 'cooperation' didn't begin with the arrival of the Modi government.
Many of the big licences, contracts, and even environmental clearances for the Adani group had come in the UPA's time, points out Shekhar Gupta.
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
Micron plans an assembly testing, marking and packaging project of $1 billion, and talks are on to set up a memory chip plant for captive requirements.
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".
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.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
The government has already said it is keen on starting ore mining and exports.
Sourcing bauxite from other states to add Rs 600 crore to cost.
As many as six merchant bankers are vying to handle and manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice. ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations via video conferencing before the government officials on Friday, highlighting their plans in managing the offer for sale. The bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12, as per the notice.
The Maharashtra government will issue a white paper in the next 30 days on some mega projects going out of the state and if any steps were taken by the previous MVA government to retain them, Industries Minister Uday Samant said in Mumbai on Tuesday. The Eknath Shinde-Devendra Fadnavis government is under fire from the Opposition which has accused the ruling dispensation of failing to retain big-ticket Vedanta-Foxconn and Tata-Airbus projects in the state. Both projects chose Gujarat over Maharashtra to set up their units.
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