Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore (Rs 1.988 billion), a move that will strengthen the financial services segment of the group.
It hopes to enter the business in 9-15 months. "We have plans to enter diesel generator, petrol, LPG and kerosene segment, but it will be too early to comment on any specific deal," said Kalyan Bhattacharya, president and CEO, Birla Power Solutions. "The size of the acquisition will depend on the horse power of the engines manufactured by the company. BPSL is looking at a company manufacturing diesel engines of capacities ranging between 25 horse power and 200 horse power."
According to two independent sources in the know, the group is exploring the possibility of tapping private equity investors for a significant minority stake in the company or may even exit the business, provided it gets a significant exit premium.
Congress leader Rahul Gandhi on Thursday said 'Bharat Mata' is apparently an unparliamentary word in the country, a day after some of his remarks made in the Lok Sabha during the no-trust motion were expunged by Speaker Om Birla.
With this, the total number of MPs suspended for unruly behaviour from the Lok Sabha and the Rajya Sabha stands at an unprecedented 146 since December 14.
It will also close 30 unviable stores. The company's move comes after its net loss widened to Rs 141.2 crore in the March-ended quarter, owing to mounting losses in apparels. The loss was Rs 82.2 crore in the apparel business, against a loss of Rs 4.44 crore in the corresponding quarter of the previous financial year.
Bharatiya Janata Party MP Nishikant Dubey, who wrote to Lok Sabha Speaker Om Birla accusing Trinamool Congress's Mahua Moitra of taking 'bribes' from a businessman to ask questions in Parliament, has also written to IT Minister Ashwini Vaishnaw, urging him to investigate the IP addresses of her log-in credentials for the House.
While the Tatas are looking for PE deals of about $50 million or less, the A V Birla Group is eyeing deals worth not more than $25 million. Tata Capital is banking on its ability to source deals by exploiting the existing Tata ecosystem of suppliers and customers. The Birla group, which has committed 40 per cent of the $250-million corpus it planned to raise for its PE fund, is looking to leverage its strength to source and evaluate deals.
Rajendra S Lodha, the chartered accountant who has staked claim on the Rs 5000 crore (Rs 50 billion) assets of the M P Birla group
Former Prime Minister Manmohan Singh, Birla and former Coal Secretary P C Parakh were summoned.
The committee headed by Bharatiya Janata Party MP Vinod Kumar Sonkar is meeting later on Thursday to adopt its draft report in what is likely to be hotly contested by opposition members of the panel.
According to sources, Preneet Kaur, a Congress MP, is believed to have voted in support of the report.
Brand name of the proposed bank has to be sent to RBI by July 1.
The Lok Sabha's Privileges Committee, headed by BJP member Sunil Kumar Singh, took up other issues on the agenda as Bidhuri, who was campaigning for the party in poll-bound Rajasthan, kept away.
The case relating to the disputed will of Priyamvada Birla was on Tuesday assigned to the court of Justice Kalyanjyoti Sengupta and its date of hearing would be announced soon.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
The ruling Bharatiya Janata Party on Saturday announced Prime Minister Narendra Modi will fight again from Varanasi in the upcoming Lok Sabha elections as it named 34 Union ministers in the first list of 195 candidates.
The Aditya Birla group is close to buying the Reddy family's 66.32 per cent stake in Apollo Sindhoori Capital Investments (ASCIL), marking a re-entry of the group into the broking business.
Business India has selected Aditya Birla Group chairman Kumar Mangalam Birla as the 'Businessman of the Year'
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
Hitesh Harisinghani/Rediff.com captures some beautiful moments from the many events of 2023, when the stars weren't looking.
Larger hospitals are not worried about a spike in cases, as they are now accustomed to converting ICUs and general wards into negative pressure zones or isolation rooms. For smaller hospitals, the task is tedious.
rediffGURU Ulhas Joshi answers your mutual fund queries.
Dressed in colourful attire, members of the Lok Sabha and the Rajya Sabha on Tuesday got their group photograph clicked in the old Parliament building, hours before legislative proceedings shift to the new Parliament House.
Tata Birla is an ordinary fare. Ravichandran and Jaggesh combo fails to enliven the magic of earlier films. Director Magadi's weak script and Guru Kiran's ordinary music are the weak links. The glamour girls do not contribute anything to lift the film.
With a 35 per cent compound annual growth rate, the market for these brands is expected to reach $10 billion by 2027-28 (FY28), up from $2.4 billion now.
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