Ballooning debt forces more and more Indian promoters to sell out to global majors and PE players.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
The Delhi high court on Tuesday allowed the Central Bureau of Investigation and the Enforcement Directorate's pleas seeking an early hearing into the appeals challenging the acquittal of former telecom minister A Raja and others in the 2G spectrum allocation case.
In 2007, Essar had said it would set up a $1.8-bn unit in Minnesota, but scaled down from a full-scale taconite steel mill project to pellet plant after the 2008 financial crisis
British giant Vodafone and Indian conglomerate Essar group reached an agreement on Thursday for jointly running India's fourth largest mobile firm -- Hutch-Essar, which would be rechristened Vodafone Essar.
Hutchison holds a 52 percent stake in Hutchison Essar and the Ruias-promoted Essar group 33 percent, while the rest is held by Analjit Singh of Max India and Hutchison Essar CEO Asim Ghosh.
The high court's order came on a plea by acquitted individual and Kusegaon Fruits and Vegetables Pvt Ltd director Asif Balwa that the CBI has not placed on record the mandatory authority under the provisions of the CrPC.
The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
Mittal, Ruia and former Telecom Secretary Shyamal Ghosh appeared before Special CBI Judge O P Saini and the court adjourned the matter in pursuance of the order passed by the Supreme Court on April 18.
The Delhi high court on Tuesday refused to grant early hearing on the Central Bureau of Investigation's appeal challenging the acquittal of former Union telecom minister A Raja and others in the 2G spectrum allocation scam case.
Sources close to the development said a significant amount of around Rs 7,000 crore had been put into the SBI account with a proposal on escrow of the deposited funds.
Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters I P Khaitan and Kiran Khaitan, besides Essar group director (Strategy and Planning) Vikash Saraf were directed by the court to furnish personal bail bond of Rs 500,000 each and two sureities of like amount.
The ED, in its chargesheet, had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd promoters to DMK-run Kalaignar TV.
Besides Ruias, the CBI charged Essar Group director (strategy and Planning) Vikas Saraf, Loop Telecom promoters Kiran Khaitan and her husband I P Khaitan.
As a prelude to a new partnership agreement, senior Vodafone and Essar executives have held joint meetings with officials in the government, including the finance ministry.
Seeking exemption from personal appearance for Ruias, Rohatgi said he was appearing despite the fact that his clients, at present in UAE, have not been 'properly' served with the court summonses.
Legal wrangle looms over sale to foreign firm, fund.
Dunlop India of the Pawan Ruia group has submitted a Rs 600 crore (Rs 6 billion) draft rehabilitation scheme to the Board for Industrial and Financial Reconstruction for the revival of the ailing outfit.
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
After the $11.1 billion winning bid by Vodafone for Hutchison, the spotlight now shifts to the Ruia-owned BPL Mobile Communications.
Banerjee, speaking at a rally at Sahaganj in Hooghly district, also said Modi and Home Minister Amit Shah are spreading lies and hatred throughout the country.
On behalf of the Apex Council members of MCA, all the member clubs as also the cricketing fraternity we condole his demise," secretary Sanjay Naik and joint secretary.
The factory located in Ambattur Industrial Estate, which became sick in 2001, under the Manu Chabbria-led management, has been taken over by the Kolkata-based Ruia group which finalised agreements with workers.
A home in Lutyens' Delhi is the surest sign of having arrived . . .
Following the takeover of ailing tyre maker Dunlop India Ltd by Ruia group, three directors of the company have resigned while reconstitution of the board would take some time, chairman of the group P K Ruia said.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
In the wake of the 2G acquittals, here are a few high-profile cases in which question marks were raised by various courts over the CBI's probe.
Announcing the intention to go with the public offer, Essar Energy vice chairman Prashant Ruia said that offering of 20-25 per cent shares in the entity would be to institutional investors in the UK for which it has sought regulatory approvals.
Engineering goods major Jessop & Co Ltd, acquired by Ruia Cotex, is planning another round of financial restructuring to wipe out the entire accumulated loss of Rs 110 crore.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
Power has to be restored by the West Bengal State Electricity Development Ltd that was surrendered when production was suspended at the plant in November last year.
The actress has started promoting her new film, Zindagi 50-50, set to release on May 24.
The matter was mentioned before a bench of Delhi high court's acting chief justice Gita Mittal and kustice C Hari Shankar by Additional Solicitor General Tushar Mehta. The court allowed it to be listed for hearing on Wednesday.
These service centres will be set up across India, North America and the Middle East to cater to specific steel requirements of the auto, white goods and SME sectors. Essar intends to set up about 15-20 such centres with a cumulative capacity of 4.2 million tonnes per annum as against the present 2.5 MTPA. The Rs 1,000 crore proposed for the project would include the costs incurred on expansion of the company's existing service centres, Essar Steel Group CEO J Mehra said.
Ruias-controlled Essar Oil is close to acquiring two oil and gas blocks in Australia. The company has emerged as the preferred bidder for developing the blocks amidst international competition. The ruias will hold 100 per cent equity in the blocks.
Traders' body CAIT on Wednesday wrote to Reliance Industries chief Mukesh Ambani and 50 other captains of India Inc, including Ratan Tata, Azim Premji, Gautam Adani, Ajay Piramal, Anand Mahindra and Sunil Bharti Mittal seeking their support in its campaign to boycott Chinese goods. The Confederation of All India Traders (CAIT) also urged Kumar Mangalam Birla, Vikram Kirloskar, Rahul Bajaj, Shiv Nadar, Pallonji Mistry, Uday Kotak, Nusli Wadia, Shashi Ruia, Madhukar Parekh, Harsh Mariwala, Satish Reddy and Pankaj Patel, among other prominent industrialists, to join its 'Bhartiya Samaan-Humaara Abhimaan' campaign.
Prashant Ruia, Essar Steel Ltd's managing director, said on Tuesday that demand from developing economies will continue to drive the global steel industry in future, with growth in China, Russia and India leading the way.
Owned by Pawan Ruia, the tyre manufacturing company closed down the factory in 2009.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
A day after Vodafone announced its $11.1 billion acquisition of Hutchison's equity holding in Hutch-Essar, India's fourth largest mobile service provider, it received an unsolicited advice from the Egyptian CEO of Orascom, Naguib Sawiris.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances