Page 4 - Companies

CPPIB exploring buying out ReNew Energy shareholders, making firm pvt

Canada Pension Plan Investment Board is exploring buying the shares of ReNew Energy Global Plc that it doesn't already own and taking the Nasdaq-listed firm private

Airtel India adds 235 cities to 5G network, service available in 500

The mode of user expansion is also different for both telecom operators

Govt nods to 45 companies/JVs operating in defence sector with foreign OEMs

The government has given approval to "45 companies/joint ventures" operating in the defence sector with foreign OEMs (original equipment manufacturers), the Parliament was informed on Friday. Minister of State for Defence Ajay Bhatt said this in written response to a query in the Lok Sabha. "The government has given approval to 45 companies/JVs operating in defence sector with foreign OEMs," he said responding to a query on the number of foreign companies who have shown interest in manufacturing defence equipment under foreign direct investment in the country. Further, the government has taken several policy initiatives in the past few years and brought reforms to encourage indigenous design, development and manufacture of defence equipment in the country, thereby reducing dependency on imports in coming years, he said. "These initiatives, inter alia, include according priority to procurement of capital items from domestic sources under Defence Acquisition Procedure (DAP)-2020; .

How India is breathing easy on corporate debt amid crisis elsewhere

Indian companies are doing better than peers, but business is slowing down

Toshiba Corp accepts $15 bn buyout offer from Japanese consortium

The Tokyo-based company's board approved on Thursday a bid of about 2 trillion yen ($15.3 billion) from a group led by domestic private equity firm Japan Industrial Partners Inc.

In an open letter to Pichai, Google staff asks for better handling of cuts

In an open letter addressed to Chief Executive Officer Sundar Pichai, employees made a series of demands of the company, including freezing new hires, seeking voluntary redundancies

Sanjay Nayar has quit board of InCred Financial Services, company says

Executive played a role in expanding firm's credit and capital markets products in Asia-Pacific

Vedanta board to meet next week to consider fifth interim dividend for FY23

Anil Agarwal-led Vedanta Ltd on Thursday said its board will next week consider and approve the fifth interim dividend for FY'23. The announcement comes days after Vedanta Resources which is a majority shareholder of Vedanta Ltd stating that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. "The meeting of the board of directors of the company (the board) is proposed to be scheduled on Tuesday, March 28, 2023, to consider and approve the Fifth Interim Dividend on equity shares, if any, for the Financial Year 2022-23," the company said in a regulatory filing. In a statement, Vedanta Resources had said it is in the advanced stage of finalisation to tie-up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. Vedanta Resources had said it had pre-paid all of its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past

FRL insolvency: Creditors invite fresh bids, divide assets into 5 clusters

The creditors of Future Retail Ltd have now invited new expressions of interest where the prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters" of its assets as it failed to attract a resolution plan in over four months. Despite finalising 11 prospective bidders like Reliance and Adani group' JV April Moon Retail, FRL against which the corporate insolvency resolution process (CIRP) was initiated on July 20, 2022, failed to receive any bids till February 20, 2023 despite two extensions in deadline for submissions. Following this, lenders have decided to divide the assets into clusters to make them more attractive to buyers. "... the last date of receipt of resolution plans was December 15, 2022, which was subsequently extended to January 16, 2023 and thereafter to February 20, 2023. However, no resolution plans were received for FRL by the due date of submission of resolution plans for the Corporate ...

Foxconn deal: Karnataka labour laws in focus, Tamil Nadu may follow

Allowing 12-hour shifts for all and nighttime work for women was meant to benefit software firms, but is said to have clinched Foxconn's Rs 8,000 cr investment

Most Indian professionals like to be in office, back hybrid work: LinkedIn

'Desk bombing', 'loud leaving' and Thursday being the new Friday are new workplace trends, say report

India's Data Patterns develops equipment to check BrahMos missile functions

Domestic firms driving down price of supersonic cruise missile system with homegrown solutions

DB Power buys out investor GIP's stake, pays back Rs 500 cr loan

Power generation unit of Dainik Bhaskar Group was to be bought by Adani Power; deal called off

Ashok Leyland MHCV volume 91% in FY23, sees industry demand gaining

Company increases market share in commercial vehicle segment, credits 'development initiatives in key industries'

Udaan plans to expand FMCG reach 6-fold to 10,000 small towns, villages

Riding on the opportunity in the cold beverages segment in rural areas, B2B e-commerce unicorn Udaan is planning to expand FMCG vertical reach six-fold to around 10,000 small towns and villages in a year, a senior company official said. The Lightspeed Ventures Partners-backed firm is expecting to double its business in the cold beverages segment on a year-over-year basis in the upcoming summers, Udaan FMCG Business head Vinay Shrivastava told PTI. "Given the wide choice of partner brands available on the platform and our expansion across Bharat through Project Vistaar, we are targeting growth of around 100 per cent YoY in cold beverages on the back of strong demands from retailers/kirana owners in rural markets," Shrivastava said. Udaan has undertaken an ambitious project by the name of "Project Vistaar' to grow the FMCG business and tap rural opportunities. Started in the Ghazipur and Jaunpur districts of Uttar Pradesh, the company is servicing rural markets, having up to 3,000 ..

Udayshivakumar Infra IPO subscribed 30.63 times on last day of offer

The initial share sale of Udayshivakumar Infra received 30.63 times subscription on the last day of the offer on Thursday, helped by huge interest from institutional investors. The company's initial public offering (IPO) received bids for over 61.26 crore shares against 2 crore shares on offer, according to data available with the NSE. The portion for non-institutional investors was subscribed a whopping 60.42 times, while Qualified Institutional Buyers (QIBs) quota attracted 40.47 times subscription and Retail Individual Investors (RIIs) category got subscribed 14.10 times. The IPO offered fresh equity shares of up to Rs 66 crore and was priced in a range of Rs 33-35 a share. Proceeds of the issue will be used to fund incremental working capital requirements and general corporate purposes. Udayshivakumar Infra is in the business of the construction of roads. It bids for roads, bridges, canals and industrial area construction projects in Karnataka, including government ...

Fintech firm Roofstock lays off 27% of staff in second round of job cuts

US-based financial technology company Roofstock has laid off about 27 per cent of its workforce in its second round of job cuts

Reveal HealthTech raises $4 mn in seed funding from W Health Ventures

Reveal HealthTech provides technology services to healthcare companies through engineering, clinical, and strategic support

Citi names Indian origin Selva as COO to lead risk management overhaul

Veteran company executive previously handled roles in consumer banking, retail, cards

No rerating yet for diagnostic players despite price hikes as margins fall

While discounts have come down, pricing gap still large between incumbents and new players