Top Headlines: Stricter framework for FPI owners, India Inc's capex, & more

The Securities and Exchange Board of India (Sebi) is mooting a stricter framework for identifying “beneficial owners (BOs)” of foreign portfolio investment (FPI) in the country. Corporate India’s investment in assets, such as plants, equipment, land, buildings, and acquisitions, grew 9.1 per cent year-on-year (YoY) in FY22, faster than 7.4 per cent YoY growth in capex in the previous year. Read more on these in our top headlines.

Sebi moots stricter framework for identifying FPI beneficial owners

The Securities and Exchange Board of India (Sebi) is mooting a stricter framework for identifying “beneficial owners (BOs)” of foreign portfolio investment (FPI) in the country. The regulator is studying the viability and impact of lowering the threshold for BOs for providing additional information, said people aware of the discussions. Read more
 

India Inc's FY22 capex rises 9.1% YoY but lags pre-Covid growth

Corporate India’s investment in assets, such as plants, equipment, land, buildings, and acquisitions, grew 9.1 per cent year-on-year (YoY) in FY22, faster than 7.4 per cent YoY growth in capex in the previous year. Still, average capex growth in the past couple of years was significantly slower than that during the preceding two years in the pre-pandemic period. Read more
 

Takeover scare for McLeod Russel as Carbon Resources picks up over 5% stake

McLeod Russel, the largest bulk tea producer in India, is facing a takeover threat from Carbon Resources, a company manufacturing input materials for ferro alloys, aluminium and steel industries. In a surprise move on Friday, Carbon Resources bought more than 5 per cent stake in McLeod from the open market. On the same day, it made a non-binding offer to McLeod’s lenders – in the middle of a debt resolution process – for a one-time settlement of dues. Read more
 

India to push big for multilateral reforms of WTO, IMF as G20 Chair

As India readies to take over the presidency of G20, one of the key agenda items it will push for will be reforms in institutions like the World Bank and International Monetary Fund (IMF) to make them more attuned to the needs and aspirations of developing economies, Business Standard has learnt. Long-pending reforms in multilateral institutions is something that India, as chair, would like to see a solution to, sources say. The belief here, and in almost all developing economies, is that there is under-representation of the ‘global south’ nations from Asia, Africa and Latin America, and a bias towards European and North American nations. Read more
 

Ethanol purchase price may be hiked by up to Rs 2 per litre next year

The Centre may raise the purchase price of ethanol across all categories by up to Rs -2 per litre for the 2022-23 season (December-November). On the contrary, the ethanol manufacturing industry is bullish on a steeper increase in the price at which oil marketing companies (OMCs) would purchase ethanol from them next year. Read more
 

Ambuja, ACC capacity to double to 140 mtpa in 5 years: Gautam Adani

The capacity of Ambuja Cements and ACC will increase from the current 70 million tonnes to 140 million tonnes in the next five years, and both companies will become the country’s most profitable cement companies as margins will go up due to rising demand, Adani group Chairman Gautam Adani said a day after closing the Ambuja transaction. Read more