Page 38 - Companies

Edelweiss arm aims to raise up to $500 mn for maiden climate fund

An Edelweiss group arm is planning to raise up to USD 500 million (about Rs 4,143 crore) for its maiden climate fund. Edelweiss Alternatives said the fund will be used in areas of renewable energy, transmission infrastructure, developing electric vehicle infrastructure, green infrastructure, water treatment, transport decarbonisation and industrial decarbonisation. Investors will be offered a long-term viable investment vehicle to participate in the world's largest market for sustainable energy transition and "generate far more worthwhile and steady returns", the company said in a statement on Monday. Edelweiss Alternatives President Subahoo Chordia said about USD 10 trillion of investment is required to achieve India's 2070 net-zero target. "Our climate fund will look to invest in this growing and attractive investment opportunity, while also contributing to achieve the Sustainable Development Goals like climate action, clean energy, clean water, and sustainable cities," Chordia .

Coinbase to halt exchange services in India amid regulatory challenges

Global cryptocurrency exchange Coinbase advises Indian users to withdraw funds by September 25

Torrent promoters may pledge stake in power arm to fund Cipla buy

Torrent's promoters own a 53.6 per cent stake in Torrent Power, valued at Rs 18,643 crore as of Friday, which remains a crucial avenue for raising funds for the Mehtas

NCLAT dismisses operational creditor's insolvency plea against Wipro

The National Company Law Appellate Tribunal has dismissed an operational creditor's petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for being a "mere recovery legislation for creditors". The National Company Law Appellate Tribunal (NCLAT) has upheld the order of the NCLT. Earlier, the Bengaluru Bench of the National Company Law Tribunal (NCLT), on January 16, 2020, dismissed the plea by Tricolite Electrical Industries in the capacity of operational creditor. The order was challenged by the Delhi-based operational creditor, a manufacturer of 'LT/ HT Electric Panels' before the appellate body NCLAT. However, the NCLAT also dismissed it after observing, "We are satisfied that a dispute' truly existed for the Respondent Company (Wipro) to have withheld

Balrampur Chini Mills is expecting 20% higher revenues in FY24: CFO

Sugar prices are on a high with a fall in production primarily due to unseasonal showers in key growing areas of Maharashtra and Karnataka in March

HCLTech wins multiyear cloud services deal from Germany's Siemens AG

Indian firm will also supply IT infrastructure services to Siemens AG

Ford Motor gives raise to 8,000 UAW workers ahead of strike deadline

The raises, negotiated in the 2019 contract with the UAW, lift the pay of the workers by $4.33 an hour, or $9,000 a year, the automaker said in a statement

India very important for manufacturing in future: Foxconn Chairman Liu

India will be an important country in terms of manufacturing in future, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) has said, his latest comment adding to a growing chorus of global voices acknowledging the country's bold moves to position itself as electronics and hi-tech production powerhouse. In an interaction with reporters in Taipei, the top honcho of the Taiwanese electronics manufacturing giant said the development of the entire ecosystem and industrial chain, and opportunities for development in India are "very, very huge opportunities". "If there is no big change, India will be a very important country in terms of manufacturing in the future," Liu said. In the past, it took 30 years to build the entire supply chain ecosystem in China, he noted, adding that while it will take an "appropriate amount of time in India" and the process will be shorter given the experience. The environment too is not quite the same, he said pointing to the advent of new ...

Abbott recalls antacid Digene Gel made in Goa after consumer complaints

India's drugs regulator issues advisory against use; company says there is no 'health concern'

Gaming firm Nazara Technologies to raise Rs 410 cr from SBI Mutual Fund

Company will use investment for growth objectives including strategic acquisitions

Chennai-based Saas company Zoho says it surpassed 100 mn users globally

Chennai-headquartered SaaS company Zoho said it has surpassed 10 crore users globally. Zoho has become the first bootstrapped SaaS company to reach the milestone, the firm said in a statement. The company had crossed USD 1 billion in annual revenue in 2022. Zoho said it has witnessed a 3-year Compound Annual Growth Rate (CAGR) of 65 per cent in the upmarket segment in India. "This is an impressive milestone for any organisation, but it's particularly sweet for us as a bootstrapped company that has never raised external capital," Zoho Co-Founder and Chief Executive Officer Sridhar Vembu said.

Reliance Retail to buy 51% stake in Alia Bhatt's kids wear brand Ed-a-Mamma

RRVL reported a consolidated turnover of Rs 260,364 crore ($ 31.7 billion) and net profit of Rs 9,181 crore ($ 1.1 billion) for the year ended March 31, 2023

Tata Consumer Products, Haldiram's deny negotiations on stake purchase

Tata Consumer Products Ltd (TCPL) and Halidram's on Wednesday said there were no negotiations going on acquiring a 51 per cent stake in the leading snacks maker and restaurant operator. According to reports, the Tata Group's FMCG arm is in talks with Haldiram's to buy a majority stake, but not comfortable with a high enterprise value. Haldiram's is a leading snacks maker and restaurant operator. "The company is not in negotiations as reported" to acquire Haldiram's," TCPL said in a regulatory filing. The filing was in response to a clarification sought by the NSE and the BSE regarding the reports. "Tata Consumer Products does not comment on market speculation," a company spokesperson said earlier in the day. When contacted, Haldiram's management declined to comment on the matter. Later issuing a statement, Halidram's said: "We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products."

REC says it raised $1.15 billion in August from consortium of six banks

State-owned REC on Wednesday said it raised USD 1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. The funds have been raised under REC's Market Borrowing Programme of Rs 1.20 lakh crore for 2023-24. "Tranche 1 of USD 505 million was raised from Bank of Baroda, Gujarat International Fin Tec-City (GIFT City) IFSC Banking Unit (IBU); Axis Bank, GIFT City IBU and State Bank of India, London Branch on August 3, 2023, while Tranche 2 of USD 645 million was raised from State Bank of India, London Branch; Bank of India, GIFT City IBU; Bank of India, London Branch and HSBC, GIFT City IBU on August 31, 2023," an REC statement said. Both tranches taken together saw an aggregate commitment of USD 550 million from GIFT City IBUs. This is the highest ever commitment to REC from GIFT City IBUs in a single month

Arete Group sells 38 acre industrial land in Gujarat to Gharda Chemicals

Arete Group on Wednesday said it has sold 38 acre land at its industrial park in Dahej, Gujarat to Gharda Chemicals Ltd for setting up a manufacturing facility. ARETE Group, established in 1990, has a presence in businesses like industrial parks, real estate, retail, and investments. In a statement, Arete Group said it has "on boarded Gharda Chemicals Ltd by selling 38 acres of prime industrial land at its industrial park project PIP (Payal Industrial Park) in Dahej, Gujarat." The company did not disclose the deal value. With a total investment commitment of Rs 600 crore, Gharda Chemicals is set to establish a cutting-edge manufacturing facility at this site. The company is targeting industries like agrochemicals, pesticides, specialty chemicals, inorganic chemicals, dyes & pigments chlor-alkali and other such chemical industries for setting up a base in its industrial park. PIP, which is spread over 3,500 acres of land, has been developed within the Gujarat PCPIR (Petroleum, ...

Chavda Infra IPO to open on Sept 12, fixes price band at Rs 60-65

Gujarat-based civil construction company Chavda Infra Ltd has set a price band of Rs 60-65 per share for its initial public offering (IPO). The IPO will open for public subscription on September 12 and will conclude on September 14, while the bidding for the anchor investors will open on September 11, the company said in a statement on Tuesday. The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, it added. The IPO comprises of a fresh issue of 66.56 lakh equity shares with a face value of Rs 10 through the book-building route. The company intends to utilise the proceeds from the issue of up to Rs 27 crore for working capital requirements and the balance being used for general corporate purposes and issue expenses. Beeline Capital Advisors is the book-running lead manager to the issue. Chavda Infra has executed over 100 projects worth Rs 671 crore. As of May 31, 2023, the company has 26 ongoing projects worth Rs 601.39 crore, compris

Reliance Jio turns seven: Here is a look at the latest tariff vouchers

The telecom operator launched a number of extra data and special vouchers for their customers

Zerodha's Kamath brothers to invest Rs 100 crore in Nazara Technologies

This will take Nikhil Kamath's stake in the firm to 3.5 per cent, up from an earlier 1 per cent

Omaxe says promoters Rohtas Goel, Sunil Goel settled dispute amicably

Realty firm Omaxe on Monday said promoters Rohtas Goel and Sunil Goel have settled their dispute amicably, with the latter withdrawing legal cases pending in the NCLT and agreeing to transfer his share to his elder brother's family. Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake the construction and contracting business. The two brothers have been engaged in a legal battle since 2017 after Sunil Goel was removed from the board of directors on September 27. In a statement, Omaxe said Sunil Goel, his wife & HUF, have transferred their 9.45 per cent stake in Guild Builders Pvt Ltd (holding company of Omaxe) to elder brother Rohtas Goel and the entities controlled by him or his family members. These shares are equivalent to a 6.47 per cent indirect stake in Omaxe. Sunil Goel group would be further transferring the remaining holding in tranches. "Omaxe Group has amicably resolved the brother's legal dispute in the NCLT (National Company Law ...

Nasscom appoints Cognizant chairman, MD Rajesh Nambiar as new chairperson

Nambiar has previously served as the Vice Chairperson of Nasscom and will succeed Anant Maheshwari, Former President, of Microsoft India as its new chairperson