Page 43 - Companies

Vedanta wins arbitration against govt in $1.1 bn cost disallowance case

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of Rs 9,545 crore (USD 1.16 billion) in certain costs incurred, the company said. The government has sought additional profit petroleum (or its share from the oil and gas fields) after it reallocated certain costs between the fields in the block and disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the Rajasthan block. As per the contract, companies are allowed to recover all costs incurred before splitting profit in a predetermined ratio with the government. If a certain portion of cost is disallowed, it would result in higher profits and a resultant higher share to the government. Vedanta had challenged such a demand before an arbitration tribunal. "The company has received an arbitration award dated August 23, 2023... upholding the contention of the company that additional

Wipro bets on Capco, Cloud, artificial intelligence to power BFSI revenue

To fortify its BFSI vertical, Wipro is investing in technologies like cloud and AI. Dann mentioned that Wipro's recent $1 billion investment in AI aligns with this vision

$10 trillion economy a realistic target for India: BCG's Hans-Paul Burkner

"India cannot be considered an appendage to anyone; it holds its own position and developmental strength"

Shrem InvIT scraps plans for NCDs; opts for loan to acquire 10 road SPVs

Evaluating 10 more operating roads; to expand capital by Rs 330 cr

Environmental risks outweigh operational risks for CXOs, finds study

The study is based on responses from 75 executives covering directors, managing directors, chief executive officers, chief technology officers and chief financial officers.

Moscow demands bigger discounts from foreign companies exiting Russia

Companies still in the process of negotiating exits include telecoms group Veon, Nasdaq-listed tech group Yandex and Italian lender Intesa.

How SHE enterprises deviate

India presents a unique enigma. It has too many poor enterprises, but many rich entrepreneurs

Muthoot Fincorp Ltd launches all-in-one app for financial services

The application offers a wide range of services including MSME and gold loans along with investment in products like Digital Gold and NCDs

Honeywell launches new AGL manufacturing facility in India's Gurugram

AGL, a product engineered and manufactured completely in India, plays a crucial role in airport operations

SoftBank-owned Arm files for IPO in US, could be biggest in nearly 2 years

At $10 billion, the listing could be the largest in the US since electric-vehicle maker Rivian Automotive Inc's $13.7 billion offering in October 2021

Forging hope amidst closure: New beginnings for GM's Talegaon Plant?

The workforce at the facility holds onto aspirations of resurgence, hopeful for opportunities with Hyundai's asset transfer deal

Exide Energy to double up its production capacity, seeks additional land

The company leadership team led by Managing Director and CEO Mandar V. Deo met large and medium industries minister MB Patil on Monday and submitted a proposal in this regard

Sebi's new disclosure rule escalates rift at Bengaluru-based TD Power

In a letter to Sebi, Vijay Kirloskar accuses co of inadequate disclosure of shareholder pact

Ather Energy to make net profit in 24 months, plans to raise more funds

The company is raising funds to help set up a new factory and strengthen R&D

JSW Steel to boost long steel capacity to tap infrastructure boom

As the company increases production, raw material security is also on its radar

Cognizant splits global growth markets by appointing 2 internal leaders

Manoj Mehta and Jane Livesey will lead two units and report directly to CEO Ravi Kumar S

Planview eyes India's digital transformation may reach $85 bn by 2026

US-based firm would invest more than $125 million into headcount and centre operating expenses over the course of the next four years in India

Sebi extends auction date for properties of 7 companies to Aug 31

Sebi extends auction date to Aug 31 for properties of 7 companies

Inox Wind promoters infuse Rs 500 cr in company for repayment of debt

Wind energy solutions provider Inox Wind on Thursday said its promoter and promoter group entities have infused Rs 500 crore in the company for debt repayment. The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges, a regulatory filing said. The funds will be utilized for the repayment of IWL's existing debt, it added. "Inox Wind announced the infusion of Rs 500 crores (before taxes and other charges) by its promoter and promoter group entities," it said. This strategic move marks a significant milestone in Inox Wind's journey towards financial sustainability, it stressed. Kailash Tarachandani, the CEO of Inox Wind, said "the recent fundraising initiative led by IWL's promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours." Inox Wind is a part of the USD five billion INOXGFL ...

Colliers India appoints Badal Yagnik as new CEO with immediate effect

Yagnik has earlier served at Cushman & Wakefield (C&W) as MD for leasing services in India. Before that, he was working with Jones Lang LaSalle