Page 57 - Companies

India may firm up procurement of Rafales for Navy, 3 Scorpene from France

India is finalising the ground work for firming up procurement of 26 Naval variant of Rafale jets and three Scorpene submarines from France in the run up to Prime Minister Narendra Modi's visit to Paris this week, people familiar with the development said on Monday. The two sides are also inching closer to seal a deal under which French defence major Safran and an Indian entity will jointly develop an aircraft engine in India, the people said. It is learnt that the Defence Procurement Board (DPB) of the Ministry of Defence cleared the proposals. The procurement proposals will be taken up soon by the Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh. The people said India and France may announce the big-ticket defence projects during Modi's visit to France. Modi will attend the Bastille Day Parade in Paris on July 14 as the guest of honour. Some of the defence procurement projects may be announced this week, the people said when asked where the mega ...

Oppo expects to sell 83% more Reno 10 series than previous version

Smartphone maker Oppo expects its Reno 10 series sales volume to be 83 per cent higher in India compared to the previous version, a senior official of the company said on Monday. The company expects Reno 10 series to set the pace of business during the upcoming festive season. "We are looking at an 83 per cent increase in the overall volume of sales of the Reno10 series versus the previous generation. That is the aggressive target that we have set for ourselves," Oppo India chief marketing officer Damyant Singh Khanoria said at a company's event. At the event, the company unveiled three 5G smartphones -- Reno10 5G, Reno10 Pro 5G and Reno10 Pro+ 5G in the price range of Rs 39,999 to Rs 54,999. In this version of Reno smartphones, the company has focussed on a dedicated camera for a telephoto portrait and fast charging. The telephoto sensor's capacity in the Reno10 series is in the range of 32 megapixel to 64 megapixel. The latest version of the Reno 10 series has come after a gap o

Dr Reddy's selects Amazon Web Services as preferred cloud provider

Amazon Web Services (AWS) on Monday announced that Dr. Reddy's Laboratories has selected it as preferred cloud provider to help provide access to affordable and innovative medicines. As part of the collaboration, the company has migrated its SAP platform entirely onto AWS. "By centralising the platform on the world's leading cloud, Dr. Reddy's will accelerate the development of new healthcare applications, grow its digital platform to help the organisation serve more than 1.5 billion patients by 2030 around the world, and enable healthcare providers to better track the progress of patients," according to a statement. Since 2019, Dr. Reddy's has been progressively creating and migrating digital applications to AWS to automate the company's IT infrastructure. "Leveraging AWS, Dr. Reddy's has made healthcare more accessible by launching new applications faster, to provide better service to its customers," the statement said. With AWS, Dr. Reddy's aims to reduce application developmen

TPG to buy Forcepoint's govt cyber unit in $2.45 billion deal: Report

The acquisition would hand TPG control of Forcepoint Global Governments and Critical Infrastructure, which focuses on key infrastructure for US government and federal agencies

Foxconn, Vedanta committed to semiconductor mission, says Vaishnaw

Taiwanese electronics manufacturing giant Foxconn and mining behemoth Vedanta are committed to the semiconductor mission and the Make-in-India programme of the country, Union Minister of Electronics and IT Ashwini Vaishnaw said on Monday. The comments came against the backdrop of Foxconn announcing pulling out of its semiconductor joint venture Vedanta Foxconn Semiconductors Private Limited. "Both the companies Foxconn and Vedanta are committed to India's semiconductor mission and Make in India program," Vaishnaw tweeted. Taiwan's Foxconn has withdrawn from a USD 19.5 billion (about Rs 1.5 lakh crore) semiconductor joint venture with mining baron Anil Agarwal's Vedanta Ltd as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars. In a statement, Foxconn, the world's largest contract electronics maker, said it "has determined it will not move forward on the joint venture with Vedanta." Agarwal's metals-to-oil ...

Pakka setting up $250 mn bagasse-based packaging paper plant in Guatemala

Regenerative packaging solutions firm Pakka is setting up a 400 tonne per day bagasse-based packaging paper plant at an investment of USD 250 million (around Rs 2,065 crore) in sugarcane-rich Guatemala, South America. The company, began as Yash Papers in 1981, is also nearly doubling its capacity of the Ayodhya plant with around Rs 550 crore of investment from 130 tonne/day to 230 tonne/day. The Ayodhya-based company is into regenerative packaging solutions for the food packaging and serving segments. The paper-based food packaging industry or those making compostable packaging solutions, is highly fragmented and is led by Ecoware, Fomex, Dine Earth and Pakka, among others. "We have finalised a plan to set up a 400-tonne per say bagasse-based plant in the Latin American country of Guatemala at an investment of USD 250 million. We are in the process of identifying the land. We need around 90 acres for a Greenfield plant of this scale," Jagdeep Hira, the company's managing director,

Tata Comm to acquire remaining 41.9% stake in OSSE France for Rs 99.3 cr

Tata Communications will acquire the remaining 41.9 per cent stake in eSIM company OSSE France for Rs 99.3 crore, the company said on Monday. Following the transaction, which the company expects to close in about a month, Tata Communications' Singapore-based subsidiary Tata Communications International Pte (TCIPL) would acquire 100 per cent equity shareholding in Oasis Smart SIM Europe. "TCIPL will acquire full equity ownership in OSSE France, increasing its shareholding from the current stake of 58.1 per cent to 100 per cent by buying out the remaining stake of 41.9 per cent," Tata Communications said in a regulatory filing. In 2020, TCIPL acquired a majority equity stake of 58.1 pc in Oasis Smart Sim Europe SAS (OSSE France) and Oasis Smart E-Sim Pte Ltd (OSEPL) Oasis, making OSSE France and OSEPL its subsidiaries. OSEPL is a wholly-owned subsidiary of OSSE France. "The acquisition of Oasis will help Tata Communications complete the alignment of Oasis eSIM R&D road map with Tata

Nazara Technologies to raise upto Rs 750 cr through equity shares

Online sports platform Nazara Technologies on Monday said its board has approved raising of up to Rs 750 crore through equity shares. The board, in a meeting held on Monday, also authorised the increase in share capital from Rs 30 crore to Rs 50 crore, according to a regulatory filing. "The board considered and approved raising of funds by way of issuance of such number of equity shares having a face value of Rs 4 each of the company for an aggregate amount not exceeding Rs 750 crore," the filing stated. The company will seek approval of shareholders for the increase in authorised share capital, issuance of securities and ancillary actions through a postal ballot, it added.

EaseMyTrip's general sales agreement with SpiceJet to start from Aug 1

Online travel service provider Easy Trip Planners Ltd on Monday said it has signed a general sales agreement with SpiceJet for selling and promoting the carrier's passenger tickets and other services to passengers in India. The agreement will commence from August 1, 2023, under which the company will be responsible for selling and promoting the products and services offered by SpiceJet in India, Easy Trip Planners, which operates under brand EaseMyTrip, said in a statement. "With this collaboration and the potential for future acquisitions, we are presented with a fantastic opportunity for growth," EaseMyTrip CEO and Co-Founder Nishant Pitti said. The company anticipates gaining additional momentum and propel towards becoming a leader in the air ticketing industry within the next 18 to 24 months, he added. "With their extensive experience, strong industry connections, and deep understanding of the Indian market, we are confident that they (EaseMyTrip) will drive our sales efforts

Suraksha QR gets 27,000 subscribers within 4 months; eyes 500,000-user mark

Healthtech platform Suraksha QR on Monday said it has acquired 27,000 customers within four months and aims to onboard 5 lakh users, expanding operations to more than 10 states by the end of this fiscal. The Hyderabad-based startup helps its subscribers get quick access to ambulances and other health service providers in case of a medical emergency with the help of a unique QR code. The company which currently operates in Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh, and Maharashtra, will be entering Tamil Nadu, Delhi-NCR, Rajasthan and other states in the months to come. "Suraksha QR platform has already crossed a milestone of acquiring over 27,000 subscribers pan-India, in a short time span of around 4 months, since its roll-out in March 2023," the company said in a release. In case of an accident or any medical emergency, the victim (on his own) or a bystander can scan this unique QR code with a smartphone and quickly get access to the nearest ambulance providers. Th

No amicable settlement between SpiceJet and Kalanithi Maran: Sun Group

Sun Group says 'no question' of that, asks airline to make full payment to in arbitral award

SBI seeks to raise Rs 10,000 cr in tier-I bonds, wary about spike in yields

Offering slated for coming week; bank to decide on actual issuance based on yield level in the market, which hardened in the last two weeks

There is a lot more risk aversion happening: Rothschild & Co India head

In a Q&A, the firm's India MD Chandresh Ruparel discusses the current M&A and PE space and outlook, even as he remains most bullish on India among BRICS nations for its ability to attract capital

Resignation does not absolve Auditor of onus of reporting fraud: NFRA

The NFRA in a circular has said that it has noticed that auditors are not fulfilling their statutory responsibilities relating to reporting of fraud as required by the Companies Law

Confident of resolving issues through talks with Maran: SpiceJet official

A day after the Supreme Court refused to give more time to SpiceJet in connection with interest payment related to an arbitral award, an airline official on Saturday said it is confident of resolving through talks the issues with Kalanidhi Maran and his Kal Airways. On Friday, the Supreme Court declined to extend the time for making payment to media baron Kalanithi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute. The case and the final order are still pending before the Delhi High Court, the official said, adding that Rs 380 crore is only the deposit amount. The official also claimed that the airline is engaged in talks with Kalanithi Maran and KAL Airways for a full and final settlement of the interest amount. The airline is confident of resolving this to the satisfaction of both sides, as done successfully with many of its partners, through talks, the official said. Earlier in the case, the Delhi High Court, on June

Suzlon Energy board approves proposal for raising Rs 2,000 cr fund

Suzlon Energy Ltd on Friday said its board has approved a proposal to raise up to Rs 2,000 crore. The company will explore various financial routes to raise the amount, a BSE filing showed. The board approved "issuance of such number of fully paid-up equity shares and/or convertible bonds and / or non-convertible debt instruments and / or any other instruments and / or combination of instruments with or without detachable warrants with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise...in one or more tranches, denominated...for an aggregate consideration not exceeding Rs 2,000 crore," Suzlon Energy said in the exchange filing. The company will seek shareholders' approval through a postal ballot, it said.

CCI seeking info on AI-Vistara merger is normal, part of process: Wilson

Air India chief Campbell Wilson on Friday welcomed the Competition Commission seeking more information on the airline's proposed merger with Vistara and said it is a "normal and important part of the evaluation process". The Competition Commission of India (CCI) has asked for more details with respect to the proposed merger, which was announced in November last year, and approval from the regulator was sought in April this year. Under the competition law, the regulator has the power to carry out a detailed probe before approving a merger or acquisition in case there are concerns about possible anti-competitive practices in the deal. "You may have recently read that the Competition Commission of India has asked for more information regarding our proposal to merge with Vistara. We welcome this request, which is a normal and important part of the evaluation process," Wilson told employees in his weekly message on Friday. While that runs its proper course, the Chief Executive Officer a

Sebi puts in place regulatory framework for mutual fund's sponsors

Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs). Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimum of five years of experience in the capacity of fund manager and an experience of investing in the financial sector. It should have managed, committed and drawn-down capital of at least Rs 5,000 crore. The mutual fund sponsored by the PE would not participate as an anchor investor in the public issue of an investee company, where any of the schemes and funds managed by the sponsor PE has an investment of 10 per cent or more or a board representation. "The experience, track record, and eligibility regarding the fit and proper criteria of any applicant PE to become a sponsor of a mutual fund shall be ascertained through its conduct in the respective home jurisdiction," Sebi said in a ...

Securities and Appellate Tribunal to pronounce Zee verdict on Monday

After hearing arguments from the senior counsels of Zee promoters and Sebi, SAT had reserved its order in the case on June 27

Almost half of workers in India don't feel secure in their jobs: Survey

Job insecurity is a growing concern for workers worldwide, and in India 47 per cent of employees do not feel secure in their positions, says a survey. According to the ADP Research Institute's People at Work 2023: A Global Workforce View report, a concerning 47 per cent of employees in India do not feel secure in their positions. "Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment," said Rahul Goyal, MD, ADP. Across markets, feelings of job insecurity are highest among the young. According to a survey of over 32,000 workers, half of Gen Z (18-24 year-olds) said they do not feel secure in their jobs. This is double the proportion of over 55-year-olds who say the same. Goyal further noted that "many businesses continue to have serious problems finding and keeping talent, so the situation may not be as