Page 61 - Companies

Zee withdraws EOI for Reliance Broadcast; no resolution plan submission

News broadcaster Zee Media on Wednesday said it has withdrawn its Expression of Interest (EOI) and would not bid for the debt-ridden Reliance Broadcast Network Ltd (RBNL). Though Zee Media Corporation Ltd (ZMCL), earlier known as Zee News, has not specified any reason in a notice to bourses but said it will not participate in the resolution plan of RBNL. "We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL," the company said. Earlier on May 5, the board of ZMCL had granted the approval to the company to submit EOI with the Corporate Insolvency Resolution Professional (CIRP') of RBNL. Earlier this year in February, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed to initiate CIRP against RBNL, which operates the Big FM radio network. The NCLT order came over a petition filed by IDBI Trusteeship Services Ltd. ZMCL is one

Indo-US ties in a regulatory bind; aligning regulations can be a challenge

Aligning regulations between the two countries in a slew of sectors could be a challenge in deepening the economic relationship

Tata AIA allows consumers to pay premiums through Whatsapp and UPI

Tata AIA has partnered with WhatsApp and PayU to make payments through Unified Payment Interfaces (UPIs) for their consumers more efficient

Adani Enterprises, Green see $900 mn of block trades, sparks speculation

The flagship of Indian billionaire Gautam Adani saw 18 million shares traded in a single block Wednesday, or about 1.6% of its outstanding stock, according to data compiled by Bloomberg

Promoter entities raise $1 bn by selling shares in Adani Green Energy, AEL

The proceeds will be used by the promoters to pre-pay debt, banking sources said

ThoughtSpot acquires business intelligence firm Mode Analytics for $200 mn

Deal to take ThoughtSpot's ARR past $150 million, double its customer base; will also expand its presence in India to Kolkata, where 31 Mode Analytics staffers will join ThoughtSpot team

TCS gets external auditor to assist investigation of jobs-for-bribe scandal

Sources say probe will take 45 days to complete; company tells exchanges scam had no financial impact

Infra.Market acquires majority stake in Strata Geosystems for Rs 910 cr

Infra.Market is a B2B marketplace for construction materials

Airtel Business announces changes to leadership team; CEO Chitkara quits

Ajay Chitkara, CEO Airtel Business, has decided to move on from Airtel

TCS enters strategic partnership with Standard Life International DAC

With this partnership, TCS will set up a customer operations centre in Germany and a future-ready life and pensions digital platform for Germany and Austria

Reasonably priced OMC stocks to gain as marketing margins may revive

Benign crude oil prices to improve margins; political considerations in the backdrop of forthcoming state and general elections are downside risks

81% of edtech platform users face refund, trust issues: LocalCircles survey

Around 81 per cent of people surveyed have faced issues around fee refund, trust, transparency and others from edtech platforms, according to online survey platform LocalCircles. The survey conducted between February 16 and June 15, 2023, found that 32 per cent of users have faced issues with BYJU'S, 10 per cent each with Unacademy and Udemy, 3 per cent each with Vedantu and Simplilearn and 2 per cent with Physics Wallah, LocalCircles said in a report. "81 per cent of online education platform users surveyed indicated that they had faced one or more issues in the last 24 months," LocalCircles said. The survey received around 32,000 responses but the number of responses varied from question to question. The query around the kind of issues that edtech users face received nearly 12,000 responses comprising issues around teaching staff changes/ effectiveness issues, refund issues, and trust issues like false promises and transparency issues. In response to the survey, a Physics Walla

Tata Power installs EV charging stations in West Bengal's Malda

Tata Power on Friday said it has installed public charging stations at a hotel in West Bengal's Malda, taking its total number of such EV mobility infrastructure across the state to over 150. It has installed two EV charging stations with capacities of 30 kw and 7.4 kw at the hotel, which is located 5 km from Malda railway station, on the KolkataSiliguri highway. All travellers or tourists coming to the hotel can make use of the Tata Power EZ Charge mobile app to find the nearest charging stations on the go. More than 1 lakh people in India have already downloaded the app, the company said. Tata Power currently has a network of 4,000 plus charging points, over 40,000 home chargers (for private usage), 250 plus electric bus charging points, and a live EV charging network in over 550 cities across India to build a sustainable EV mobility infrastructure, it added.

Goldman Sachs likely to take big writedown on GreenSky acquisition: Report

Shares of Goldman fell 1.4% in morning trading

British India Corp employees to get dues from Saturday: Textiles Minister

Disbursement of pending dues of employees at British India Corporation will begin from Saturday, the government said on Friday. Rs 80.17 crore will be disbursed for overdue salaries and retirement benefits, and 1,101 employees of British India Corporation will benefit from this disbursement. The disbursement is set to bring relief to the employees and their families enduring financial hardships since the cessation of production in 2009 at both units in Dhariwal and Lalimli Kanpur. "The disbursement of pending dues of employees at British India Corporation Ltd. (BIC), a Public Sector Undertaking under the Ministry of Textiles, is expected to begin from tomorrow i.e. June 24, 2023. "The total amount to be disbursed for overdue salaries and retirement benefits to BIC employees comes up to Rs 80.17 crore. The Union Budget 2023 had approved a disbursement towards the long-awaited resolution of these dues," the Textiles Ministry stated. The amount allocated for salary and retirement due

TPG Capital exits Landmark Cars; sells 11.25% stake for Rs 293 crore

US-based private equity major TPG Capital on Friday sold its entire 11.25 per cent stake in automobile dealership chain Landmark Cars for Rs 293 crore through an open market transaction. With this transaction, TPG has exited the automobile dealership company. According to block deal data available with the National Stock Exchange (NSE), TPG through its affiliate TPG Growth II SF Pte Ltd divested a total of 44.56 lakh shares, amounting to an 11.25 per cent stake in Landmark Cars. The transaction took place at Rs 658 per share, aggregating the transaction size to Rs 293 crore, the data showed. These shares were picked up by a host of investors, such as Societe Generale, Goldman Sachs Funds, Unifi Capital, Abakkus Asset Manager LLP, 3P India Equity Fund 1 and ICICI Prudential Life Insurance Company. Following the deal, shares of Landmark Cars surged nearly 10 per cent to end the trade at Rs 727 on the NSE. According to the shareholding pattern with stock exchanges, TPG owned 44.56

Orxa Energies inaugurates new facility ahead of electric bike launch

The announcement comes ahead of the launch of Mantis, the company's flagship electric performance motorcycle. It is expected to be available for bookings by the end of this year

Gaming-focused VC firm Lumikai launches second fund worth $50 mn

Fund will take bets in pre-seed to series A start-ups with an average ticket size ranging between $200,000 and $1.2 mn

NPCI to Meesho: Indian firms in Time's 100 most influential companies 2023

Global companies that found mention in the list were Nvidia, SpaceX, OpenAI, Crocs, Taco Bell, BYD, LVMH, and Lockheed Martin

Toyota Mobility Foundation launches $9 million global city challenge

The Toyota Mobility Foundation on Wednesday announced a USD 9 million global initiative in sustainable city mobility space in collaboration with Challenge Works and World Resources Institute. The three-year programme, Sustainable Cities Challenge, is aimed at helping cities reduce carbon, improve access and enhance data-driven concepts for more resilient transport systems, the Toyota Mobility Foundation (TMF) said. Set up in 2014 by the Toyota Motor Corporation of Japan, the foundation utilises Toyota's expertise and technologies to support strong mobility systems while eliminating disparities in mobility. The challenge aims to improve the lives of people by increasing access to jobs, education and other essential services. It will bring cities and innovators together to implement mobility solutions that could reduce carbon, improve accessibility, and use data to build resilient transport systems, it stated. With more than half of the world's population currently living in cities,