Page 3 - Company News

Vedanta's Zambia copper unit faces going-concern warning in SEC filing

CopperTech Metals, preparing for a US listing, said Konkola Copper Mines will require continued financial support from Vedanta to sustain operations and fund expansion plans

Court orders probe into alleged illegal fly ash dumping by Vedanta unit

Jharsuguda court directs police to register an FIR and investigate allegations of unauthorised fly ash dumping near the Bheden river by Vedanta Aluminium.

Grasim to invest ₹3,094 cr to expand Lyocell capacity in Karnataka

Grasim Industries Ltd, the flagship company of the Aditya Birla Group, on Monday said it will invest Rs 3,094 crore on expansion of its Lyocell capacity at Harihar, Karnataka, under phase II. The Board of Directors of Grasim Industries, a global leader in cellulosic fibres in a meeting on Monday, approved a capex of Rs 3,094 crore to expand Lyocell capacity at Harihar, Karnataka. This will be financed through a "mix of internal accrual and borrowed funds." It will support Grasim to participate in the growing global demand for sustainable and high-performance textile materials. Lyocell is a semi-synthetic fibre widely used across apparel, home textiles, and technical textile applications. Under this, Grasim will set up a 110K TPA (2 lines of 55K TPA) each, in which the first line is expected to be commissioned by 2028, and the second line by 2030. This additional capacity will complement the phase I Lyocell plant of 55K TPA currently under construction at Harihar, which is expecte

Bank of India launches Mumbai hub for partnership-led financing businesses

The Strategic Business Branch will house co-lending, pool buyouts, TReDS and supply chain finance operations under one roof to improve efficiency and risk oversight

Kumar Shanker takes charge as managing director of Indraprastha Gas

Former Maharashtra Natural Gas chief succeeds Kamal Kishore Chatiwal and brings more than three decades of experience across the oil and gas value chain

Vedanta rebrands copper, nickel businesses as Vedanta Copper, Nickel

Vedanta Ltd on Monday said it has rebranded its copper and nickel businesses as Vedanta Copper and Vedanta Nickel, respectively, as part of the diversified multinational group's strategy to create sector-focused identities. The company said that all copper operations will be unified under Vedanta Copper, including Sterlite Copper, Fujairah Gold and Vedanta Copper International (VCI). VCI will be the international wing of Vedanta Copper, representing operations at Faujairah and Saudi Arabia. Vedanta Nico, renamed as Vedanta Nickel, will sharpen its focus on building a domestic nickel ecosystem and supporting the country's demand for critical minerals. The new brand identities will be rolled out across business operations and stakeholder touchpoints in a phased manner. Both businesses will continue to operate under Vedanta Ltd. "Vedanta's copper and nickel businesses announced their transition to unified sector-focused brand identities Vedanta Copper and Vedanta Nickel as part of t

Nestle India's royalty payment to parent rises 14% to ₹1,024 crore in FY26

General licence fees (royalty) paid by FMCG major Nestle India to its Switzerland-based group entity Societe des Produits Nestle S.A. were up 13.91 per cent to Rs 1,024.5 crore in FY26, according to the company's latest annual report. Besides, Nestle India also paid a 'withholding tax on general licence fees' of 102.47 crore for the financial year ended March 2026. In the preceding year of FY25, Nestle India paid a general licence fee of Rs 899.41 crore and Rs 89.71 crore as 'withholding tax on general licence fees'. Nestle India obtains access to the Nestle Group's technology and intellectual property through General Licence Agreements for manufacturing and marketing its products, while continuously benefiting from technological advancements and innovations across the product categories it produces and sells. It pays a royalty of 4.5 per cent of net sales to its parent firm. Promoter entities Nestle S.A. and Maggi Enterprises Ltd together hold a 62.76 per cent stake in Nestle Ind

Advent Convention and Hotels International buys Mumbai land for ₹275 crore

In November 2025, Advent Hotels International was listed on the BSE and NSE following its demerger from Valor Estate

Fire causes substantial damage at Tata Steel UK's plant in Wales

Emergency fire crews on Thursday continued to battle a blaze at Tata Steel UK's steelworks at Port Talbot in south Wales, which a workers' union said had caused "substantial damage". The Mid and West Wales Fire Service rushed several firefighters to the site on Wednesday evening and soon confirmed that on-site workers had all been accounted for and safely evacuated. The company said emergency services remain on site and are working with local teams to completely "extinguish the fire". "The incident is not related to the safe and successful demolition of the empty, redundant Gas Holder earlier yesterday (Wednesday) evening," reads a Tata Steel UK statement. "We would like to thank local site teams and the emergency services for their prompt and professional action," it adds. Unite workers' union general secretary Sharon Graham confirmed that no one was injured in the fire after workers were evacuated safely. "The fire did cause substantial damage to a vital production line. Measur

Ola Electric raises ₹780 crore through qualified institutional placement

EV maker exceeded its initial Rs 500 crore target; proceeds will fund debt repayment, growth initiatives and general corporate purposes

Goldman Sachs buys ₹210-crore stake in Groww parent via block deal

Global financial services firm Goldman Sachs on Thursday bought more than 1.13 crore shares of Billionbrains Garage Ventures, the parent company of Groww, from venture capital firm Friale for Rs 210 crore through an open market transaction. Goldman Sachs, through its affiliate Goldman Sachs Bank Europe SE, purchased 1,13,43,750 equity shares, representing a 0.18 per cent stake in the Bengaluru-based trading platform, according to block deal data available on the BSE. The shares were picked up at an average price of Rs 185.50 apiece, taking the deal value to Rs 210.43 crore. Meanwhile, Friale offloaded the same number of shares, as per the data. Shares of Groww rose 0.64 per cent to close at Rs 190.05 apiece on the BSE. On Monday, markets regulator Sebi approved US-based State Street Global Advisors' (SSGA) proposed stake acquisition in Groww Asset Management (Groww AMC), a wholly-owned subsidiary of Billionbrains Garage Ventures. Following the proposed transaction, SSGA will acqu

Ramky Infra eyes ₹6,000 crore orders in FY27, explores carbon capture

The infrastructure company expects growth from wastewater treatment, industrial parks and circular economy projects while evaluating opportunities in carbon capture

BigBasket appoints Seshu Kumar Tirumala as chief operating officer

BigBasket appoints long-time executive Seshu Kumar Tirumala as COO to strengthen operations and drive growth across its quick commerce business

Reliance explores cash deployment options ahead of possible RBI rate hike

One proposal involves moving Reliance's cash holdings from liquid mutual funds into short-dated money market instruments, people aware of the conglomerate's thinking said

Sebi bars Rajesh Exports, flags ₹15.15 trn revenue inflation scam

The Securities and ‌Exchange Board of India (SEBI) has barred the company and its owner from the securities markets till it completes its investigation

IEX trade volume rises 18.6%, Day-Ahead Market price up 18.3% in May

Rising electricity demand and record peak power consumption boosted trading volumes on the Indian Energy Exchange and pushed spot market prices higher

Vanguard marks down Ola Consumer valuation to about $70 million

The asset manager's latest valuation implies a nearly 99 per cent decline from the level at which it first invested in the ride-hailing company in 2015

IT major Wipro CEO Pallia's salary down 15.7% to $5.29 million

The decline in Srini Pallia's compensation was primarily due to lower variable pay, as IT firms continue to navigate a challenging demand environment

Oyo's parent Prism gets Sebi nod for ₹6,650-crore public listing: Report

Prism had submitted its draft IPO papers to Sebi through the confidential filing route in late December 2025

Welspun One eyes leasing 10 mn sq ft in 3 years, expand footprint

Betting big on domestic supply chain boom, warehousing and industrial real estate platform Welspun One on Tuesday announced plans to lease over 10 million sq ft over the next three years, nearly double its current operational footprint. The deals include a 5.9 lakh sq ft single-box facility for Amazon India, a 20-metre-high warehouse for AAJ Supply Chain, the company said. A controlled-environment facility of over 2 lakh sq ft built-to-the-precise specifications of a leading medical equipment manufacturer, a signal of how the sector is moving well beyond commodity storage, forms the part of the 10-million sq ft land deal, it said. As part of its next growth phase, Welspun One said it is also expanding beyond large-format warehousing into adjacent segments, including in-city distribution, retail and commercial infrastructure. Key projects under construction are the country's largest free trade warehousing zone (FTWZ) development at Nhava Sheva with over 4.5-million sq ft of space, o