Page 53 - Company News

Occidental to sell OxyChem unit to Berkshire Hathaway for $9.7 billion

The company sunk deeper into debt after it closed its $12 billion acquisition of privately held US shale oil producer CrownRock last year, which strengthened its position in the Permian Basin

Turbulent times offer India chance for tech self-reliance: Anand Mahindra

Turbulent times offer India a chance to pursue technological self-reliance and achieve global leadership in manufacturing, Mahindra Group Chairman Anand Mahindra said on Thursday, commemorating the conglomerate's 80th anniversary. Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federations of companies with over 3,24,000 employees in over 100 countries. Eighty years ago, the Mahindra Group was born with a crystal-clear purpose to help build our nascent nation," the chairman said. The company's founders pledged to develop industry, create livelihoods, and enable communities to rise from the violent throes of the struggle for independence into a brighter future, he noted. "Today, we once again are in turbulent times, and we have the opportunity to renew that pledge to strive together to propel India towards technological self-reliance and global respect," Mahindra said on the 80th Founders Day. The current geopolitical and economic landscape

ED attaches ₹10.55-cr assets of Ansal Properties promoters in PMLA case

Six immovable properties worth Rs 10.55 crore of certain directors and shareholders of Gurugram-based real estate company Ansal Properties and Infrastructure Ltd (APIL) have been attached under the anti-money laundering law in a case linked to alleged violation of environment protection laws, the ED said on Wednesday. The attached properties, provisionally frozen under the provisions of the Prevention of Money Laundering Act (PMLA), consist of commercial units located in Gurugram (Haryana), Greater Noida (Uttar Pradesh) and Ludhiana (Punjab). The assets belong to directors, shareholders and beneficial owners of APIL like Sushil Ansal, Pranav Ansal and Kusum Ansal, in a case that stems from the "violation" of The Water (Prevention and Control of Pollution) Act and The Air (Prevention and Control of Pollution) Act in two of its residential real estate projects located in Gurugram. Haryana Police had first registered an FIR and later filed a chargesheet before a court, the Enforcement

HAL receives another GE Aerospace jet engine for Tejas light combat jets

American defence major GE Aerospace has handed over another jet engine to state-run aerospace major Hindustan Aeronautics Ltd (HAL) for its Tejas light combat aircraft programme, officials said on Wednesday. The company had delivered one F404-IN20 engine to HAL around three weeks back. Another engine was delivered on September 30, the officials said. In the next couple of weeks, the HAL will deliver two Tejas MK1A jets to the IAF, they said. In February 2021, the defence ministry sealed a Rs 48,000-crore deal with HAL for the procurement of 83 Tejas Mk-1A jets for the IAF. GE Aerospace had been missing several deadlines for the supply of its aero engines to power the jets. The IAF is looking at inducting the warplanes as the number of its fighter squadrons has gone down to 31 from the officially sanctioned strength of 42. Tejas is a single-engine multi-role fighter aircraft capable of operating in high-threat air environments. It has been designed to undertake the air defence, .

Coal India output falls 3.9% in September to 48.97 MT amid monsoon impact

State-owned CIL on Wednesday reported a 3.9 per cent decline in production to 48.97 million tonnes (MT) in September. The drop in production comes in spite of the government making efforts to increase coal output to bring down the import of dry fuel. The company's output was 50.94 MT in the corresponding month of the previous fiscal year, Coal India Ltd (CIL) said in a filing to the BSE. However, no reasons were given by the company for the decline. CIL subsidiaries, which registered a drop in production in September, are Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd (CCL), Western Coalfields Ltd (WCL), and Mahanadi Coalfields Ltd (MCL). There was decline in production in North Eastern Coalfields (NEC), a unit of Coal India. According to industry experts, heavy rains and waterlogging during monsoon create operational difficulties in mining, leading to a drop in coal production. Coal production during the April-September period also dropped to 329.14 MT, over 341.35 MT in

DLF-GIC joint venture DCCDL raises ₹1,100 cr NCDs to replace costly debt

Realty major DLF's rental arm DCCDL will utilise Rs 1,100 crore raised through issue of non-convertible debentures (NCDs) to retire costly debt and reduce interest expenses, a senior company official said. DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore's sovereign wealth firm GIC, on Tuesday announced raising of Rs 1,100 crore through NCDs. DLF, in a regulatory filing, had said that the securities allotment committee of the Board of DCCDL has approved allotment of 1,10,000 NCDs for an aggregate principal amount of Rs 1,100 crore on a private placement basis to eligible investors. These NCDs have been issued at a coupon rate of 6.91 per cent per annum payable quarterly. When contacted, DLF's Vice Chairman and MD (Rental Business) Sriram Khattar told PTI, "We continuously review our treasury portfolio to lock in better interest costs. The current proceeds are being used primarily to reduce higher cost borrowing." DCCDL's net debt was Rs 17,

As battleground tactics shift, startup Unmannd bets on autonomous drones

Company develops AI-powered platforms as recent conflicts expose vulnerabilities of traditional defence systems to drone swarms

LG Electronics India seeks $8.7 billion valuation in October IPO

LG Electronics India Ltd. got regulatory approval for its updated draft red herring prospectus on Thursday and filed the final version on Tuesday

ICICI Bank served GST demand notice of ₹216 crore by tax authorities

ICICI Bank on Tuesday said tax authorities have slapped a demand notice of Rs 216.27 crore on it for alleged short payment of GST. In a regulatory filing, ICICI Bank said, on September 29, 2025, it received a Show Cause Notice (SCN) under section 73 of the Maharashtra Goods and Services Tax Act, 2017 from Additional Commissioner of CGST, Mumbai East Commissionerate raising GST demand amounting to Rs 216.27 crore on services provided by the bank to customers maintaining specified minimum balances in their accounts. While the bank is in litigation (including writ petition) on a similar issue raised in orders/SCNs in the past, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported, it said. The bank will file a reply to the said SCN within the prescribed timelines, it added.

ED conducts searches at Reliance Infrastructure premises in Fema probe

The Enforcement Directorate on Tuesday conducted searches in Maharashtra and Madhya Pradesh as part of a FEMA investigation being conducted against Anil Ambani Group company Reliance Infrastructure, official sources said. At least six premises of some linked entities in Mumbai and Mhow in Indore were searched, they said. The surprise action was part of a Foreign Exchange Management Act (FEMA) investigation being conducted against Reliance Infrastructure on charges of making some illegal remittances abroad, they said. The company said in a statement that the ED action was in relation to a matter "dating back 15 years". "In 2010, the company had awarded an EPC contract for the construction of the JR Toll Road (Jaipur ?Ringus Highway) to Prakash Asphaltings & Toll Highways." "This was a domestic contract with no foreign exchange involved," it said in a statement. The work was completed and the company has no continuing connection or relationship with the said contractor. The toll ..

Optiemus Infra, Ordinary Theory form joint venture for enterprise hardware

Electronics manufacturing services firm Optiemus Infracom and Ordinary Theory LLC USA have announced to set up a joint venture for manufacturing, market development, and sales of smart enterprise hardware and integrated industrial solutions, a regulatory filing said on Tuesday. The joint venture will focus on creating smart enterprise hardware solutions spanning payments, retail, logistics, and AI. This partnership with Ordinary Theory LLC excites us as it will help us further strengthen our world-class manufacturing capabilities for Smart Enterprise Hardware & Industrial Solutions of today and tomorrow. These products will also support the rapidly growing fintech, logistics, retail and AI space, where we aim to play a pivotal role, Optiemus Infracom, Chairman, Ashok Kumar Gupta said in a statement. Optiemus will own a majority stake in the joint venture. "We are delighted to join hands with Optiemus, a recognised leader in India's electronics manufacturing sector. Together, we ...

GST cut drives ecom infra push in smaller cities amid quick delivery boom

Platforms expand infrastructure to smaller cities as GST reforms and instant delivery reshape retail landscape.

CCI approves Saudi Arabian PIF's bid for majority stake in Olam Agri

Fair trade regulator CCI on Tuesday approved Saudi Arabia's sovereign wealth fund PIF's proposal to acquire a majority stake in Olam Agri Holdings Ltd. Public Investment Fund (PIF), through its investment arm SALIC, is acquiring a stake in Olam Agri Holdings Ltd. PIF has assets under management of more than USD 925 billion. "The proposed combination involves the acquisition of SALIC's proposed indirect acquisition of 44.58 per cent and up to 64.57 per cent of the issued share capital of Olam Agri," the Competition Commission of India (CCI) said in a release. Saudi Agricultural and Livestock Investment Company (SALIC) is focused on farming and procurement, as well as importing commodities into the Kingdom of Saudi Arabia. It is present in India through LT Foods Ltd, wherein the investment arm owned a 9.22 per cent stake in the FMCG firm, which owns the 'Daawat' brand of basmati rice. "Commission approves the Saudi Agricultural and Livestock Investment Company's proposed indirect ..

RITES signs pact with Etihad Rail to enhance infrastructure, mobility ties

RITES Ltd, a transport infrastructure consultancy and engineering firm, on Tuesday said it has signed a pact with UAE-based Etihad Rail for business collaboration with its subsidiary National Infrastructure Construction Company. A Memorandum of Understanding (MoU) was signed in this regard, which aims to enhance business collaboration in the mobility and infrastructure sectors across the UAE and other regions, according to a statement. This partnership aims at combining RITES' five decades of expertise in consultancy, transport infrastructure, and engineering solutions with the execution capabilities of National Infrastructure Construction Company, creating synergies for shaping infrastructure projects in the region, the statement said. "The MoU was signed by H.E. Shadi Malak, CEO of Etihad Rail, and Rahul Mithal, Chairman and Managing Director of RITES Ltd., in the presence of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, and Ambassador of Ind

Spotify founder Daniel Ek steps down as CEO, becomes executive chairman

Spotify said Tuesday that founder Daniel Ek is stepping down as CEO to become the executive chairman, in an announcement that sent its shares sliding in premarket trading. The Stockholm-based streaming giant said Ek will be replaced by two lieutenants who will become co-CEOs: Chief Product and Technology Officer Gustav Soderstrom and Chief Business Officer Alex Norstrom. The pair, who are also currently copresidents, will transition into their new jobs on January 1 and will report to Ek. Spotify said in a press release that the move "formalises" how Spotify has been operating since 2023, with Soderstrom and Norstrom largely leading strategic development and operational execution. Ek said that he had already "turned over a large part of the day-to-day management and strategic direction" to the pair. "This change simply matches titles to how we already operate," he said. Since Ek founded Spotify about two decades ago, the platform's rise has helped transformed the music business and

New India Assurance ordered to pay ₹2,379 crore by tax authority

The order comes after the state-owned insurer was accused of having failed to pay taxes on premiums it received in its co-insurance business

Hiranandani Financial raises ₹800 crore from Vitruvian Partners

Small business financier Hiranandani Financial Services (HFS) on Tuesday said it has raised Rs 800 crore from investment firm Vitruvian Partners. Vitruvian, which has backed the company through its Singapore platform, will get a minority stake in HFS, a statement said. HFS was founded by Harsh Hiranadani, son of Surendra Hiranandani who has interests in the real estate sector. The funding will help the NBFC deepen its footprint in smaller cities by offering secured lending products and also help the lender up its investments in technology and talent. The company operates a direct-to-consumer model, using data from multiple sources, automated credit rule engines, mobile-first assisted onboarding, and real-time KYC (know your customer) to underwrite borrowers. "The company's hybrid model, combining an on-the-ground presence with a strong digital technology stack, has proven both scalable and resilient," Kartikeya Kaji, who leads Vitruvian's India investing team, said. Harsh Hirana

Omega Seiki Mobility launches world's first autonomous electric 3-wheeler

Electric mobility firm Omega Seiki Mobility (OSM) on Tuesday announced the launch of an autonomous electric three-wheeler, Swayamgati, aimed at addressing the growing challenges of urban congestion and last-mile transit. With the passenger variant of the world's first production-ready autonomous three-wheeler priced at Rs 4 lakh and the cargo version at Rs 4.14 lakh, the vehicle integrates Omega Seiki Mobility's electric vehicle platform with AI-driven retrofit autonomous system, offering seamless and intelligent transport for short-distance use cases in airports, smart campuses, industrial parks, gated communities, and dense urban environments, the company said. The autonomous electric vehicles (AEVs) are rapidly emerging as a transformative force in the global mobility sector, the company said, citing a 2025 McKinsey report, which stated that the global autonomous vehicle market is expected to surpass USD 620 billion by 2030, with shared and low-speed autonomous mobility solutions

OYO-owned Innov8 revenue jumps 58% to ₹38 crore in June quarter

OYO Group-owned co-working firm Innov8 has posted 58 per cent increase in its revenue for June quarter FY26 at Rs 38 crore on better demand for managed office spaces. Its revenue stood at Rs 24 crore in the year-ago period. In a statement on Tuesday, the company said its profitability also strengthened, with Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surging to Rs 8 crore from Rs 3 crore year-on-year. During 2024-25 fiscal, Innov8 revenue surged to Rs 123 crore from Rs 75 crore in the preceding year. EBITDA also improved to Rs 70 crore from Rs 47 crore. The profit stood at Rs 7 crore in the last fiscal. Innov8 attributed the growth in revenue to an improvement in average monthly membership revenue (AMMR) per seat, which increased by 21 per cent year-on-year to Rs 10,000. "This sustained momentum in Innov8's revenue growth and profitability is driven by asset-light model that leverages landlord-led capex for capital-efficient expansion, and its ability

Zoho IPO unlikely soon, hints Sridhar Vembu; focus on R&D initiatives

Zoho founder Sridhar Vembu said the company will not seek an IPO soon, citing the success of Arattai and its focus on Bharat-specific research and development projects