Page 5 - Hinduja Group

Hinduja human trafficking trial set for June as family's arguments rejected

"The charges of usury and human-trafficking were sufficiently well-described by the Prosecutor's Office and don't need to be sent back for restating," Judge Mascotto said

Ashok Leyland partners with Minus Zero to develop self-driving trucks

Minus Zero, founded in 2021, is backed by technology venture capital fund Chiratae Ventures among other investors

Hinduja Tech secures $50 mn investment from private equity fund Creador

Creador is a renowned private equity firm focused on partnering to grow world-class businesses in Southeast Asia and India

NCLT allows correction in Reliance Capital's 90-day resolution timeline

IndusInd International Holdings (IIHL), representing the Hinduja Group, the chosen applicant for the indebted firm, must execute RCap's resolution plan by May 27

NCLT approves Hinduja firm IndusInd's resolution plan for Reliance Capital

The National Company Law Tribunal on Tuesday approved Hinduja Group firm IndusInd International Holdings' Rs 9,650-crore resolution plan for Reliance Capital. The Mumbai bench of the NCLT approved the plan submitted by IIHL (IndusInd International Holdings Limited) in June 2023 in the second round of bidding for the debt-laden company. A detailed order in the matter is expected later in the day. In November 2021, the Reserve Bank had superseded the board of the Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company. The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company. Reliance Capital had a debt of over Rs 40,000 crore, and four applicants had initially bid with resolution plans. However, the committee of creditors rejected all the four plans for lower bid values and a challenge mechanism was initiated where IIHL and Torrent Investments participated. In June

Ashok Leyland clocks three million vehicles production milestone

Ashok Leyland has been a driving force in the Indian and international commercial vehicle sector with technology at the forefront

HGS Q3 results: Net profit tanks 84% to Rs 8.2 crore, revenue up 8%

Hinduja Global Solutions (HGS) on Wednesday reported a 84 per cent decline in consolidated net profit to Rs 8.2 crore for the December quarter. The company's net profit stood at Rs 51.6 crore in the year-ago period. Its revenue from operations, however, grew 7.55 per cent to Rs 1,203.6 crore in the third quarter of the ongoing fiscal from Rs 1,119.1 crore a year ago. The revenues were led by the company's BPM (Business Process Management) services, which raked-in a revenue of Rs 925.55 crore, according to the company. "Despite a challenging global macro-environment, HGS posted a resilient performance in the third quarter, continuing to build on our efforts to improve our topline and margins," Partha DeSarkar, Group CEO of HGS, said. DeSarkar added, "We saw a strong total revenue increase of 11.2 per cent year on year, led by growth in Canada, TekLink, and offshore businesses. Operating EBITDA (excluding other income) grew significantly by 39.9 per cent year-on-year and 18.1 per ce

Hinduja nears Rs 4,000 cr borrowing deal for Reliance Capital acquisition

The group's acquisition is still pending court and regulatory approvals. If the transaction is successful, IIHL, along with other entities, will have a controlling stake in Reliance Capital

Ashok Leyland's shareholding in UK-based Optare Plc increases to 92.59%

In November last year, Ashok Leyland announced that it would invest Rs 1,200 crore in its electric vehicle arm Switch Mobility, through Optare Plc

Ashok Leyland progressing in network expansion in North & East: Official

Heavy commercial vehicle maker Ashok Leyland has drawn up network expansion plans in the North and Eastern parts of the country, a top company official has said. The Hinduja Group flagship company was also gearing up to launch its electric light commercial vehicles (LCVs) within the next few months. Ashok Leyland in the first nine months of the financial year ending December 31, 2023 reported its highest turnover of Rs 27,100 crore, highest sales volume at 1,38,416 units, EBITDA of Rs 3,014 crore and Profit After Tax of Rs 1,718 crore. "While we have started doing very well now in the North and East zones which have been traditionally our weaker markets, there is certainly ample headroom to grow further. We are progressing well on our network expansion plans, especially in the North and East zones" company Managing Director Shenu Agarwal said. Ashok Leyland to fuel its network expansion plans, has tied up with the diversified conglomerate TVS Group. "We have tied up with the TVS G

Some slowdown likely in elections, confident of growth: Ashok Leyland

The commercial vehicle manufacturer is getting investor interest in Switch and is open to multiple options in funding for the unit, says Dheeraj Hinduja

Ashok Leyland would move towards 35% mkt share in MHCV segments: Hinduja

Hinduja Group flagship Ashok Leyland would safely remain above 30 per cent market share in the medium and heavy commercial vehicle segments and confidently move towards 35 per cent going forward, a top official said on Tuesday. The company expects to continue its growth in the medium, heavy and light commercial vehicle segments. The city-headquartered company reported a 61 per cent rise in net profit of Rs 580 crore on the back of robust sales. The company had posted a net profit of Rs 361 crore in the year-ago period. "The third quarter (of the current financial year) has been the best for Ashok Leyland. Before the start of this financial year we had expected that the medium and heavy commercial vehicle industry will grow at 8-10 per cent. The market has grown by 9 per cent (as of October-December 2023 period). Ashok Leyland has grown by 7 per cent in line with the industry growth and growth in bus segment is at 65 per cent almost twice the industry growth," Dheeraj Hinduja, the ..

Ashok Leyland Q3 results: Net profit jumps 73% to Rs 608.85 crore

The company achieved a historic high commercial vehicle volume of 1,38,416 units in the first nine months of the fiscal year

Ashok Leyland hands over keys of Boss Electric truck to Billion E-Mobility

Hinduja Group flagship company Ashok Leyland has commenced delivery of its intermediate and heavy duty electric trucks to its customers, the company said. The keys of 14T Boss Electric Truck were handed over to Billion E-Mobility at the inaugural edition of the Bharat Mobility Global Expo 2024 in New Delhi, the company said. "Ashok Leyland is proud to deliver the first fully electric vehicle to our customer today. The Boss 4T Electric Truck was showcased in the Auto Expo last year. Today, delivering this road-ready product marks a significant milestone in our journey toward sustainable and efficient transportation," said company Managing Director and CEO Shenu Agarwal in a statement on Saturday. "As we stand on the cusp of a new era, these vehicles represent our firm commitment to lead the transition to green mobility offering advanced technologies focused at meeting the evolving needs of the Indian and global markets," Agarwal said. At the Bharat Mobility Global Expo which is ...

Ashok Leyland to make 1225 buses for Karnataka state transport undertakings

Company says order will strengthen its lead in Indian bus manufacturing

Reliance Jio's Hathway, Hinduja arm in race to acquire Siti Networks

Hathway Digital and IndusInd Media & Communications did not wish to comment on the development

Ashok Leyland signs MoU with Tamil Nadu govt to invest Rs 1,200 cr

Hinduja Group flagship Ashok Leyland has earmarked investments of Rs 1,200 crore in Tamil Nadu, for taking up overall business expansion over the next three to five years, the company said on Monday. Ashok Leyland Managing Director and CEO Shenu Agarwal exchanged documents with Industries Department Secretary V Arun Roy during the second day of the Global Investors Meet in the presence of Chief Minister M K Stalin here.' The investment of Rs 1,200 crore is assigned for strategic initiatives to drive innovation, technological advancements and overall business expansion, the heavy commercial vehicle maker said in a release. Ashok Leyland is committed to creating employment opportunities for 500-1000 people, both direct and indirect, based on the work demand, it said. "This commitment also reflects the group's vision for sustainable growth and competitiveness in the automotive sector," it added.

Hinduja Renewables bags 140-MW solar project from Gujarat Urja Vikas Nigam

Hinduja Renewables on Wednesday announced that it bagged a 140-MW solar power project from Gujarat Urja Vikas Nigam (GUVNL). The contract is part of the Solar Tender Phase -XXII issued by GUVNL for selection of solar power developers for setting up 500 MW Solar Power Projects anywhere in India, a company statement said. According to the statement, the Hinduja Renewables was one of the four winning developers under this tender which saw participation from leading independent power producers. Hinduja Renewables has won a bid to set up 140-MW solar power capacity in a tender issued by GUVNL at a tariff rate of Rs 2.64/kWh, it stated. This has a potential to increase to 280 MW as GUVNL may allow an additional capacity of 140 MW by exercising the green shoe option. Sumit Pandey, CEO of Hinduja Renewables, said in the statement, "This is a welcome addition to the recent tenders we have won this year across different central and state tenders such as NHPC and GUVNL. With this achievement

IndusInd Bank exits Nippon Life India Asset, sells shares worth Rs 795 cr

Hinduja-promoted IndusInd Bank on Wednesday sold its entire 2.86 per cent stake in Nippon Life India Asset Management for Rs 795 crore through open market transactions. SBI Mutual Fund (MF), ICICI Prudential MF, Bajaj Allianz Life Insurance, ICICI Prudential Asset Management Company, Societe Generale and Morgan Stanley Asia Singapore, were among the buyers. Through 13 tranches, IndusInd Bank offloaded 1,78,57,355 shares, amounting to a 2.86 per cent stake in Nippon Life India Asset Management (NAM-INDIA), as per the block deal data available with the BSE. The shares were disposed of at an average price of Rs 445.35 per piece, taking the combined transaction value to Rs 795.27 crore. At the end of the September quarter, IndusInd Bank held 1,78,57,355 shares, representing a 2.86 per cent stake in NAM-INDIA, according to shareholding data on the BSE. On Wednesday, shares of NAM-INDIA rose 2.05 per cent to close at Rs 459 apiece on the BSE. Meanwhile, in a block deal on the NSE, K S

I-T Department conducts survey at some entities of Hinduja Global Solutions

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the tax department action is also linked to provisions of the General Anti-Avoidance Rules (GAAR). The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.