Latest India News
Volcan Investments, a family-controlled entity of Agarwal, is buying stake worth around $1.03 billion, valuing Vedanta at $3.07 billion
This is not the first time Paytm has called out an international firm over data and payments issues
Hotel Leelaventure said the total interest outstanding as on date is Rs 138 million and principal redemption amount outstanding as on date is Rs 4.5 billion
The government is working on guidelines to make it mandatory for companies to have their offices and top executives in India
Coal India subsidiary Mahanadi Coalfields Ltd (MCL) has decided to double the 53.1 km Jharsuguda-Sardega rail link to scale up coal handling. "MCL has already invested Rs 11.25 billion on the railway line. We are going to have a second line wherein total project investment will go up to Rs 25 billion. After commissioning of the second line, the handling capacity will be ramped up to 40 million tonnes per annum (mtpa) from 13 mtpa", said Jaswinder Pal Singh, director (technical & operations), MCL.Singh said, MCL produced 143 million tonnes (mt) of coal in last fiscal. In FY19, the coal miner aims at an output of 162.5 mt with 163 mt of coal despatches. "No power plant will starve for want of coal", Singh said.Prime Minister Narendra Modi is set to inaugurate the Jharsuguda-Sardega line during his Odisha visit on September 22 and dedicate to the nation the Garjanbahal open cast project (OCP) of MCL.The Garjanbahal OCP in Sundargarh district is endowed with 230 mt of coal reserves. ..
The Software as a Service (SaaS) industry in Chennai, the SaaS hub of the country, is currently generating a revenue of over a Billion Dollar employing over 10,000 employees. The sector has raised over $500 million so far, while many are relying more on revenue for future growth, according to an industry official.There are over 20 companies in the SaaS companies in Chennai and they are growing business across the world. "The largest player Zoho Corp itself is over $500 million and Freshworks is around $100 millionn in annual recurring revenue and the others put together, the revenue of SaaS industry in Chennai would be over $ 1 billion," said Suresh Sambandam, founder and CEO of Orange Scape and part of SaaSX, a movement of SaaS-based companies.The Chennai SaaS firms has so far raised over $500 million, even as the largest in the flock Zoho Corp is a bootstrapped company. Sambandam said that even though his own firm, Kissflow, is funded, it has been working close to a bootstrapped ...
A Bench of Justices R F Nariman and Indu Malhotra has been hearing the cross appeals of Numetal and steel and mining major ArcelorMittal
The revenue from WDSI to Chola during the last financial year was around Rs 491 mn
Mumbai, 20 SeptemberBankruptcy proceedings have been instituted for the first time against an IL&FS group company, a Tamil Nadu-based thermal power unit. Lenders to the entity have taken it to the National Company Law Tribunal (NCLT), after it defaulted on loan payments.The parent company, IL&FS itself, is facing a massive cash crunch and will default on loan repayments by this month-end, unless its shareholders come forward with cash by way of equity or debt infusion. IL&FS at a consolidated level has debt of Rs 910 billion, making it one of the most indebted of corporate groups in the country.IL&FS Tamil Nadu Power Company Ltd operates a 1,200 Mw imported coal-based plant at Cuddalore. Around Rs 106 billion has been invested in the project, financed by Rs 60.8 bn of loans from public sector banks (PSBs) and Rs 45.6 bn in equity by IL&FS Energy Development, a group subsidiary. The project saw a cost overrun of about Rs 42 bn. The first phase was commissioned in ..
Indian Hotels, which has earned a profit from the property all these years, could be more aggressive in its bids
Titan would source silver from global markets such as Bangkok, and would start manufacturing in India within the next 3-6 months through third-party vendors
The Competition Commission has approved the acquisition of debt-ridden Essar Steel by a consortium of ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal Corporation. Earlier this month, ArcelorMittal had offered Rs 42,000 crore to acquire Essar Steel, upstaging a Rs 37,000 crore bid by Russia's VTB Group-backed Numetal. ArcelorMittal and Numetal are in the race to acquire Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks. "@CCI_India finds no appreciable adverse effect on competition in respect of ArcelorMittal and Nippon Steel & Sumitomo Metal's proposed acquisition of Essar Steel," the fair trade regulator said in a tweet Thursday. Deals beyond a certain threshold are required to get clearance from the Competition Commission of India (CCI). According to the notice submitted to the CCI, the proposed combination is pursuant to a resolution plan filed by ArcelorMittal India before the resolution professional...
Coal India arm targets at 162.5 mn tonne output, will spend Rs 14 bn on project that has potential to offer livelihood to 5,000
The issue: Power-starved earlier, state today is saddled with a glut; seeks to renege from commitment to lift at least 50% from 1,320 Mw capacity at Talcher
German carmaker Mercedes-Benz does not yet see a "viable business case" to launch electric vehicles in India due to lack of clear policy and incentives to sell such models in the country, a senior company official said Thursday. The luxury automaker, which Thursday introduced updated version of its C-Class sedan in the country, priced between Rs 40 lakh and Rs 48.5 lakh (ex-showroom), said that due to high import duties on completely built units (CBUs) pricing of electric vehicles (EVs) is highly uncompetitive as compared with vehicles with internal combustion engines. "We are also considering to launch electric vehicles in India. But quite frankly an electric policy would help. A policy which would outline the long term perspective, framework and parameters under which we could sell," Mercedes-Benz India Vice President, Sales & Marketing, Michael Jopp told PTI. In the current scenario with no policy, no framework, no incentives and clearly higher cost, the company do not yet...
Last week, media reports said the implementation of the landmark deal, signed in late June, was stalling over the sudden departure of Thyssenkrupp's CEO Heinrich Hiesinger
ArcelorMittal had earlier claimed that NuMetal was not eligible to bid for Essar Steel on several grounds
Aluminium Association of India says country is losing $4.5 bn in a scenario of growing trade deficit, domestic industry impacted
With the Max Healthcare deal, Radiant would have access to 14 hospitals led by Max
The survey found that about 52% of the total consumer demand on social media commerce comprises cosmetics and beauty products