Numetal questions ArcelorMittal eligibility to bid for Essar Steel before NCLAT
Russia's VTB Capital-backed Numetal Ltd, which is in the race to acquire Essar Steel, alleged that rival ArcelorMittal India Ltd is not eligible to bid for the debt-ridden company under the IBC as it was the promotor of two defaulting companies Uttam Galva and KSS Petron. During the proceedings of the National Company Law Appellate Tribunal (NCLAT), Numetal submitted that as per the rules of the Insolvency & Bankruptcy Code (IBC), ArcelorMittal should have first clear the dues by making upfront payment before submitting its resolution plan for Essar Steel.
Globally firms suffered reduced earnings due to forex risk: Report
Globally, a majority of Chief Financial Officers (CFOs) say their company suffered reduced earnings in the last two years due to "avoidable and unhedged" forex risk, according to HSBC report. According to a global survey of 200 CFOs and nearly 300 treasurers, conducted by HSBC and FT Remark, 70% of CFOs said their company experienced lower earnings due to avoidable and unhedged forex risk. Besides, more than half of all CFOs believe forex is a risk their company is least well-placed to deal with. These concerns mainly reflect the increasing volatility in currencies amid an uncertain macro-economic and geo-political outlook.
Adani Group to raise Rs 5,000-6,000 cr via stake sale in subsidiaries
The Gautam Adani-led Adani Group has said it plans to raise Rs 5,000-6,000 crore of equity through a combination of primary issuances and secondary monetisation of its stake in some of its subsidiaries. The Adani Family through trusts and other entities hold controlling interest in entities including Adani Enterprises (AEL), Adani Ports and SEZ (APSEZ), Adani Power (APL), Adani Transmission (ATL) and Adani Green Energy (AGEL). As part of the equity-raising program, the Group sold nearly 4% stake in APSEZ through an on market block trade raising Rs 3,000 crore on June 21 and June 29, 2018, it said in a release. The group also plans to sell some of its stake in ATL and AGEL.
Havells partners ICA Edu Skills
After taking the leading Government’s ‘Make in India’ campaign, leading Fast Moving Electrical Goods Manufacturer (FMEG), Havells India, has now launched a campaign to augment government’s ‘Skill India’ mission. Havells has partnered leading training and skill-development provider, ICA Edu Skills Pvt. Ltd. for providing industry ready courses to youth. “This initiative resonates with our long term goal of being known as a responsible brand that impacts social change. The mission of transforming India into the ‘skill capital of the world’ requires creating human infrastructure and convergence between sectors. We are serving both these ideals with this tie-up” said Dheeraj Khanna, General Manager, Havells.
NDTV promoters Roys hold 61.45% stake
Media firm NDTV yesterday said its promoters Prannoy and Radhika Roy individually and through their company RRPR Holding Private Ltd continue to hold 61.45% shares of the company. This clarfication comes after the capital markets regulator Sebi last week ordered a little-known entity, Vishvapradhan Commercial, to make an open offer for NDTV Ltd for indirectly acquiring control of up to 52% stake through a convertible loan of Rs 350 crore in 2009 'sourced' from a subsidiary of Reliance Industries. "...There has been no change in control as Prannoy Roy and Radhika Roy individually and through their company, i.E., RRPR Holding Private Ltd continue to own and hold 61.45% of the total paid up share capital of NDTV, and control NDTV," NDTV said in a regulatory filing.
VW group to invest 1 bn euro in India by 2021
German auto major Volkswagen Group yesterday announced investment of 1 billion euro between 2019 and 2021 as part of its latest strategy to enhance presence in India which will be led by group firm Skoda Auto. As part of 'India 2.0' project, Skoda Auto is setting up an engineering design and development centre at Pune besides enhancing capacities at the group's two plants at Aurangabad and Pune.
NSE inks pact with Nasdaq for post-trade tech
The National Stock Exchange (NSE) yesterday signed a technology pact with the American tech bourse Nasdaq to source technology for offering customised real-time clearing, risk management and settlements. The agreement will executed over the next 24 to 36 months. "We provide technology to nearly 100 exchanges across the world. Our agreement with the NSE will help in delivering customised real-time clearing, risk management and settlement technology on Nasdaq platform to NSE," said Nasdaq president and CEO Adena Friedman.
Tech Mahindra Partners with the US-based LIFARS
Tech Mahindra yesterday announced a strategic partnership with LIFARS, LLC, a New York City-based cybersecurity digital forensics and incident response firm, to premier an elite Advanced Managed Threat Detection and Response Service for their customers. “LIFARS and Tech Mahindra’s partnership is aimed at addressing the growing needs of customers to combat the rampantly increasing number of cyber threats. By leveraging the combination of LIFARS’ world-class team of elite cyber security specialists for incident response services, and the expertise of Tech Mahindra’s skilled SOC (Security Operations Center) analysts, we will develop an enhanced cyber breach and emergency response service offering,” said Rajiv Singh, Global Head of Enterprise Security & Risk Management, Tech Mahindra.
Vedanta Resources to delist from London Stock Exchange
Billionaire Anil Agarwal-led Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33% of the public shareholding in the company. Volcan, the investment arm of Agarwal family, made an offer to buy public float at a price of 825 pence per share.