Tata Steel Europe reports debt reduction

Tata Steel said its European subsidiary, Tata Steel Netherlands Holdings, has refinanced its bank debt by raising term loan facilities of 1.75 billion euros. In comparison, Tata Steel’s European operations had reported a debt of over 2.2 billion euros as of March. “This represents a reduction of EUR 500 million versus the external debt outstanding […]

Delhi HC grants stay on McLeod Russel’s tea estate sale

In an order that can throw a spanner in the works of tea company McLeod Russel’s debt restructuring, the Delhi High Court has issued an injunction against any asset sale or capital restructuring by the company. The court,”in reference to a matter filed against certain promoters of the company with regard to certain alleged outstanding […]

COLUMN: Why we should welcome a recession

Subramanian Swamy is often accused of propagating outlandish ideas and suggestions, but at least on the issue of addressing a slowdown in India’s GDP growth, he seems to be closer to the truth than India’s ruling establishment. Both Sitharaman and Swamy are united in recognizing the need for a ‘stimulus’ to nudge the economy from […]

Naveen Jindal says slowdown won’t stop JSPL turnaround

Naveen Jindal, chairman of Jindal Steel & Power Ltd, one of India’s biggest steelmakers, today said the country is going through an economic slowdown, but assured investors that his company would continue to improve profits and reduce debt. Like its peers in the infrastructure and construction businesses, JSPL has very high levels of debt. During […]

BHEL wins second big order from Koodankulam Ph II project

Close on the order for erection of turbine generator for the new units of Koodankulam Power Project, state-owned capital goods giant Bharat Heavy Electricals Limited (BHEL) said it has also won the order for erecting reactor side equipment for the same. Against a value of Rs 440 cr for the June order, this one is […]

Piramal Enterprises sells 10% stake in Shriram Transport Finance

Diversified group Piramal Enterprises Ltd said it has sold its entire direct stake of 9.96% in Shriram Transport Finance Co Ltd via the stock exchanges. The move comes at a time when non-banking finance companies find the going tough due to a slow down in credit flow to the industry. The company did not reveal […]

YES Bank acquires stake in Electrical Engineering firm CG Power and Industrial Solutions

YES Bank, India’s fourth largest private sector bank, said it has acquired 12.79% stakes in Electrical Engineering firm CG Power and Industrial Solutions as part of the invocation of a pledge. It acquired over 8 crore of equity shares of CG Power submitted as collateral for a loan. The shares are valued at Rs 288 […]

Tata Global Beverages to acquire branded business of Dhunseri Tea for 101 cr

Tata Global Beverages Ltd, a subsidiary of the multinational conglomerate Tata Group, said it entered into a non-binding agreement to acquire the branded tea business of the Kolkata-based Dhunseri Tea and Industries Ltd for Rs 101 crore. A non binding contract is an agreement in which the parties are not legally obligated to carry out […]

Subros Ltd acquires assets in AC maker Zamil

Subros Ltd, a leading manufacturer of thermal products for automotive applications in India, said it has executed a ‘definitive agreement’ worth Rs 11.15 cr for the purchase of certain assets of air conditioner maker Zamil Air Conditioners Private Ltd. Established in 1985 as a joint venture with Suri family of India, Denso Corporation & Suzuki […]

Dixon Technologies buys out partner in Padget Electronics

Electronics manufacturer Dixon Technologies said that it has acquired 50% shares in its joint venture company, Padget Electronics Private Ltd. Dixon had previously held a 50% stake in Padget. With this, Padget Electronics has now become a wholly-owned subsidiary of Dixon Technologies, the OEM said. Padget had a turnover of Rs 1,351 crores in the […]

Bharat Forge invests in Eternus Performance Materials

Pune-headquartered multinational company Bharat Forge said it acquired a 51% stake in Kolhapur-based metallic products manufacturing company Eternus Performance Materials for Rs 37.45 lakhs. Eternus had a turnover of Rs 1.16 crore for the financial year 2017-18. Eternus is in the business of high-end research and development oriented manufacturing of advanced composite products and precision […]

Tata Power delivers Combat Management System for Indian Navy’s Indigenous Aircraft Carrier

Tata Power Strategic Engineering Division reported that it has delivered the Combat Management System for the Indigenous Aircraft Carrier being built for the Indian Navy . It was developed by Tata Power SED in collaboration with Indian Ministry of Defence’s Weapon and Electronics System Engineering Establishment and Russia’s NPO MARS. Typical functions of the CMS […]