Anil Ambani Group-controlled Reliance Power said Asian Development Bank has approved debt financing and partial risk guarantees totaling $583 million to the company’s Bangladesh LNG and Power Project. “ADB’s financing package includes loans and partial risk guarantees for the power generation facility, as well as for the LNG terminal. The total project cost is approximately […]
Bollywood actor Shashi Kapoor has passed away. He was 79 years old, and was the youngest son of Raj Kapoor, the tallest actor of early Indian cinema. Kapoor has been keeping unwell for several years. The actor died in the Kokilaben hospital in Mumbai today. He was undergoing a routine dialysis. The news was confirmed […]
Zensar Technologies, the IT services company from the RPG Group, said its chief financial officer Manoj Jaiswal resigned with immediate effect. “He will be relieved from his duties with effect from the closing of business hours on Dec 4,” the company said. It was not clear why the CFO resigned abruptly. Zensar Technologies also said […]
Pharma company Eris LifeSciences said it has completed its purchase of the India branded generics of Strides Shasun for Rs 500 cr in cash. “We now wish to confirm that the transaction ahs achieved closure,” said Eris Lifesciences. Last month, Strides Shasun said it was selling the India branded business as part of its portfolio […]
Rupa & Company, one of India’s largest knitwear manufacturers, said it is launching ‘Fruit of the Loom’ underwear brand in India. Fruit of the Loom, based in Kentucky, is one of the largest manufacturers and marketers underwear, T-shirts and fleece in the world. The company will launch 87 styles across the men’s & women’s range […]
Bharti Airtel said it has acquired a strategic stake in Juggernaut Books, a popular digital epublishing platform. Telecom companies in India are busy building or buying content companies in an effort to offer their own content on their networks. “The investment is in line with Airtel’s endeavour to build an open content ecosystem and bring […]
A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining. Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trends seen in the first two quarters of the current financial year. In […]
Mirc Electronics, which makes Onida brand of consumer durables, said nine private investors will put in Rs 144.12 cr in the form of equity investments into the company. The company will issue 1.92 crore equity shares and 1.92 crore convertible warrants at Rs 37.53 to these investors. Shares of Mirc Electronics were trading at Rs […]
Mukesh Ambani, India’s richest man, said telecom was the first of his big bet, and he will now use his resources to solve problems in three other difficult areas — agriculture, education and healthcare. Speaking at the HT Leadership Summit, Ambani said his primary motivation was not to make money. “Money has never meant much […]
Glenmark Pharmaceuticals said it has registered its Seretide Accuhaler product in the Nordic region of Europe, including Sweden, Denmark, Norway, Finland and Iceland. “The commercialization of the product would depend on national approval as well as substitution and pricing approvals,” the company said. The product was registered under the decentralized process. The decentralized process is […]
Bharti Airtel today said it has not violated any norms set down by the UID Authority of India for the use of Aadhaar verification. Responding to a notice from the stock exchanges, the company confirmed having received notices from the UID Authority on alleged violations of norms. “We confirm that the company is dealing with […]
Reliance Naval and Engineering, the defence production arm of the Anil Ambani group, said it was not worried about the petition filed by bankruptcy petition filed by IFC. It said the international organization does not have its loan secured against the assets of the company. Unsecured creditors come lower in priority compared to secured creditors, […]
Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company. “At a Committee of Financial Creditors Meeting on 29 November 2017, a majority of Reliance Communications’ lenders, foreign and Indian, aggregating […]
Pharma major Dr Reddy’s Laboratories said European Union authorities have again allowed it to produce drugs for sale in the EU region at its Duvvada factory in Andhra Pradesh. In its inspection conducted in September, the Regulatory Authority of Germany (Regierun von Oberbayern) had made six major observations on the formulations manufacturing facility near Vishakapattanam. […]
Stock exchanges in India have sought a clarification from India’s largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names. “(The) exchange has advised the company to provide clarification/confirmation on the news item in […]
Reliance Capital, the financial services arm of the Anil Ambani Group, said the Securities and Exchange Board of India (SEBI) issued its final observation letter to the draft red herring prospectus filed by its general insurance unit. The group had recently seen the successful IPO of its life insurance company, Reliance Nippon Life Insurance, which […]
Automotive wheel maker Steel Strips Wheels said it won a contract to supply 6,000 truck wheels to a European customer for use on trailers. “Steel Strips Wheels has already marked its entry into the high potential truck and trailer market in EU and aims to strengthen it in the future,” it said. The wheels have […]
Panacea Biotec said it got the regulatory nod in the US for launching a generic version of big-selling cancer drug Abraxane. The drug will be sold with the help of Canadian pharmaceutical distributor Apotex. The annual sale of Abraxane worldwide is approximately US$973.4 million and approximately USS633.8 million in the US, the Indian company said. […]
Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology. A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactions are recorded on a real-time basis on every copy of data. In […]
Government of India-funded Indian Council of Medical Research (ICMR) and private sector player Zydus have announced the launch of new diagnostic kits that can help in detecting Japanese Encephalitis Virus in mosquitoes and the Crimean-Congo Haemorrhagic Fever in sheep, goat and cattle. The kits are the result of the research and development conducted by ICMR […]
