ICICI Bank Loans Tata Steel Rs 2,675 Crore
Tata Steel has received a significant boost of Rs 2,675 crore in its ongoing financial restructuring efforts. ICICI Bank stepped in, sanctioning a crucial debt facility with a three-year term. This timely intervention comes as the Indian banking sector experiences a positive uptrend in credit growth. Punjab National Bank (PNB) reported an impressive 11.5% loan […]
Vi Board Approves Rs 2,075 Cr Raise from Aditya Birla
In a move critical for its survival, Vodafone Idea (Vi) received a much-needed shot in the arm from its promoter, the Aditya Birla Group. The company’s board, on April 6, 2024, approved a proposal to raise Rs 2,075 crore through a preferential share issue to Oriana Investments Pte. Ltd., an Aditya Birla Group entity. This […]
Walmart Vriddhi, D&B Team Up for MSME Credit, Contracts
Indian micro, small and medium enterprises (MSMEs) are gaining a much-needed boost. Walmart’s supplier development program, Vriddhi, recently announced a collaborative effort with Dun & Bradstreet (D&B), a leading data and analytics company. This partnership aims to empower MSMEs by providing them with easier access to credit and equipping them to compete for government contracts. […]
Zee Announces 15% Staff Reduction in Overhaul
Indian media powerhouse Zee Entertainment (ZEE.NS) sent shockwaves through the industry on Friday, April 5th, 2024, by announcing a significant 15% workforce reduction. This bold move signals a major company restructuring aimed at streamlining operations, reducing costs, and propelling Zee towards a more profitable future. Financial Pressures and Strategic Goals Zee Entertainment, like many companies, […]
Aurobindo Pharma’s A.P. Facility: 3 U.S. FDA Notices
Aurobindo Pharma, a leading Indian pharmaceutical company, has hit a roadblock with its recently inaugurated injectable facility located in Andhra Pradesh. The US Food and Drug Administration (US FDA) conducted a routine inspection and issued a Form 483 with three observations, casting a shadow over the facility’s compliance with stringent US regulatory standards. Form 483 […]
NCLAT Orders NHAI to Uphold IL&FS Agreement
The National Company Law Appellate Tribunal (NCLAT) has issued a reprieve for Baleshwar Kharagpur Expressway Ltd (BKEL), an entity belonging to the IL&FS Group. In a recent order, NCLAT directed the National Highways Authority of India (NHAI) to refrain from terminating BKEL’s concession agreement, estimated to be worth ₹1550 crore. This decision paves the way […]
Hero MotoCorp Receives Rs 605 Cr Tax Notice: I-T Dept
Two-wheeler giant Hero MotoCorp finds itself embroiled in a tax dispute with the Income Tax Department. On April 3, 2024, the company received assessment orders and demand notices totaling Rs 605 crore, including interest, for alleged tax discrepancies across six assessment years (AYs) between 2013-14 and 2019-20.expand_more Breaking Down the Tax Demand The Income Tax […]
Tata Tech-BMW Alliance: Auto Software Solutions
The Indian automotive industry is set to hit the fast lane of software development with a groundbreaking joint venture between Tata Technologies and the BMW Group. This strategic alliance, announced in 2023, will see the creation of automotive software and IT development hubs in Chennai, Pune, and Bengaluru, India. These hubs aim to become a […]
PepsiCo’s Ujjain Investment: Game-Changer for Madhya Pradesh
In a landmark move for both PepsiCo India and Madhya Pradesh, the beverage giant announced a hefty investment of ₹1,266 crore to establish a state-of-the-art flavor manufacturing facility in Ujjain. Scheduled to be operational by the first quarter of 2026, this plant signifies a turning point for the local economy and PepsiCo’s commitment to India. […]
Vedanta Hit With Rs 1.86 Cr GST Demands: Financial Stress
Indian mining major Vedanta Ltd. has been hit with Goods and Services Tax (GST) demand notices totaling Rs 1.86 crore, representing a significant financial burden for the company. Issued by the Office of the Assistant Commissioner in Tirunelveli, Tamil Nadu, the notices cover a four-year period, ranging from financial year (FY) 2017-18 to FY 2021-22. […]