Tata Power arm CGPL repays loans worth Rs 1,550 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Power on Thursday said its subsidiary CGPL has repaid Rs 1,550 crore of bank loans. Coastal Gujarat Power Ltd (CGPL) repaid the amount on December 2, Tata Power said in a BSE filing.

“With this repayment and the earlier repayment of Rs 2,600 crore of bank loans made in October 2020, the entire bank loans of CGPL aggregating Rs 4,150 crore have been fully repaid. After this repayment, CGPL’s long-term debt comprises only Rs 3,790 crore of bonds and debentures,” it added.

This action is in line with the company’s objective of repaying debt in CGPL to reduce the periodic debt servicing obligations of CGPL and thus make its operations more self-sustainable, the filing said. CGPL runs the Mundra ultra mega power project.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India Cements acquisition reports baseless; looking at organic growth: Shree Cement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The market has been abuzz with reports of Shree Cement being in acquisition talks with India Cements. However, HM Bangur, MD at Shree Cement, denied this strongly in an interview to CNBC-TV18.

“There is no chance. We are not even looking at it, not even thinking about it, we don’t have any share and all these rumours are meaningless,” Bangur said.

Sector-specific, he sees good demand across India and expects to see a price correction. “The price margins will be more or less intact,” he said.

A Morgan Stanley report indicates that the cement sector saw strong double-digit volume growth in October and stable to marginal growth in November.

“Q3FY21 volume will be about 8-10 percent better than last year Q3,” Bangur weighed in.

Watch the video for the full interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ultratech to invest Rs 5,477 crore to add 12.8 MT capacity

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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UltraTech Cement, the country’s largest cement maker, on Thursday announced a Rs 5,477-crore investment to add 12.8 million tonnes (MT) capacity, taking its overall output to over 136 MT per annum. In a statement, the company said its board in a meeting approved capacity expansion to the tune of 12.8 MT per annum with a mix of brown-field and green-field expansion.

Upon completion of the latest round of expansion, Ultratech’s capacity will grow to 136.25 MT per annum, reinforcing its position as the third-largest cement company in the world, outside of China. “The additional capacity will be created in the fast-growing markets of the eastern, central and northern regions,” the company said.

This expansion includes the existing approval for cement plant at Pali in Rajasthan, in addition to the existing 6.7 MT per annum capacity expansion currently underway in UP, Odisha, Bihar and Bengal. The expansion will get commissioned by FY22, in a phased manner, the company added.

“The capital outlay, given the current economic backdrop, is a marker of UltraTech’s ascent from being the country’s No.1 cement player to a national champion,” Aditya Birla Group Chairman Kumar Mangalam Birla was quoted as saying in the statement. The cement industry has been witnessing healthy volumes after the relaxation in lockdowns, on the back of the government’s thrust on infrastructure, underlying demand from the rural economy and individual home builders, he added.

“Given our pan-India presence which will be further strengthened by the capacity expansion, we will be well positioned to support the rising demand for cement in the country,” Birla said. Commercial production from the new capacities is expected to go on stream in a phased manner by the final quarter of FY23, Birla said, adding that the capacity addition will not impact the ongoing deleveraging programme to make UltraTech debt free by the time the expansion programme is completed.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Partnership with Ambuja Neotia Group to help expand presence in East India: Indian Hotels

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Hotels has announced an expansion in the east with the signing of 3 Taj hotels – two in Kolkata and one in Patna – in partnership with Ambuja Neotia Group. CNBC-TV18’s Yash Jain spoke with the IHCL MD and CEO – Puneet Chhatwal to understand the deal.

“Expanding our presence in the capital cities of the eastern part of India is very important,” he said in the interview, adding, “Thankful to Ambuja Neotia to give us an opportunity to also bring Taj to a city like Patna.”

Watch the video for more

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Renault to offer discounts to differently-abled customers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Automaker Renault India on Thursday said it will be offering concessional GST rate of 18 per cent and internal corporate discounts to its differently-abled customers.

The company will be offering the concessional GST rate of 18 per cent as directed by the Ministry of Finance and Ministry of Heavy Industries, Renault India said in a statement.

The French carmaker will further enhance the benefits by offering additional special segment discounts through all its dealer network in the country, it added. While the corporate discounts will be offered on all models, the GST waiver will be offered to the specially-abled customers on all sub four-metre petrol vehicles, with an engine capacity of less than 1,200 cc, the company said.

The customers will be offered the waiver and additional discounts upon the successful processing of the necessary documentation, it added.

“The specially-abled members of our society are important contributors and also valued customers for the fortitude that they exhibit in their daily lives. “We at Renault India have taken the onus of commemorating their attitude and positivity, by offering them our products with the GST waiver as well as additional special segment discounts, in order to make our cars even more accessible,” Renault India Head – Sales and Network, Sudhir Malhotra said. Under the scheme, customers will be eligible for a maximum discount of Rs 30,000 on the Duster, while on Kwid and Triber the cash discount will be Rs 9,000, the company said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Big Deal: Here’s how COVID-19 has changed investment patterns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the time of COVID pandemic, a big shift, which is evident in the investment pattern, is the clamour for sustainable value creation and investments.

Prominence of ESG or economic, social and corporate government standards and impact based funding is driving the companies to step back and restrategise in this direction.

What does this shift mean and more importantly is it here to stay?

Amit Chandra, Chairman and MD-India of Bain Capital, Vineet Rai, founder and Chairman of Aavishkaar Group, and Vikram Gandhi, founder of Asha Impact, and Senior Advisor at CPPIB, decode sustainable investing with ESG and impact funding and how companies are gearing up for it in a CNBC-TV18 special Big Deal.

For entire discussion watch video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ambuja Cements, ACC to invest Rs 780 crore to reduce carbon dioxide emissions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ambuja Cements and ACC, both owned by Swiss group LafargeHolcim, on Thursday said they will make investments worth over Rs 780 crore at their plants to reduce carbon dioxide emissions. The companies would be investing in green power generation that will help reduce the carbon footprint, according to a joint statement.

Both companies will jointly set up Waste Heat Recovery System (WHRS) based power plants at their six cement plants across India.All projects are slated to be completed in the next 16 to 18 months. “Six cement plants at both Ambuja Cement and ACC will invest over Rs 780 crore in green power generation, which will lead to a significant reduction of 5.61 lakh tons of carbon footprint annually. This is a major step in our journey towards the reduction of carbon intensity,” Neeraj Akhoury, who is India CEO of LafargeHolcim as well as MD & CEO of Ambuja Cement, said.

The development comes close on the heels of parent company LafargeHolcim signing the Net Zero Pledge with 2030 science-based targets during the Climate Week held in September 2020, as per the statement. “Both companies set up their first WHRS in 2013-14 — at Rabriyawas (Ambuja Cement) and Gagal (ACC) — thus displaying their commitment towards green energy while marking an important step in energy conservation in the Indian cement industry,” the statement said.

WHRS helps in reducing carbon dioxide emissions. It traps the enormous heat generated during the cement manufacturing process to generate electricity as a sustainable solution. “Our Sustainable Development vision is built around strategic drivers that have shaped our growth and evolution. set up these six WHRS, we have moved one step closer to realising our sustainability goals — reducing usage of fossil fuel and thus reducing our carbon footprint,” Akhoury said.

In addition, Ambuja and ACC have adopted the use of solar power in their cement manufacturing process. Together, the two companies have an operational solar portfolio of 45.2 MW and wind operating assets of 26.5 MW.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vodafone tax dispute case: Law Ministry in favour of challenging PCA court verdict

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government is likely to challenge the arbitration award announced by the Permanent Court of Arbitration (PCA) in Hague, in the Vodafone tax dispute case. Sources told CNBC-TV18 that the Law Ministry is in favour of the Government of India challenging the Rs 20,000 crore tax dispute in the Singapore High Court.

“The law secretary has informed the Finance Ministry that Solicitor General Tushar Mehta is in favour of challenging the arbitration award. Hence, the law ministry has sought that the Union of India must challenge the award and file proceedings to protect interests,” sources told CNBC-TV18.

However, the Finance Ministry is yet to take a decision on the matter as North Block has referred the issue to an Inter-Ministerial Group (IMG), which includes stakeholders from the Revenue Department, Central Board of Direct Taxes, Department of Economic Affairs, Ministry of External Affairs, Law Ministry etc.

PM Narendra Modi reviewed the matter in a meeting recently, but no decision was taken, sources said. The IMG is likely to meet again and discuss the matter based on inputs by PM Modi.

“The IMG is expected to meet soon to make a final decision as PM Modi has reviewed the issue,” sources said. The Centre has time until December to file a response in in the Vodafone retrospective tax dispute case.

The Centre has to take a calibrated approach on the matter given that any future action could not send a negative or positive signal to investors, while another view is the government should reaffirm India’s right to tax.

The government would weighing its options as any decision could have a bearing on 15 other tax disputes, including the arbitration initiated against the levy of Rs 10,247 crore retrospective tax on UK’s Cairn Energy Plc. An international arbitral tribunal is expected to give a decree on the matter in the next few days.

The Vodafone tax case pertains to a 2012 dispute when late Finance Minister Pranab Mukherjee amended income tax rules. This was reportedly done to nullify a Supreme Court ruling in favour of Vodafone. Under the amended rules, Vodafone had to pay Rs 20,000 crore in retrospective taxes, including penalties. The Centre had then said the tax liability arose because Vodafone failed to withhold capital gains tax after the $11.2 billion Vodafone-Hutchison Essar deal back in 2007.

In September 2020, the Government of India lost the tax arbitration case against Vodafone at the Permanent Court of Arbitration in Hague. The court ruled seeking Rs 22,100 crore in taxes from Vodafone using retrospective legislation, was in breach of the “guarantee of fair and equitable treatment” guaranteed under the bilateral investment protection pact between India and The Netherlands.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

UPL sets terget of 10-12% growth a year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jai Shroff, Global CEO of UPL, in an interview with CNBC-TV18, said the company is by far the largest player in agriculture solutions and technology in the country and will continue to grow at 10-12 percent a year.

“We have to grow $500 million a year in revenues,” he said.

“We have created a network of partnerships in India around the world to continue to supply us products so we can continue to grow.”

“We were a bit anxious during the pandemic like all other corporates and we had raised a series of capital debt in the international market.”

“Agriculture sector has been one of the best performing sectors during this time and we are quite confident that the prospects for our industry are good.”

UPL is sitting on Rs 10,000 crore of cash on the balancesheet. “We are quite comfortable with the situation. We believe that the world is going to normalise very soon. So we are retiring some debt which was overhang on the balancesheet. We have committed to the market through our investor community that we will deleverage the balancesheet ongoing and we have committed that we will do more than half a billion dollars of debt reduction this year,” he mentioned.

“The business is growing well and we belive that our debt reduction programme will continue smoothly,” he said.

For entire discussion, watch video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow