Terming reports on the impact of COVID-19 on the group as "malicious" and intending to undermine the performance of the Tata group and discredit the Chairman Emeritus Ratan N Tata, he said the group is well poised to capture new opportunities. "We are focused on navigating the current situation and profitable growth," he said. "Tata Sons is in a strong financial position with adequate cash flows to support the group companies and new growth initiatives. Tata Sons is not looking to monetise its investments to raise capital." Companies across sectors have borne the brunt of the coronavirus pandemic and the nationwide lockdown imposed to curb its spread. Sectors most impacted include hospitality, auto, aviation and consumer goods. Tata Group is present in all of them. Tata Steel and JLR have suffered the most. Its flagship Tata Consultancy Services (TCS) too has not remained untouched by the impact of the pandemic. Since taking over as chairman of the group in February 2017, … [Read more...] about Tata Group not looking to monetise investments, has enough cash, says Chairman N Chandrasekaran
Strait capital investment group
smart factory for mobility solutions in Bidadi, Bengaluru. Built with an investment of 31 million euros, the plant features latest Industry 4.0 solutions and carbon-neutral technology, the company said in a release. “Bosch is taking a further step towards more efficient, more flexible, and sustainable manufacturing in India in order to boost competitiveness and meet rising demand in the local market,” said Volkmar Denner, chairman of the board of management of Robert Bosch GmbH. “The new Bidadi plant will further boost India’s strong role in the Bosch Group’s global network.” The company has invested in the new facility. Read also Bosch launches cordless power tools … [Read more...] about Bosch inaugurates Phase-II of Bidadi plant, invests 31 million euros
Market regulator Securities and Exchange Board of India has eased fundraising norms for corporates while they look at securing additional funding to deal with Covid19 disruption.The watchdog relaxed the condition of maintaining a gap of six months between two Qualified Institutional Placements to just two weeks. QIP is a way for listed companies to raise capital quickly since it has far fewer legal regulations to comply with, hence this route saves time for the issuers. In the last couple of months, financial institutions, and corporates have been scrambling to get more funds to navigate the Covid-19 crisis successfully. In May, private lender Kotak Mahindra Bank launched QIP to raise up to Rs 7,500 crore; Earlier this week investment banking firm JM Financial too raised Rs 770 crore through QIP route.The relaxation by the regulator means corporates or financial institutions wouldn’t have to wait for as long as six months to launch another QIP issuance; they can do it so after … [Read more...] about Will SEBI’s relaxation in QIP norms help CFOs raise more capital?
NEW DELHI: Indian Oil and Gail are still evaluating plans to invest in a Rs 6,000-crore liquefied natural gas (LNG) import terminal being developed by the Adani Group in Odisha. The plan was announced in 2016.According to a preliminary pact signed in September 2016, the Adani Group had agreed to give away half of equity stake in the LNG terminal to Indian Oil and Gail. The two state-run companies were to also book 3 million tonnes and 1.5 million tonnes a year of regasification capacity, respectively, in the 5-million-tonne terminal.The PSUs have gone ahead with their plans on regasification capacity but have yet to take a final call on their equity investments.“Gail and Indian Oil Corp are jointly carrying out techno-commercial and legal due-diligence studies,” Gail said in an emailed response to ET’s query on the status of planned investments in the LNG terminal. Indian Oil, too, said it was carrying out due diligence in the matter.It is unclear why the government … [Read more...] about Indian Oil Corp, Gail evaluating investing in Adani LNG terminal
MumbaiThe exercise, apart from restructuring the investment portfolio, will allow the trusts to raise funds to help build cancer hospitals and invest in research firms to develop nutritious foods for poorer people. Based on the closing prices on Wednesday, the stake sale could fetch the trusts about Rs 400 crore.A Tata Trusts spokesperson declined to comment on the matter. The trusts own marginal stakes in Tata Steel, Tata Motors, Tata Power, Tata Global Beverages and Tata Chemicals.Sir Dorabji Tata Trust, Lady Tata Memorial Trust and Sir Ratan Tata Trust raised Rs 1,010 crore on March 6 by selling their combined 6.64% stake in Indian Hotels Company, the operator of the Taj hotel chain, to Tata Sons.The equity interest of the three trusts in Indian Hotels has declined consistently as they stayed away from the company’s fundraising programmes such as rights issues and instead allowed the holding company to purchase the shares.Legal experts said the trusts cannot participate in … [Read more...] about Tata Trusts to exit listed group companies