Amid Mundra sale talks, SBI chief meets Gujarat CM
Amid buzz over proposed 51 per cent stake sale in the Mundra coal plants of Tata Power and Adani Power, the companies’ lead lender State Bank of India (SBI) chairperson Arundhati Bhattacharya met Gujarat chief minister Vijay Rupani. According to officials in the Gujarat energy department, the meeting was a step by the lender to convince the Gujarat government to buy stake in the two independent power producers’ (IPPs’) Mundra plants. Last month, both Tata Power, through its subsidiary Coastal Gujarat Power Limited, and Adani Power, had requested state utility Gujarat Urja Vikas Nigam Limited to consider options, including buying 51 per cent stake in the ailing thermal power plants. Thermal power plants of the two IPPs, along with others, became unviable when imported Indonesian coal prices rose due to change in rules in that country.
Officer’s Choice largest-selling whisky for 4th year
Officer's Choice from Allied Blenders and Distillers (ABD) remained the largest-selling whisky in the world for the fourth year, clocking 32.3 million nine-litre cases and also the world's second-largest spirits brand by volume. The brand is second to South Korea's Soju-Jinro, which has maintained the number one spot in volume, ABD said.
Grasim Industries to sell Grasim Bhiwani Textiles to Donear
Grasim Industries, flagship company of the Aditya Birla Group, on Monday said it has entered into a share-transfer agreement for the divestment of its 100 per cent holding in Grasim Bhiwani Textiles Limited to Donear group.
Mallya fails to appear before SC in contempt case
Embattled businessman Vijay Mallya, who was held guilty of contempt, on Monday failed to make an appearance before the Supreme Court despite being directed to do so. A Bench fixed the matter for hearing on Friday and sought the assistance of the solicitor-general.
Tata-Cyrus row: HC refuses to hear small shareholders’ suit
In a relief for the Tata group, the Bombay High Court on Monday overturned its order and ruled it can’t hear a suit filed by minority investors, on behalf of all non-promoter shareholders, seeking ~41,000 crore in damages.
Axis Bank to give GMR ~1,330 crore for making Goa airport
The GMR Group, which has bagged a contract to build a ~3,000-crore new international airport at Mopa in north Goa, on Monday secured funding worth ~1,330 crore from Axis Bank for developing the project.
ONGC Videsh to bid for Lebanese offshore blocks
Oil and Natural Gas Corporation's overseas arm ONGC Videsh Ltd will bid for offshore blocks in Lebanon's first oil and gas exploration and production licensing round, oil minister Dharmendra Pradhan said on Monday.
Sonal Dabral Ogilvy India’s group chief creative officer
Sonal Dabral, who resigned from chairman and chief creative officer of DDB Mudra Group last month, has moved to Ogilvy and Mather India. He has been appointed its group chief creative officer and vicechairman, a statement said on Monday.
Biocon to address French concerns in a quarter: Shaw
Biocon chairman and managing director Kiran Mazumdar-Shaw has said the firm would take remedial steps at its facility within a quarter and would ask the French regulator to inspect it again for good manufacturing practice. French National Agency for Medicines and Health Products Safety had conducted the site inspections.