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07-Nov2016

Tata Motors, RIL and GMR Infra to see some action today

A group of foreign institutional investors (FIIs) that together own more than 10% of Tata Motors has written to the board expressing concerns over Tata Sons having access to strategic information about Tata Motors.

The boards of Dalmia Bharat and OCL India have decided to merge the two entities, a move that will create the fourth largest cement maker in the country with an installed capacity of 25 million tonnes per annum and annual revenues of about Rs 10,000 crore.

The government has slapped a $1.55 billion fine on Reliance Industries (RIL) and its partners BP and Niko for extracting natural gas that came under the state-owned ONGC in the KG basin over the past seven years. As much as 11.122 billion cubic meters of gas worth Rs 11,000 crore at present, had migrated from its Godavari-PML and KG-DWN-98/2 blocks to adjoining KG-D6 of RIL between April 1, 2009 and March 31, 2015. This has emptied the ONGC's reservoirs. The Oil ministry has issued a notice to all the three partners seeking compensation and asked them to respond in 30 days.

GMR Infrastructure's (GIL) subsidiary - GMR Energy (GEL), has allotted its 30% stake to Tenaga Nasional Berhad, Malaysia (TNB) for a cash consideration of $300 million, implying an equity value of $1 billion (approximately Rs 6,665 crore). Earlier, GEL and TNB had announced this strategic partnership in May 2016 and the allotment of shares marks the completion of this landmark transaction in the Power sector. Through this investment, GMR Infrastructure continues to reduce its corporate debt on an ongoing basis thus strengthening its balance sheet, attract foreign capital (both equity and debt), and demonstrate the strength of its underlying businesses and its attractiveness to various stakeholders.

Gati, a pioneer in Express Distribution and supply chain solutions, has invested in BrownTape, a cloud-based software solutions company which helps online merchants manage their orders for multiple e-commerce marketplaces. The relationship with BrownTape will form an important part of the company's long-term growth strategy. The alliance will work on the vision of simplifying eCommerce for all levels (small, medium, and large) of online sellers. The company will utilize the BrownTape Platform to develop a unique single-window solution to customers by integrating its established pan-India logistics network and BrownTape's multi-channel order management platform.

Cairn Energy has written to Prime Minister Narendra Modi reminding him that resolution to the Rs 29,047 crore retrospective tax demand it faces is still pending. Cairn Energy has also written a similar letter to Finance Minister Arun Jaitley. Cairn Energy has initiated arbitration under the India-UK bilateral investment protection treaty but India is seeking to put on hold the proceedings and instead wants a parallel arbitration initiated by Vedanta Resources to be taken up first.

Aditya Birla Fashion and Retail (ABFRL), formerly known as Pantaloons Fashion, has entered into tie-up with Ted Baker to bring UK fashion brand to the country. The London-based fashion brand currently operates more than 500 stores in Europe, the US, Canada, Australia, Asia, South Africa and the Middle East. In May 2015, Aditya Birla Group had merged its units Madura Fashion division, Pantaloons Fashion & Retail and Madura Garments Lifestyle Retail to create Aditya Birla Fashion and Retail.






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