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Posted On:
15-06-2024

Rajasthan govt begins recalling some batches of MDH and Everest spices

India's western state of Rajasthan has started recalling some batches of popular MDH and Everest spices, which were found to be unsafe for consumption, a top official said, the latest in growing domestic and global scrutiny of the brands. Rajasthan told the federal government in a letter it found a batch of Everest's cumin powder and a batch each of two MDH spice blends unsafe after tests, Reuters reported on Thursday.Those batches are now being recalled, senior state health official Shubhra Singh said. The action is the most stringent move from an Indian authority after Hong Kong in April suspended sales of three spice blends produced by MDH and one by Everest, saying they contained high levels of a cancer-causing pesticide ethylene oxide, triggering scrutiny by regulators globally. MDH and Everest, whose spices are among the most popular in India and are also sold in Europe, Asia and North America, have said their products are safe for consumption.
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Posted On:
15-06-2024

State-owned PFC signs agreement with CVPPPL for Rs 1,870 crore term loan

State-owned PFC on Friday said it has signed an agreement with the Chenab Valley Power Project Private Limited (CVPPPL) to extend a term loan of Rs 1,869.265 crore. The CVPPPL is a 51:49 per cent Joint Venture of NHPC LTD and Jammu And Kashmir State Power Development Corporation Limited (JKSPDC), Power Finance Corporation (PFC) said in a statement.PFC signed an agreement with CVPPPL for Rs 1,869.265 crore term loan, it added. With this agreement, the financial closure for Kiru HEP (hydroelectric project) for Rs 3,738.53 crore has been achieved, PFC said.As per the agreement, the loan will be used to develop and construct the greenfield Kiru Hydro Electric Project (4x156 MW) on the river Chenab in the Kishtwar District of Jammu & Kashmir. PFC, under the Ministry of Power, is the largest non-banking financial company (NBFC). (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Posted On:
15-06-2024

Hyundai Motor India plans to roll out nearly Rs 25,000 crore IPO

Hyundai Motor India Limited (HMIL) is planning to dilute about its 17.5 per cent stake through an initial public offering (IPO) in a bid to raise to $3 billion (around Rs 25,000 crore), said people privy to the development on Friday. India is the first market, besides South Korea, where any arm of the automaker is getting listed. If successful, its IPO proceeds will surpass Life Insurance Corporation’s (LIC’s) Rs 21,000 crore share sale, setting a new Indian record.This event would also be a significant milestone for the Indian automotive sector, as it shall be the first IPO by a car manufacturer since Maruti Suzuki’s listing in 2003. HMIL, the second-largest carmaker in India after Maruti Suzuki, according to the sources, plans to sell approximately 140 million of its total 800 million shares. HMIL did not respond to Business Standard’s request for a statement on this matter.Investment banks Citi, HSBC Securities, JPMorgan, Kotak Mahindra Capital, and Morgan Stanley, it has been learnt, are advising on the transaction, with Shardul Amarchand Mangaldas serving as the company’s legal counsel.
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Posted On:
17-06-2024

CITU opposes govt's move to lower penal charges on defaulting employers

The Centre of Indian Trade Unions (CITU) has opposed the central government's move to lower the penal charges on employers who default on depositing the provident fund, pension, and insurance contributions of their employees with the Employees Provident Fund Organisation (EPFO). “This has been done apparently in the name of promoting ease of doing business at the cost of ease of living of our working people who have already been losing their hard-earned wages,” said CITU in a statement.Earlier on Saturday, the ministry of labour and employment issued a notification that significantly lowered the penal charges applicable on employers and made them uniformly applicable irrespective of the duration of default.If an employer makes any default in the payment of an employee's contribution to the Employees Provident Fund, 1952; Employees Deposit Linked Insurance Scheme, 1976 or Employee Provident Scheme, 1995, the retirement fund body used to recover the same money from the employer by levying penalty damages at different rates for different durations of default periods.
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Posted On:
17-06-2024

Zomato in talks to acquire Paytm's movie, events biz for Rs 2,000 crore

Food delivery major Zomato is in advanced talks to acquire fintech player Paytm’s movie and event ticketing business, a potential deal that is pegged in the range of Rs 1,600 crore-2,000 crore, sources said. The talks are taking place at a time when Paytm is focusing on its payments and financial services business.Once finalised, this will be the food delivery major’s second biggest purchase since acquiring Blinkit in 2022 for $569 million in an all-stock deal. Sources said that Paytm is currently merging its movies business and the insider vertical into a single team. Attempts to connect with Paytm and Zomato were not successful till the time of the press. In a recent regulatory filing, food delivery aggregator Zomato had said that it will be investing Rs 100 crore in its entertainment business, which is into live events and ticketing.
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