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Posted On:
26-08-2024

RCap lenders raise concerns over Rs 7.3k cr debt term sheet offered by IIHL

Lenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said. This makes the drawdown of funds needed to settle payments to the debtors of RCAP for the resolution plan virtually impossible, sources said. Message to IIHL seeking comments on the issue did not elicit any response till the filing of the story. Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements. The CoC has requested that IIHL should also provide these definitive documents for review, they said.
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Posted On:
26-08-2024

No irregularity in govt clearing sale of 3,666 acres to JSW Steel: K'taka

Karnataka Large and Medium Industries Minister M B Patil on Sunday asserted that there is no irregularity in the state government's decision to execute the sale deed of 3,666 acres of land in Ballari district to Jindal Steel. He emphasised that the Cabinet has decided to implement the order issued on May 6, 2021, during the B S Yediyurappa-led BJP government, following a High Court directive on March 12, 2024. Karnataka Cabinet on Thursday gave its approval for executing an absolute sale deed for 2,000.58 acres of land at Kurekuppa and Toranagallu villages in Sandur taluk, and 1,666.73 acres of land at Toranagallu, Musinayakanahalli and Yerabanahalli, in favour of JSW Steel. JSW Steel will get 2,000.58 acres at Rs 1.22 lakh per acre and 1,666.73 acres at Rs 1.50 lakh per acre. Patil dismissed Deputy Leader of the Opposition in the Legislative Assembly Aravind Bellad's accusation of an "internal agreement", in the matter as baseless.
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Posted On:
27-08-2024

Medi Assist to fully acquire Paramount Health in a deal worth Rs 400 cr

Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, on Monday said it will fully acquire Paramount Health Services & Insurance TPA in a deal valued at over Rs 400 crore. Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked a pact with Fairfax Asia and Nayan Shah & family to acquire Mumbai-based Paramount Health Services & Insurance TPA. Paramount is a prominent player in the TPA space, owned by Fairfax Asia and the Shah family. With the acquisition of Paramount TPA, Medi Assist TPA's market share will grow to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry, by premiums managed, the company said. The deal was concluded at an enterprise value of about Rs 311 crore, and around Rs 110 crore of cash equivalents will be paid as part of the acquisition, it added. The acquisition represents one of the largest TPA deals in India, subject to regulatory (Irdai) approvals, it added.
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Posted On:
27-08-2024

Tata Group to give jobs to 4,000 women from U'khand at TN, Karnataka plants

Tata Group will give jobs to 4,000 women from Uttarakhand at its plants in Tamil Nadu and Karnataka. Its Chief Human Resource Officer Ranjan Bandopadhyay has written a letter to this effect to the state planning department, an official release said here on Monday. The recruitment process will begin soon, it said. Tata Electronics Pvt Ltd will appoint 4,000 women candidates from Uttarakhand at its plants in Hosur in Tamil Nadu and Kolar in Karnataka under the NPS and NATS programmes, the release said. Those who have cleared class 10 or 12 examinations are eligible for NPS programmes, while for NATS an ITI diploma is necessary in addition to these, it said. After selection, they will be appointed as shop floor technicians. Apart from a fixed salary, they will also get accommodation, food, transportation and other facilities, it said.
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Posted On:
27-08-2024

Industrials, energy conglomerates see double-digit churn in human capital

As some of India's big conglomerates in the industrial and energy space see brisk business, they are also witnessing high employee turnover rates, and in double digits, data for FY24 shows. Flagship entities of conglomerates such as Adani, Vedanta, Aditya Birla Group, and Larsen & Toubro (L&T) all have reported a double-digit employee turnover rate for their permanent employee strength in FY24. Some of these companies are introducing new measures including better increments, EV car schemes, ESOPs, amongst other to reduce attrition. Adani Enterprises, the flagship entity for coal to airports of the Adani group, for instance, reported an employee turnover
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