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NEWS

Posted On:
20-09-2024

Global investor consortium lines up Rs 2,100 crore investment in SP Group

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over Rs 2,100 crore from a consortium of global investors led by Deutsche Bank, according to sources. The global investors are existing investors in the group's investment company Goswami Infratech, which is also one of the promoter companies of Afcons Infrastructure that is scheduled for Rs 7,000 crore IPO early next month. The group has also sought an extension of payments on non-convertible debentures of up to Rs 2,100 crore, which are due in September, till December this year. This development comes on the back of the SP Group lining up near-term repayments of nearly Rs 8,000 crore through identified liquidity events, including proceeds from the upcoming IPO Afcons Infrastructure and from the sale ports assets, a person aware of the development said. "A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company," the person added. The consortium will be investing over Rs 2,100 crore in the first phase in the SP Group as a pure investment in debentures, the person said.
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Posted On:
20-09-2024

Not condolences, real change needed: Harsh Goenka on EY employee death

Real change, and not condolences, is what is needed and India Inc must take steps, including setting clear work-life 'boundaries' and holding leaders responsible for toxic work environments, to foster a healthier workplace culture, RPG Enterprises Chairman Harsh Goenka said on Thursday. Reacting to the death of a 26-year-old chartered accountant, who worked with Ernst & Young, allegedly due to extreme work pressure at the firm, Goenka listed six actions, in a post on X, for India Inc to take urgently "following Anna Sebastian Perayil's of EYs tragic death to foster a healthier workplace culture". He called for implementation of mental health programmes, manageable workloads, and wellness initiatives to prioritise well-being, while also recommending support to new hires by offering mentorship to help employees adjust to new roles and environments. Asking corporates to tackle burnout, Goenka called them to "end the glorification of overwork; reward efficiency, not long hours".
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Posted On:
21-09-2024

Oberoi Hotels to open its first hotel in London by 2028, plans to set up new subsidiary in UK

Oberoi Hotels’ parent company EIH has announced its plans to establish a presence in London, UK, with a new Oberoi Hotel by March 2028. The company plans to incorporate a new entity in the UK with an authorised share capital of £30m ($39.63m), with EIH and its subsidiaries holding a 51 percent stake. Last August, Reliance Industries (RIL), which holds an 18 percent stake in EIH, announced a joint venture with Oberoi to manage three properties, including one in the UK. Oberoi’s UK entry assumes significance for Indian hospitality brands in London, where the Taj Group currently operates two hotels. India-based Hinduja Group has also ventured into London’s luxury hotel market by transforming Winston Churchill’s former Old War Office.
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Posted On:
21-09-2024

Reserve Bank lifts ban on IIFL Finance’s gold loan business ahead of festive season

“RBI, through its communication dated September 19, 2024, has lifted the restrictions imposed on the gold loan business of the company. The RBI’s decision is effective immediately,” IIFL Finance said in a stock exchange filing. The private sector non-banking financial company (NBFC) said that the RBI's decision is effective immediately and allows it to resume providing gold loans, according to the regulatory filing. The Reserve Bank had imposed the restrictions on the company's unit on March 4, prohibiting the NBFC from “sanctioning, disbursing, or assigning/securitising/selling any of its gold loans”. IIFL came under regulatory scrutiny amid a crackdown on financial firms. RBI had instructed it to halt new gold-backed lending due to “material supervisory concerns”. Over the past months, IIFL took corrective actions to address the issues raised by the regulator.
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Posted On:
21-09-2024

Wipro’s latest mandate for its employees: Come to office three days a week or risk losing...

Wipro has reportedly introduced a new policy requiring employees to attend the office at least three days a week or risk losing their leave for any missed days. The IT giant has tied office attendance directly to leave management in a move to ensure compliance with its return-to-office mandate.
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