Uday Kotak is set to remain the Chairman of IL&FS for one more year as the Centre has extended his tenure on the group’s board till October 2, 2021.
The restructured board with the Kotak Mahindra Bank’s MD as the Chairman was formed in October 2018 and was mandated to complete the resolution of the IL&FS and its group companies, which have a debt of over Rs 90,000 crore, through a fair and transparent process.
Resolution of the group companies is underway and the group expects to address debt of about Rs 57,240 crore out of the total debt of over Rs 99,000 crore. The revised estimate is well above the 50 per cent mark of the overall debt.
The aggregate value of debt being addressed is now estimated at over Rs 57,000 crore, with around Rs 50,500 crore likely to be addressed by March 2021, IL&FS had said in July.
IL&FS has, till June 30, 2020, addressed debt of Rs 17,640 crore from a combination of completed asset sales, debt repayment to green entities, debt discharged in non-green entities and available cash balance across the group.
Earlier this month, the IL&FS Group completed sale of its 73.69 per cent stake in the education business, held under Schoolnet India Limited (SIL), to Falafal Technologies Private Limited.
The sale was completed pursuant to the approval granted by the National Company Law Tribunal (NCLT) Principal Bench through an order dated August 31, 2020. The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund based and non-fund based financial debt, without any haircut to the lenders.
No political will to restart Goa mining: Labour body
Panaji, Oct 14 (IANS) The Goa Mining People’s Front (GMPF), a collective body of workers and truck and barge operators dependent on the now-banned iron ore mining industry, on Wednesday said that lack of political will to restart mining in the state had led to continuous distress among the unemployed workforce and allied businesses hit by non-resumption of the sector.
“We are told by Chief Minister Pramod Sawant every time that mining would start within three months. It’s been more than 30 months of hard times that the people dependent on mining have been facing since the mining closure in March 2018,” GMPF President Puti Gaonkar told reporters at a press conference in Panaji on Wednesday.
“We are given to understand that the BJP-led governments at the state and the Centre want to resume mining in Goa. It is lack of political will by the state and central governments to arrive at a firm decision for resumption of mining in Goa,” Gaonkar said.
This statement by Gaonkar comes a day after the Supreme Court on Tuesday allowed transportation of already extracted iron ore, for which royalty has been paid, from mining leases to loading points while disposing off a petition filed by a mining company. Chief Minister Pramod Sawant said the SC order will allow the lifting of nearly four million tons of royalty-paid iron ore and restart the mining sector to some extent.
But Gaonkar on Wednesday said the ban on the mining industry which apart from transportation of iron ore also comprises another key labour-intensive activity, the extraction of iron ore, was causing distress to people dependent on the sector for livelihood.
“Our livelihood cannot wait endlessly as our savings are reduced and even the basic amenities to our family, including children’s education, have become a burden… If mining in Goa is not resumed by the coming season (November to May), there will be serious problems for the people dependent on mining,” Gaonkar added.
Mining was also banned by the apex court in 2012 following the unearthing of a Rs 35,000-crore scam by a judicial commission appointed by the Central government. But it was resumed in 2015 with restrictions before it was banned again in 2018.
When the mining industry was at its peak, mining extraction, trade and export accounted for 30 per cent of the state’s Gross Domestic Product (GDP).
Need urgent resolution of major issues for 5G rollout: TAIPA
New Delhi, Oct 15 (IANS) The Tower & Infrastructure Providers Association(TAIPA) has said that the government should resolve important issues concerning the telecom sector before the rollout of 5G connectivity in the country.
In a statement, the industry body urged the government to solve the issues regarding right of way (RoW), lack of uniform charges, unavailability of online portal and multi-body approvals.
T.R. Dua, Director-General, TAIPA said: “Telecom being a capital-intensive business, needs huge investment in development of robust communication infrastructure to be able to provide services based on new upcoming technologies.”
According to TAIPA, the immediate enhancement of the scope of telecom infrastructure providers under the existing registration framework will also expedite the creation of robust telecom infrastructure and to fulfill the agenda of ‘Digital India’.
The statement noted that the Covid-19 pandemic has brought to the forefront the critical role of telecom infrastructure in keeping economies functioning and connected.
The load on local mobile networks is immense in developing countries such as India. Moreover, the digitization accelerated by Covid-19 in all likelihood, permanently changed people’s lifestyles, even after normalcy is restored, it said.
“This would translate to the need for more in-fill capacity in dense, urban areas and further strengthening of the infrastructure to meet the shift in mobile & internet usage from industrial to residential,” it said.
Kunal Bahl, Suhail Nathani appointed independent directors of Piramal Enterprises
Mumbai, Oct 15 (IANS) Piramal Enterprises Limited has announced the appointment of Kunal Bahl, CEO, Snapdeal and Suhail Nathani, Managing Partner, Economic Law Practice, as Independent Directors to its Board.
The appointment comes into effect from October 14, the company said in a statement on Thursday.
They would hold office as Independent Directors of the company for a five-year term, subject to the approval of the shareholders.
Kunal Bahl, the CEO and Co-Founder of e-commerce player Snapdeal, is also an active angel investor having invested in over 120 technology companies in India, the US and South East Asia, across consumer internet, fintech, direct to consumer brands, AI and deep-tech.
He has also been serving on the Board of Governors of ICRIER, a Delhi-based economic think-tank since 2015 and is a member of the Nasscom Executive Committee since 2019 and the current Chairman of the CII National E-commerce Committee.
Suhail Nathani, Managing Partner, Economic Law Practice (ELP), has expertise across merger and acquisition, regulatory, trade and competition laws. He has successfully represented India in WTO disputes before the Panel and Appellate Body in Geneva and was also part of the Competition Commission of India’s Working Group on Competition Policy, Advocacy and Advisory Functions, the statement said.
JLR India launches new Defender SUV
Mumbai, Oct 15 (IANS) Tata Motors-owned Jaguar Land Rover (JLR) India on Thursday launched the New Land Rover Defender in India.
The new vehicle is available in two distinct body styles, the 90 (3 door) and the 110 (5 door).
According to the company, the New Defender 90 is priced from Rs 73.98 lakh and the New Defender 110 is priced from Rs 79.94 lakh (ex-showroom India).
It is offered with a 2.0 l (litre) ‘Turbocharged four-cylinder petrol engine’, producing 221 kW (300 PS) and 400 Nm of torque.
At present, Jaguar Land Rover vehicles are available in India in 24 cities.
IT, telecom stocks drag Sensex 560 points down (Ld)
Mumbai, Oct 15 (IANS) Indian stock market plunged on Thursday due to heavy selling pressure on IT and telecom stocks.
The BSE Sensex was trading over 500 points lower during the afternoon trade.
Along with weak cues from the global markets on the back of the fading hopes of further stimulus in the US, profit booking also pulled the IT stocks lower.
Around 1.39 p.m., Sensex was at 40,233.54, lower by 561.20 points or 1.38 per cent from the previous close of 40,794.74.
It opened at the day’s high of 41,048.05 and a low of 40,297.34 points.
The Nifty50 on the National Stock Exchange was at 11,818.90, lower by 152.15 points or 1.27 per cent from its previous close.
Hyundai exports over 2L ‘Made in India’ compact SUV Creta
New Delhi, Oct 15 (IANS) Bolstering the Centre’s ‘Make in India’ drive, automobile major Hyundai Motor India (HMIL) on Thursday said it has exported over two lakh units of ‘Made-in-India’ compact SUV Creta.
“The magnanimous 2,00,000 export milestone achieved by the Creta is a testimony of Hyundai’s undeterred focus and commitment to ‘Make in India, Made for the world’,” said S.S. Kim, MD and CEO, Hyundai Motor India.
“Hyundai’s state-of-the-art plant in Tamil Nadu manufactures global quality products in both domestic and international markets further providing our customers with quality time to lead a happy life.”
The compact SUV was launched in 2015.
In CY 2019, Hyundai Motor India exported 1,81,200 units with 792 customised variants according to country specific preference and demand.
The company had an export share of 26 per cent during CY2019 in passenger car exports from India.
Besides, Hyundai has also surpassed the three million vehicle export milestone earlier in 2020, exporting cars to 88 countries.
At present, the company is exporting 10 models namely — Atos (Santro), Grand i10, Xcent, Grand i10 (Nios) and Grand i10 (Aura), Elite i20, i20 Active, Accent (Verna), Venue and all new Creta.