United Spirits Ltd. (USL), the Indian arm of London-based Diageo, is initiating a strategic review of investment in its wholly owned subsidiary, Royal Challengers Sports Pvt. Ltd. (RCSPL), the company that owns the Royal Challengers Bengaluru (RCB), the firm said in a regulatory filing on Wednesday. Praveen Someshwar, Managing Director & CEO, USL said: “RCSPL has … Read more
The Company, has approved selling it’s low voltage motors and geared motors businesses (forming part of the Digital Industries business) to Siemens Large Drives India Private Limited, (a subsidiary of Innomotics GmbH, which in turn is a subsidiary of Siemens AG), as a going concern on a slump sale basis, with effect from 1st October, … Read more
Vedanta has approved the sale of it’s international Zinc assets in South Africa and Namibia to it’s subsidiary Hindustan Zinc (HZL). The transaction is valued at $2.98 bn (approx Rs 25,000 cr) It’s an all-cash deal, which would be completed in a phased manner over 18 months Valuations are estimated at 14.9x FY 24 EV/EBITDA. … Read more
The Union Cabinet Wednesday empowered the boards of public sector enterprises (PSEs) to recommend and undertake disinvestment or closure of the parent’s subsidiaries, units and stakes in joint ventures. The move is expected to give PSEs more power and autonomy to decide on disinvestments of their own units, in line with the new PSE policy … Read more
The government has finalised disinvestment for state-owned helicopter service provider Pawan Hans Ltd, according to an official statement on Friday. An empowered cabinet group picked Star9 Mobility Private Ltd as winner for buying 51% stake in Pawan Hans. The asset sale plan will help bridge the budget gap and meet spending targets as the economy … Read more
In a final goodbye of sorts to Air India, finance minister Nirmala Sitharaman announced the allocation of Rs 51,000 crore towards clearing Air India’s dues to various banks. This assumes significance since after the sale of Air India to the Tata group, almost Rs 46,000 crore of the airline’s Rs 61,000 crore debt was supposed … Read more
A special purpose vehicle (SPV) in the form of a company would be set up to hold these assets which would be monetised to fetch value to the exchequer The Finance Ministry will soon move the Cabinet to seek approval for setting up a company for transfer and subsequent monetisation of land and non-core assets … Read more