- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Thursday, August 3, 2023:
Ambuja Cements, India’s second-largest cement manufacturer, on Thursday revealed its plan to purchase Gujarat-based Sanghi Industries (SIL). The Adani Group-owned cement company will buy 56.74 percent of SIL shares from its promoters, Ravi Sanghi and family, at Rs 114.22 (£1.08) per share, valuing SIL at Rs 5,000 crore (£474.7 million). The acquisition, fully financed through internal funds, marks Ambuja Cements’s strategic growth advancement. Gautam Adani, Adani Group chairman, stated that partnering with SIL will expand market presence, fortify the product range, and consolidate leadership in construction materials. This marks the Adani Group’s third major cement sector acquisition, following the 2022 purchases of Ambuja and ACC Cements.
The Delhi high court on Thursday ruled that scheduled maintenance should not encompass aircraft flying, and it instructed Go First airline, facing a crisis, to discontinue maintenance flights. The court stated that the resolution professional (RP) overseeing the airline’s insolvency process failed to demonstrate urgency or imminent danger to compel sudden, unnotified flights. Justice Tara Vitasta Ganju, who had on July 28 directed that status quo be maintained in respect of handling/non-revenue flights of the petitioner lessors’ aircraft till August 3, extended the interim order till further orders. The high court termed as “misconceived” the contention of the RP that 2 of the 10 aircraft have been flown by Go Airlines as these were handling flights forming part of the scheduled maintenance activity for an aircraft.
Mahindra Electric Automobile Ltd (MEAL), a subsidiary of India’s Mahindra & Mahindra, will receive an investment worth Rs 1,200 crore (114 million) from Jongsong Investments Pte Ltd, a unit of Singapore-based Temasek. Temasek will invest the amount as Compulsorily Convertible Preference Shares (CCPS), raising its stake in MEAL to 2.97 per cent stake, The Hindu businessline reported. Temasek, which is a global investment firm valued at $287 billion, will also join British International Investments (BII) as an investor in MEAL, whose evaluation will now rise 15 per cent to Rs 80,580 crore (£7.6 billion) from Rs 70,070 crore (£6.6 billion). “Globally known for their strong governance, Temasek’s investment is a step forward, as we execute our strategy towards future leadership in electric SUVs,” Dr Anish Shah, MD & CEO, Mahindra & Mahindra Ltd, was quoted as saying.
A report by S&P Global titled ‘Look Forward: India’s Moment’ has said that while the world is going through a period of uncertainty which is unprecedented, India can capitalise on the challenge, a report by Moneycontrol said. It also added that the path to achieve high, stable and inclusive growth will need visionary decision-making by the South Asian nation in important sectors such as manufacturing and labour. The data, research and analytics firm predicts India to grow at over six per cent a year on an average of eight years starting 2023-24, retaining the tag of being the fastest-growing economy globally. It also sees per capita GDP going up to about $4,500 (£3,540).
The Indian finance ministry has cautioned that the recent jump in food inflation warrants that both the government and the Reserve Bank of India takes a “guarded approach”, Moneycontrol reported. In its Monthly Economic Review report released on Thursday, the ministry said a rise in prices of fruits, vegetables and pulses and products due to weather-related disruptions increased CPI-Food inflation from three per cent in May to 4.5 per cent in June, underscoring the need for a guarded approach by the central bank and the government. Data unveiled last week showed India’s headline retail inflation rate snapping a four-month streak in June and rising to nearly five per cent from 4.31 per cent in May on the back of a sharp rise in food inflation to 4.49 per cent from nearly three per cent.
(With agencies inputs)
