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Cairn Energy to drop cases against India, accepts $1-billion offer

Cairn Energy Plc on Tuesday said it was ready to withdraw all cases it had slapped against the Indian government for enforcing a $1.2-billion arbitration award the company had won in December 2020. This is part of the settlement under recent legislation by Parliament. Also, Vedanta, which had bought Cairn Energy’s erstwhile subsidiary Cairn India in 2011, is likely to withdraw arbitration it had filed in Singapore seeking around Rs 5,000 crore as damages from the government. London Stock Exchangelisted Cairn Energy will enter into “statutory undertakings” with the government. This will enable a refund of retrospective taxes collected from it by way of asset seizures since 2014. It will get a refund totalling Rs 7,900 crore (approximately $1.06 billion) once it withdraws litigation and enters into an agreement with the government.

Videocon Industries case: NCLAT adjourns hearing till September 20

The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal's Twin Star Technologies. Through an interim order on July 19, the appellate tribunal had stayed the implementation of the resolution plan for Rs 2,962.02 crore-takeover of 13 Videocon group companies.

TVS Motor ties up with ETG Logistics for South Africa distribution

TVS Motor Company, India’s third largest two-wheeler manufacturer, on Tuesday announced their new distribution partnership with ETG Logistics (ETGL) in South Africa. “We are delighted to partner with the reputed global conglomerate, ETGL, to expand our presence in South Africa. ETGL comes with rich experience, deep understanding and vast knowledge of the market. South Africa is an important market for us, and ETGL’s extensive distribution network, along with our shared ethos and values, makes them the ideal strategic partner,” said R Dilip, President - International Business, TVS Motor Company.

Embassy REIT raises Rs 300 cr through debentures to refinance debt

Embassy Office Parks REIT on Tuesday said it has raised Rs 300 crore through issue of non-convertible debentures on a private placement basis to refinance existing debt. In a regulatory filing, the company said the debenture committee of the board of directors of Embassy Office Parks Management Services Pvt Ltd, Manager of Embassy REIT, has approved the allotment of Non-Convertible Debentures (NCDs) aggregating to Rs 300 crore on a private placement basis. The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segment of the BSE. The tenure of the NCDs is 60 months from the deemed date of allotment, with coupon rate at 6.80 per annum.

Piramal- Bain fund invests Rs 615 crore in auto component company

India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates, on Tuesday said it has invested Rs 615 crore (USD 83 million) in Gujarat-based Setco Group. As part of the deal, Setco Automotive will transfer its clutch business into a subsidiary, Setco Auto Systems into which IndiaRF will invest through a senior debt facility and 35 per cent equity stake in SASPL. "The investment proceeds will be used for growth capital and providing working capital to enable the businesses to grow on the back of anticipated recovery in the commercial vehicles market, meet the demand in the replacement market and re-finance / repay debt facilities, a release from the fund said.

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