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Viacom 18, Disney Star among firms shortlisted for IPL TV, digital rights

The highly-awaited media rights auction for the Indian Premier League is likely to see four bidders including Viacom18, Disney Star, Zee and Sony. The successful bidders will have the rights to broadcast the matches. The eauction for the media rights from 2023 to 2027 will be held on June 12. "Four firms have been shortlisted for bidding as they filed their final bids and soon we will reveal the name of winner. The four shortlisted are Viacom 18, Disney Star, Sony and Zee," a source told ANI.

6 Indian banks sue GVK Coal Developers in London for $1.5 bn loan default

Six Indian banks, namely Canara Bank, ICICI Bank, Bank of Baroda, Bank of India, Axis Bank and Indian Overseas Bank, have sued Singapore's GVK Coal Developers for Rs 12,114 crore ($1.5 billion) plus interest in the London High Court, a report by The Times of India said. The banks have sued the GVK Group-owned GVK Coal Developers over dispute on a $1-billion loan and $35-million letter of credit facility that five banks lent to the company in 2011 and a $160-million loan lent in 2014, the report said. The banks have claimed that GVK defaulted on all these loans.

Zara's India revenue in FY22 rises to Rs 1,815 cr; profit at Rs 148.76 cr

Spain's Inditex, which owns luxury fashion brand Zara, posted a net profit of Rs 148.76 crore and revenue of Rs 1,815 crore for the financial year ended on March 31, 2022, according to the latest annual report of Trent Ltd. In FY21, Inditex Trent Retail India Private Ltd (ITRIPL), a JV which is engaged in the operation of Zara stores in India, had reported a net loss of Rs 41 crore and its revenue fell 28.3 per cent to Rs 1,126 crore in the pandemic impacted year. The Inditex group of Spain owns 51 per cent while Trent has 49 per cent in ITRIPL.

Vedanta to modify design of waste heat recovery plant in Goa

Vedanta plans to modify the design of one of its waste heat recovery power plants in Goa and reoptimise its turbines through the use of a specialised technology in order to increase power generation by another 5 MW, a top official of the company said. This is in line with Vedanta's efforts towards reducing the carbon footprint.

Ford India lines up 'non-negotiable' severance package for workers

Giving a fresh twist to the Ford India employees' strike at the firm's Maraimalai Nagar factory, the company has set the deadline for Monday evening for workers to accept a ‘non-negotiable’ severance package it is offering. It also indicated the possibility of legal action against workers from June 14 (Tuesday) and warned of early closure of the unit, before completing remaining export volume production.

BharatPe sees more high-profile exits as Nathani resigns after Grover

After facing the months-long Ashneer Grover saga, fintech platform BharatPe is witnessing some high-profile exits and now, its founding member Satyam Nathani has resigned. Earlier, BharatPe's chief revenue officer Nishit Sharma and head of institutional debt partnerships, Chandrima Dhar, had quit citing personal reasons.

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