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PGCIL to acquire 74% stake of JPVL in Jaypee POWERGRID for Rs 351 cr

State-run Power Grid Corporation (PGCIL) said it has signed a share purchase agreement with Jaiprakash Power Ventures to acquire 74 per cent stake in Jaypee POWERGRID Ltd (JPL) for Rs 351.64 crore. On completion of the transaction, JPL will become a wholly-owned subsidiary of PGCIL, a regulatory filing said. PGCIL will purchase 74 per cent stake of Jaiprakash Power Ventures in JPL at an aggregate consideration of Rs 351,64,80,000, the filing stated. JPL-JV has developed a 214 km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh.

Tata Motors stares at empty corner office again; Marc to not join as CEO

Tata Motors’ corner office is set to fall vacant yet again. Marc Llistosella, the former Daimler veteran, will not join the company as chief executive and managing director (MD) of its India business, the company said in a stock exchange filing on Friday. Llistosella was scheduled to take over the reins of the company from Guenter Butschek from July 1. The announcement comes as a surprise and gives very little headroom to Tata Motors to find a new successor. Butschek’s term ends in June. “He (Llistosella) cannot relocate to India for personal reasons,” said a person privy to the development.

Airtel adds 6.9 million active users in January, extends gain: TRAI data

Telecom operator Bharti Airtel added 6.9 million active users in January, extending its market lead on this count even as Jio's active subscribers tally declined by about 3.4 million, according to TRAI data. With this, Bharti's active subscribers rose to 336 million, most of which was driven by total net adds, thereby indicating the improving quality of user addition. While Bharti and Jio's VLR (active) subscriber counts have remained "neck and neck" in recent months, Bharti's VLR subscriber count shot up to 336 million at the end of January (up 6.9 million month on month), compared to 325 million of Jio (down 3.4 million.

Future Group moves HC against order restraining to go ahead with RIL deal

Future Group Saturday approached the Delhi High Court challenging a single judge's order upholding the Singapore's Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon. The appeal by FRL, Future Coupons Pvt Ltd (FCPL) will be heard on March 22 by a bench of Chief Justice D N Patel and Justice Jasmeet Singh. The appeal, filed through advocate Harshvardhan Jha, has challenged the single judge's March 18 judgment directing Kishore Biyani-led FRL not to take further action in relation to the deal with Reliance and holding that the group willfully violated the Singapore Arbitrator's order

Tata Steel, AM/NS India, ESL Steel may participate in NINL divestment

Tata Steel, ArcelorMittal Nippon Steel India (AM/NS India) and Vedantaowned ESL Steel may participate in the strategic disinvestment of Neelachal Ispat Nigam Ltd (NINL). “We always look for growth opportunities. Therefore, we are evaluating participation in NINL disinvestment programme as well,” Dilip Oommen, chief executive officer, AM/NS India, said, in response to a query on whether the company would consider participation. Pankaj Malhan, chief executive officer, ESL Steel, said, “We are serious about the asset. We are a long products company and it’s a logical extension.” Malhan added.

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