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Reliance to hive off O2C business, expects approvals by September quarter

Mukesh Ambani-controlled Reliance Industries Ltd (RIL) expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second quarter of the next financial year, according to the company's presentation to investors on Monday. The company had initiated the process of spinning off the O2C business at a time when the Covid-19 pandemic caused a slump in fuel demand and weighed on the segment's recent results. Reliance would retain full control of the business after restructuring, the company said in the presentation.

Bharat Forge joins hands with Paramount to manufacture armoured vehicles

Bharat Forge on Monday said it has inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country. An agreement to this effect was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi, Bharat Forge said in a statement. "This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. The Kalyani M4 is a fantastic new generation vehicle, and we want to position it as the future of protection in all markets world-wide," Bharat Forge Deputy Managing Director Amit Kalyani said.

Tribunal rejects petition by employees of debt-laden Jet Airways

The National Company Law Tribunal (NCLT) will not hear employees of Jet Airways before passing its order on the grounded airline’s revival plan. It said so while rejecting employee union applications for intervention. Hearing on the resolution plan is expected to start on Tuesday. “Taking facts of the case at hand, and the law as it stands today into consideration, we are of the view that the applicants (employee unions) cannot be entitled to the copy of resolution plan or any portion thereof. They would also not be eligible to be heard or intervene in the process of consideration of the resolution plan by this authority. The payments as to their wages, gratuity and other terminal benefits shall be in accordance with the law and in terms of the resolution plan guided by the provisions under the code,” Janab Mohammed Ajmal (member judicial) and V Nallasenapathy (member technical) said in their order

jindal Power appoints former Coal India head as new Chairman

Jindal Power Ltd (JPL) on Monday announced the appointment of former bureaucrat Anil Kumar Jha as its Chairman. A veteran of the mining industry, Jha isformer chairman of Coal India Limited, JPL said in a statement. JPL is a subsidiary of steel maker Jindal Steel & Power Limited (JSPL), Jha brings with him rich a experience of over three decades in the field of mine planning, production, management, supervision, direction and control of underground as well as open cast mines, the statement said.

Proceedings before NCLT allowed, barring the final order, clarifies FRL

Future Retail Ltd on Monday said the National Company Law Tribunal (NCLT) can issue directions to convene meetings of shareholders and creditors of applicant companies, including it, to consider the Rs 24,713- crore deal with Reliance Retail following an order by the Supreme Court. Earlier in the day, the apex court had allowed the NCLT, Mumbai to continue with the proceedings but asked not to pass a final order on the amalgamation of Future Retail Ltd (FRL) with Reliance Retail, as it agreed to hear Amazon's plea against the Delhi High Court verdict that stayed a single judge directive to maintain status quo on the deal.

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