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IHH in talks with Indian authorities over stalled open offer in Fortis

Malaysia's IHH Healthcare is in discussions with relevant authorities in India to determine the next step for its stalled open offer for an additional 26.1 per cent stake in Fortis Healthcare, according to a company statement.

The Supreme Court had last week ordered a forensic audit of the share sale of Fortis Healthcare to IHH Healthcare executed in 2018, in a contempt case filed by Japanese firm Daiichi Sankyo Company Ltd against the former promoters of Fortis, Singh brothers -- Malvinder and Shivinder, and others. In a statement, IHH Healthcare said the "Supreme Court has not found nor indicated any wrongdoing by IHH in terms of our investment into Fortis in its final order.“

LIC buys over 2% stake in Bharat Petroleum for nearly Rs 1,598 crore

LIC has acquired over a 2 per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) for nearly Rs 1,598 crore since December last year.

The state-owned life insurance behemoth in a regulatory filing on Tuesday said its shareholding in BPCL has increased from 15,25,08,269 to 19,61,15,164 equity shares, increasing its shareholding from 7.03 per cent to 9.04 per cent of the paid-up capital of the company.

HCC's shares jump nearly 20% on completing debt resolution plan

Shares of construction firm Hindustan Construction Company (HCC) went up by 20 per cent on Tuesday after the company hived off part of its debt and arbitration claims to a special purpose vehicle in which it will hold 49 per cent stake. The company assigned Rs 2,854.4 crore of bank debt, along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore to Prolific Resolution Private, a wholly owned subsidiary of the company.

Adani Group to invest $100 bn in a decade, focus on energy transition

The Adani Group will invest $100 billion (Rs 8.1 trillion) in the next decade with a substantial amount going for energy transition, said group chairman Gautam Adani on Tuesday, announcing "game-changing" plans that the billionaire claimed could make India a net-energy exporter. The group has earmarked 70 per cent of its new investments for energy transition space and infrastructure.

"We are already the world’s largest solar player, and we intend to do far more. In this context, Adani New Industries is the manifestation of the bet we are making in the energy transition space. It is our commitment to invest $70 billion in an integrated Hydrogen-based value chain," Adani said at the Forbes Global CEO conference in Singapore

ONGC gets better price for crude oil under new rules, says report

India's Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said.

ONGC, the country's top oil explorer, accepted bids at that level through auction of light sweet oil from its western offshore field, including supplies from the country's flagship Mumbai High fields, they said.

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