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GAIL Reports 75% Surge in Profit Before Tax for FY 2023-24
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Banks and Infra Finance Firms Urged to Collaborate for Major Projects
M Nagaraju, Secretary of Financial Services, on Monday highlighted the importance of collaboration between banks and infrastructure finance companies to finance large-scale infrastructure projects. He stressed the need for shifting focus from completed projects to greenfield ventures, which will drive fresh asset creation. Nagaraju spoke at the National Summit on Indian Infrastructure for Viksit Bharat 2047, organised by the Indian Infrastructure Finance Company Ltd (IIFCL). He also emphasised the need to protect infrastructure projects from corruption and fraud. He pointed out that infrastr..
HDFC Gets RBI Approval to Acquire Stakes in Kotak, AU, and Capital SFBs
HDFC Bank, India's largest private sector lender, has received approval from the Reserve Bank of India (RBI) to acquire up to 9.5% aggregate stake in Kotak Mahindra Bank, AU Small Finance Bank, and Capital Small Finance Bank. An exchange filing issued by HDFC Bank revealed that the RBI's approval is valid until January 2, 2026. The approval allows HDFC Bank to acquire up to 9.5% of the share capital or voting rights in the three banks, the filing stated. HDFC Bank clarified that while it does not plan to invest directly in these banks, the approval will enable its group entities—HDFC Mutual ..
Nuvoco Vistas to Acquire Vadraj Cement Via Insolvency Route
Nuvoco Vistas Corp, a prominent cement manufacturer in East India, has successfully applied to acquire Vadraj Cement under the Corporate Insolvency Resolution Process. Vadraj Cement, previously owned by ABG Shipyard and based in Gujarat, has a 6 million tonne grinding unit in Surat. This acquisition will increase Nuvoco’s production capacity by over 20%, adding to its existing 25 million tonne capacity. Vadraj Cement also boasts a clinker capacity of 3.5 million tonnes in Kutch, Gujarat, alongside limestone reserves and a captive jetty. This transaction will elevate Nuvoco’s total cement p..
