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Indian conglomerate Vedanta has earmarked USD 15 billion for foray into the electronic chip and display manufacturing sp...
19/02/2022

Indian conglomerate Vedanta has earmarked USD 15 billion for foray into the electronic chip and display manufacturing space, and plans to scale up the investment to as much as USD 20 billion, a senior company official said.
"Semiconductor is a long-term business. We are looking at about USD 10 billion on display. Right now we are looking at USD 7 billion in semiconductors that may also go up by another USD 3 billion to further extend it. First 10 year we have engaged to invest up to USD 15 billion. We will evaluate further investment at a later stage," Hebbar said.
Vedanta is the first company to make an announcement to invest in semiconductor manufacturing after the government unveiled a USD 10 billion program to boost electronic chip and display ecosystem in the country.

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ABG Shipyard, now credited with India's biggest bank fraud, created a web of transactions to cheat a consortium of 28 ba...
17/02/2022

ABG Shipyard, now credited with India's biggest bank fraud, created a web of transactions to cheat a consortium of 28 banks of Rs 22,842 crores between 2012 and 2017, in a case which has come to light only now.
1985: ABG Shipyard Ltd, the flagship company of the ABG Group, is incorporated. Business booms and ABG Shipyard builds 165 vessels in 16 years, including specialised vessels like newsprint carriers, self-discharging and loading bulk cement carriers.
March 2014: SBI attempts to re-structure loans to ABG Shipyard under corporate debt restructuring or CDR. The re-structuring fails as ABG Shipyards is unable to service the interest and instalments on the due date.
Jan 2019: Ernst and Young LLP conducts forensic audit on ABG Shipyard. ABG Shipyard availed mainly three different types of loans from 28 banks.7 February 2022: CBI registers a case, books ABG Shipyard and ABG International Private Ltd. CBI's FIR says ABG SL owes a total of Rs 22,842 crore.

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Cult.fit has acquired majority stake in F2 Fund & Fitness India, thus giving access to Indian business of Gold's Gym. Fi...
17/02/2022

Cult.fit has acquired majority stake in F2 Fund & Fitness India, thus giving access to Indian business of Gold's Gym. Fitness unicorn Cult.fit has announced acquiring a majority stake in F2 Fun & Fitness India, which owns the Indian franchise of international gym chain Gold's Gym. Cult.fit in a statement said that it will endeavor to continue scaling business and further grow Gold's Gym into its network. To offer a plethora of fitness services including offline group workouts at Cult.fit centres and other gym- or equipment-based workouts at partner gyms and fitness centers across the country.
Full News @ Inc42

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LIC plans to sell 316.25 million shares, which is about 5 per cent of its total equity base, said the draft red herring ...
17/02/2022

LIC plans to sell 316.25 million shares, which is about 5 per cent of its total equity base, said the draft red herring prospectus filed with SEBI. The 65-year-old LIC has a total equity base of 6.32 billion shares. The much-awaited government-owned LIC IPO is expected to kickstart the process of listing soon. These are Indian citizens holding LIC policies as on the date of the draft red herring prospectus. Insurance regulator IRDAI cleared the LIC IPO last week.
Full News @ Indian Express

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