The Competition Commission of India on Wednesday approved the merger of the media assets of Reliance Industries and The Walt Disney Co to create the country’s largest media empire worth over ₹70,000 crore. The deal, announced six months ago, faced scrutiny by the anti-trust regulator and the approval comes after the parties proposed certain modifications to the original transaction structure. Viacom18 is part of the RIL group, and SIPL is wholly-owned by The Walt Disney Company. Incorporated in the British Virgin Islands, STPL is owned indirectly by The Walt Disney.
One 97 Communications (owners of Paytm) has received a nod from the Finance Ministry for downstream investment in Paytm Payment Services. Paytm Payment Services will re-submit the payment aggregator licence and will continue to provide online payment aggregation services to existing partners
Market buzz has it that InterGlobe Aviation (Indigo) founder Rakesh Gangwal and Chinkerpoo Family Trust plans to sell up to 1.47 crore shares at a floor price of ₹4,953 a share, at a discount of over 5 per cent with respect to the current market price.
According to media reports, Tencent Cloud plans to sell a 2.1 per cent stake or 97 lakh shares of PB Fintech at ₹1,660.20 per share, at a discount of 4.5 per cent to Wednesday’s closing price.
Moody’s Rating on Wednesday said it has maintained a stable outlook on Tata Steel, expecting the domestic steel major to improve its earnings over the next two financial years. In a report, Moody’s said it expects Tata Steel’s consolidated EBITDA to be around ₹29,000 crore in fiscal ending March 2025, and ₹38,000 crore in fiscal 2026, from ₹24,100 crore in 2023-24. Separately, Tata Steel has acquired about 178 crore additional equity shares of T Steel Holdings Pte Ltd for $280 million, taking the total fund infusion into its Singapore-based arm to $1,337 million.
The board of Anil Agarwal-led Vedanta Ltd will meet next week to consider and approve the third interim dividend for the ongoing financial year. Last month, the company approved the second interim dividend of ₹4 for 2024-25.
Sonata Software has received a multi-year, multi-million dollar IT outsourcing contract from a US-based healthcare and wellness company. However, the total deal amount is yet to be disclosed,
Genus Power Infrastructures said its subsidiary has secured three letters of award for smart meter projects worth ₹4,469.04 crore. The orders are for appointment of Advanced Metering Infrastructure Service Providers, including design of an advance metering infrastructure (AMI) system with supply, installation and commissioning with FMS of about 5.59 million smart prepaid meters, system meters, including DT Meters, with corresponding energy accounting on Design-Build Finance-Own-Operate-Transfer basis.
NLC India has signed a power usage agreement for the supply of 200 MW of green power to Telangana for 25 years.
CESC said its arm, Purvah Green Power, has incorporated a wholly-owned subsidiary named Brightfuture Power. Brightfuture Power Pvt Ltd (BPPL) will explore opportunities in the renewable energy sector, CESC said in a regulatory filing.
ITC Hotels on Wednesday said it recently signed a management agreement with Bhopal-based Lunera Castle Resort & Spa, for a 94-key property under Welcomhotel brand in Mandu, Madhya Pradesh. “Historical context dates this ‘sarai’ located along the trade routes in the 16-17th century back to 400 years.
Power Grid Corporation of India on Wednesday said it has acquired a project-specific special purpose vehicle for evacuation of power from the Bhadla-III power station in Rajasthan. In a BSE filing, Power Grid said it has emerged as a successful bidder for the said project after competing with other private sector players in a tariff-based competitive bidding (TBCB) process. The project is an Inter State Transmission System Project and is to be commissioned in 18 months from the date of transfer of the SPV.
