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Business Standard
26 minutes ago
- Business Standard
Renault Group gets CCI nod to acquire remaining 51% stake in Indian JV
Fair trade regulator CCI on Monday approved French auto major Renault group's proposal to buy out its Japanese partner Nissan's remaining 51 per cent stake in their Indian manufacturing joint venture -- Renault Nissan Automotive India Pvt Ltd. Renault Group B V and its nominee Renault SAS are acquiring the entire shareholding of the Nissan entities in Renault Nissan Automotive India Pvt Ltd (RNAIPL). "The proposed combination involves the acquisition of equity shares and fully paid-up zero coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd," the Competition Commission of India (CCI) said in a release. Japan (Nissan) and Nissan Overseas Investments B V (Nissan Overseas) are collectively divesting their stakes in the joint venture. Renault Group B V is engaged in the designing and manufacturing of passenger cars and light commercial vehicles worldwide and Renault SAS is engaged in the construction, maintenance and manufacturing of parts and equipment. "CCI approves the proposed acquisition of certain shareholding of Renault Nissan Automotive India Pvt Ltd by Renault Group BV and Renault SAS," CCI said in a post on X. In March this year, Renault Group said it will buy out Nissan's 51 per cent stake in their Indian joint venture RNAIPL for an undisclosed amount. The JV firm operates the alliance's Chennai-based production facility, which rolls out models for both Renault and Nissan brands. As part of a global framework agreement signed between Renault Group and Nissan, Renault Group would own 100 per cent of Renault Nissan Automotive India, by acquiring the 51 per cent shareholding currently held by Nissan. The company, however, did not disclose the financial details of the transaction. Nissan will continue to use RNAIPL for sourcing vehicles for India and for exports in the coming years, Renault Group said. Meanwhile, Renault Group and Nissan will continue to operate jointly, Renault Nissan Technology & Business Center India (RNTBCI) in which Nissan will retain its 49 per cent stake and Renault Group will hold its 51 per cent stake. In a separate release, the CCI cleared the proposed combination involving Anantam Highways Trust, Alpha Alternatives Fund Advisors LLP and others (Sponsor and Sponsor Group) and Dilip Buildcon Ltd (DBL) and DBL Infraventures (DIPL). Anantam Highways is a Sebi-registered infrastructure investment trust (InvIT). DBL is engaged construction of road and highways. DIPL is a wholly owned subsidiary of DBL, and belong to the DBL Group. Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
an hour ago
- Business Standard
Sebi cracks down on Zee Business trades, slaps ₹4 cr fine; bans 4 entities
Sebi on Monday barred four entities from the securities market for two yea₹and imposed a penalty totalling ₹4 crore on them for executing trades based on advance information of stock recommendations given by guest experts on the Zee Business channel. "The said debarment period shall be reckoned from the date of the Interim order dated February 08, 2024," Sebi said in its 55-page final order. Individually, the regulator fined ₹50 lakh on Partha Sarathi Dhar, ₹75 lakh each on Manan Sharecom and Kanhya Trading Company, and ₹2 crore on SAAR Commodities. In its order, Sebi noted that the four entities made a profit by executing trades based on advance information of stock recommendations given by guest experts. The investigation found that stock tips were pre-shared with select entities, giving them an unfair advantage over public investors. These entities placed trades in advance and booked profits once the stock prices moved following the televised tips. Evidence collected during the probe included WhatsApp chats, trading patterns, and profit-sharing arrangements. Sebi found that the "scheme created systematic information asymmetry whereby gullible investors were induced to trade based on guest expert recommendation. The general public remained unaware that the information/recommendations had been pre-shared with other entities. In the process, investors became victims of deliberate information asymmetry, it added. The scheme resulted in unlawful gains of ₹7.41 crore, which have already been disgorged as part of settlement proceedings. By indulging in such trades, the entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. Accordingly, Sebi said, "Noticees namely, Partha Sarathi Dhar, SAAR Commodities Private Ltd, Manan Sharecom Private Ltd and Kanhya Trading Company are debarred from accessing the securities market and are prohibited from buying, selling and otherwise dealing in the securities market, directly or indirectly, in any manner whatsoever, for a period of two years. The said debarment period shall be reckoned from the date of the Interim order." However, proceedings against Himanshu Gupta, one of the guest experts, have been closed with no penalty, as no direct involvement was established.
The Print
2 hours ago
- The Print
Fusion CX expands Philippines operations, opens new centres in Manila, Legazpi City
Fusion CX, which recently filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,000 crore through an IPO, said the expansion underscores its long-term commitment to the Philippines, where it has completed 15 years of operations. The company has invested USD 4.5-5 million in setting up the two centres, it said in a statement. Kolkata, Jul 28 (PTI) Customer experience services provider Fusion CX on Monday announced the expansion of its operations in the Philippines with the launch of two new facilities in Manila and Legazpi City, having over 1,000 delivery seats. The Kolkata-headquartered company, founded in 2004, has a presence in 15 countries with 40 delivery centres and a workforce of 20,000. The Manila centre offers 836 seats, while the Legazpi City facility has 275 seats, significantly strengthening Fusion CX's delivery capabilities, alongside existing centres in Cebu and Silang, the statement said. The Manila centre also houses an AI solutions command hub powered by subsidiary Omind, offering real-time agent assistance, conversational AI, accent harmonisation, sentiment analysis, analytics, and automation. Fusion CX said its new facilities are designed to foster inclusive growth, enable decentralised talent development, and enhance client delivery through tech-driven solutions. PTI BSM SOM This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
