Latest news with #JSW
Hindustan Times
an hour ago
- Sport
- Hindustan Times
AFI sets new norms for private training centres
New Delhi: India's track and field athletes are preparing for the season this year at various private and government run training centres as per Athletics Federation of India (AFI) ambitious plan to give them the freedom to train at centres of their choice. AFI has also done away with long-duration training camps except for relay teams. Praveen Chithravel . (Getty Images) The idea is to create an open and competitive training environment and broaden the talent pool. Senior AFI officials feel the plan to decentralise training is showing results as is evident from performance at the Asian Championships in Gumi, South Korea, where Indian athletes scooped up 24 medals finishing second in medal tally behind China. However, AFI is also facing some teething troubles in monitoring the athletes and has decided to put in place a mechanism to deal with that. In a meeting with various stakeholders, including government and private entities, AFI set several guidelines that these training centres will have to follow. The federation has already issued directions to athletes to get their training and competition programme cleared by them in case they want to head overseas. AFI said there is a growing trend of athletes choosing to train and compete abroad with funding and support from Target Olympic Podium Scheme and institutes like Reliance and JSW, who run their own centres. But when it comes to major international competitions their performances have dipped. The Paris Olympics were a big lesson for the AFI. Long jumper Jeswin Aldrin, Triple jumper Praveen Chithravel, Javelin throwers Kishore Jena and Annu Rani were among those who failed to deliver in Paris. They weren't even close to their best. Now, the federation doesn't want to make the same mistake with the Commonwealth Games and Asian Games scheduled next year. 'We want to ensure that athletes train with a target in mind, and not aimlessly go for overseas competitions. When you are competing abroad, you don't belong to JSW or Reliance, you belong to India,' said AFI spokesperson and former president Adille Sumariwalla. Chithravel, who equalled his national record of 17.37m this season, went for a few meets in Spain without AFI's permission. 'The point is that they just go and then perform badly. If you are a coach, all we are saying is tell us the annual programme. Which meets you will compete in India and which meet you will compete outside. Why do you want to go to a particular meet and train?' Sumariwalla said the Mission Olympic Cell does not give approval to athlete training abroad without AFI permission. 'Earlier there were cases where MOC had given permission even when AFI did not agree and all those athletes failed. Now, they take our approval,' he said. AFI also said that Indian coaches have a big role to play in pushing athletes to train outside because of their own interest. 'We have a full fledged calendar now in alignment with the world athletics calendar, so why do you want to compete outside? The standard of some of these tournaments are so low. In India you will get better competition,' said senior AFI official Lalit Bhanot to stakeholders. 'Neeraj Chopra trains outside because of a reason. Jyothi Yarraji can train and compete in meets outside because she doesn't have much competition at home but I can't understand why our jumpers and throwers are so eager to go out,' the seasoned administrator said. He said that participating in state meets and national championships is now mandatory and AFI has even set qualifying standards for its important domestic events. AFI has also started the process of registering coaches to track which athletes are being trained by whom. 'Some of these coaches are into manipulation, they encourage doping. They are also changing their wards from one training centre to another by taking money,' said Bhanot. AFI chief coach Radhakrishan Nair said coaches have to be very sure of periodisation. 'In the lead-up to the Paris Olympics, we had some wonderful performances. For example, Jeswin jumped 8.47m and Praveen did 17.37m. Going by their performance as a coach I would feel that at the Olympics, the jumpers would do better but we all know what happened in Paris,' said the chief coach. 'So we should have a combined plan. We can't just send our athletes to compete in events abroad without a plan. The stakeholders have to justify why they are participating. Recent studies show there is no one method of periodization. Next season we have CWG and Asian Games, and we need to sit together and chart out which events we need to give importance to and accordingly set training plans,' he said.
Time of India
10 hours ago
- Business
- Time of India
Bhushan Power liquidation will hurt all stakeholders, JSW Steel and lenders tell SC
New Delhi: JSW Steel has transformed Bhushan Power & Steel Ltd (BPSL) into a viable and going concern after acquiring it out of bankruptcy in 2021, and its liquidation would have adverse ramifications on all stakeholders, the Sajjan Jindal-led steelmaker and BPSL's lenders told the Supreme Court . They also sought an "open court" hearing of their petitions seeking a review of the top court's May 2 order scrapping JSW's acquisition of BPSL under the bankruptcy law. While JSW filed the review petition on Wednesday, the lenders that include Punjab National Bank and State Bank of India approached the top court with their plea last week. JSW said it transformed the bankrupt firm's financial health and that its operational capacity has almost doubled to 4.5 million tonnes per annum now from 2.3 MTPA in 2017. BPSL's sales have since increased almost three times to ₹25,973 crore in the last fiscal year ended March 31 and exports have resumed with an annual average of ₹2,976 crore in the last four years, the company said in the review petition. BPSL contributed ₹16,900 crore in taxes to the exchequer since 2021, the petition stated. Also, JSW Steel , which acquired BPSL under a ₹19,350-crore resolution plan, has made a capital investment of ₹5,788 crore in it. In its order on May 2, the top court had termed JSW's resolution plan for BPSL 'illegal' and 'in gross violation' of the Insolvency and Bankruptcy Code (IBC). The court had also directed the National Company Law Tribunal (NCLT) to initiate liquidation proceedings against BPSL. The SC later ordered status quo on the liquidation proceedings, after JSW Steel and the lenders said they would file review petitions. About the allegation in the May verdict that JSW suppressed existence of a joint venture agreement with BSPL on the Rohne Coal block, the company's review petition said it had made due disclosures about it in the resolution plan and even the National Company Law Appellate Tribunal (NCLAT) had noted them. 'When the ED (Enforcement Directorate) first raised the issue before NCLAT to clarify the relationship further, the petitioner (JSW) voluntarily submitted the JV agreement before NCLAT, despite there being no requirement to do so under law, to explain the background of formation of the JV,' the review petition filed through Karanjawala & Company said. Supporting JSW's claims, the lenders said the resolution plan was successfully implemented by March 2021 and that the company had made an upfront payment of ₹19,350 crore. The banks in their review plea said the May 2 judgement suffered from 'patent errors' on the face of the record. '…the impugned judgment's observations with respect to the JSW's eligibility under Section 29A being doubtful, not being properly verified by inter alia the CoC (committee of creditors) or not being supported by documents on record constitute an error apparent on the face of the record,' the lenders said, adding that the issue was not argued before the SC and hence, the observations in relation that were in violation of the principles of natural justice. Section 29A of the IBC details conditions under which some individuals and entities are disqualified from submitting a resolution plan. With regard to the SC finding that equity infusion of ₹8,550 crore as mandated by the resolution plan was not complied with and there was no material on record to substantiate that, the banks submitted that this 'conclusion has been reached without adequately considering that there is in fact documentary evidence, particularly minutes of meeting of the reconstituted board on March 26, 2021, to substantiate infusion of ₹8,550 crore equity.' The May judgement failed to consider the factors that contributed to the delay in equity infusion, according to the banks' review plea filed through law firm Cyril Amarchand Mangaldas. The petition also noted that the ED order for provisionally attaching BPSL assets had been issued on October 10, 2019, about 35 days after the NCLT approved the dent resolution plan on September 5 that year. 'The attachment by the ED was effectively released approximately five years later' on December 11, last year, the banks said in the petition. The lenders told the SC that the May 2 judgement will likely have significant ramifications on future resolution plans because it might create uncertainty with respect to their implementation. Also, implementation of plans may effectively come to a standstill pending final adjudication of all legal challenges to the plan, which can take several years, they said. BSPL owed more than ₹47,000 crore to lenders when the Reserve Bank of India put it on a list of companies for bankruptcy resolution in 2017. The NCLT began the resolution process in July that year, based on a petition filed by lead lender Punjab National Bank , which also initiated criminal proceedings in 2019 against former directors of the company after unearthing a ₹3,800 crore alleged fraud. JSW Steel acquired BPSL in March 2021 after its proposal was approved by the CoC and the NCLAT. The NCLT had approved JSW Steel's offer in 2019, while holding that the successful bidder could not be held responsible for any alleged misdeeds of the previous promoters at any stage. The NCLAT upheld that decision in February 2020.
The Hindu
a day ago
- Health
- The Hindu
Dialysis machines installed at Sandur taluk hospital in Karnataka by JSW Foundation
In a significant boost to rural healthcare services, the JSW Foundation installed two dialysis machines at Sandur Taluk Hospital in Karnataka under its ongoing Rural Health and Infrastructure Development Programme. The new machines were inaugurated in a ceremony at the hospital by E. Tukaram, Lok Sabha Member from Ballari, and Annapurna Tukaram, the MLA for Sandur, on June 27. Donated by JSW, the machines are intended to provide dialysis treatment at no cost to patients from economically disadvantaged backgrounds across Sandur taluk. This initiative is expected to substantially ease the financial and logistical burden faced by local patients, who often have to travel long distances for dialysis treatment. The hospital administration will oversee the upkeep and maintenance of the machines to ensure sustained service delivery. Peddanna Beedla, Zone Head (South India) at JSW Foundation, highlighted the anticipated impact of the installation, noting that the two machines can cater to over 1,000 patients annually, meeting a growing demand for dialysis services in the region. Sandur Tehsildar Anil Kumar, Taluk Health Officer Dr. Bharat, and officials from the Health and Revenue Departments were among those who attended the launch, which marks a collaborative initiative to improve local healthcare infrastructure.
Mint
a day ago
- Business
- Mint
JSW Paints to acquire Akzo Nobel India in ₹9,000 crore deal
Mumbai: JSW Paints said Friday it will acquire a 74.76% stake in Akzo Nobel India Ltd. from its Dutch parent Akzo Nobel N.V. and its affiliate, in a deal valued at nearly ₹ 9,000 crore. The acquisition, subject to regulatory approvals and a mandatory open offer to minority shareholders, will bring established brands like Dulux and Sikkens under the JSW umbrella. The transaction marks a significant consolidation in India's paints market, historically dominated by a handful of players. With this deal, JSW Paints is positioning itself as a serious contender behind Asian Paints and the recently aggressive Birla Opus, which has quickly scaled up to become the second-largest by capacity. 'We are excited to welcome them to the JSW family,' said Parth Jindal, managing director of JSW Paints. 'With the magic of Dulux and thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.' Shares of Akzo Nobel India jumped more than 8% as of 11:30am (India time) on Friday, trading at ₹ 3,455.90 on the BSE. The transaction is priced at an estimated ₹ 2,639.4 per share, a 17.32% discount to Thursday's closing price, as per Mint calculations. 'This transaction is a significant milestone in the execution of our strategy. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector,' said AkzoNobel CEO Greg Poux-Guillaume. The Dutch paints maker had flagged a possible exit from India in October 2023, when it launched a strategic review of its local operations. The entry of JSW marks the second major foray by a domestic conglomerate into the Indian paints market in recent years. Until recently, the sector was led by Asian Paints, followed by Berger Paints, Kansai Nerolac and Akzo Nobel. That hierarchy has since been upended, with Birla Opus emerging as a formidable rival, and JSW now eyeing a top-four position. JSW Paints was launched in 2019 and is part of the $23 billion JSW Group. Its portfolio spans decorative and industrial paints. India's decorative and industrial paints market is projected to reach $15.04 billion by 2029, growing at a compound annual rate of 9.38% from 2024, according to an ICICI Direct report. As demand spreads beyond metro markets, competition in the sector has intensified. JSW was not the only contender. Pidilite Industries and Indigo Paints were also in the running to acquire Akzo Nobel India. Indigo, a more recent entrant that has broken into the top tier of the sector, is also vying for a top-four spot.
New Indian Express
a day ago
- Business
- New Indian Express
JSW Paints acquires Dulux-maker AkzoNobel India for Rs 8,986 crore
MUMBAI: JSW Paints, part of the diversified JSW Group, has signed a definitive agreement to acquire up to 74.76% stake in the larger rival and the Dulux-maker Akzo Nobel India for Rs 8,986 crore, marking one of the largest deals in the around Rs 90,000 crore domestic paints sector. The deal also involves an open offer and will pay the way the Dutch company to completely exit the country. The acquisition will make JSW Paints, which has not yet been able to make a clear mark in the paints segment even after six years, a major player in the decorative and industrial coatings space, subject to regulatory approvals and a mandatory open offer. Akzo Nobel India, the owner of Dulux, is part of Akzo Nobel NV and its affiliates. The group, in an exchange filing on June 27, said that the maximum consideration under the Share Purchase Agreement is up to ₹8,986 crore, subject to certain closing adjustments. The transaction is subject to approval from the Competition Commission and the completion of a mandatory tender offer to the public shareholders of the company. The deal was in the making for a few years now and is part of the Amsterdam, the Netherlands-based company's global recast and had many bids from a consortium of Advent International and Indigo Paints, and Fevicol maker Pidilite Industries. JSW will acquire 74.76% stake from the Dutch promoters/holding entities-- Imperial Chemical Industries and Akzo Nobel Coatings International BV, JSW said on Friday. On completion of the Akzo's Dutch promoter group, which together held 74.76% shareholding in the local unit here, exits the domestic decorative paints market, which is witnessing disruption with entry of new players as Aditya Birla Group. The deal will help JSW group expand its play into the paint segment, which it entered into in 2019 and is a relatively new player establishing its base in the industry. JSW Paints managing director Parth Jindal said paints and coatings is one of the fastest-growing sectors. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens.' AkzoNobel chief executive Greg Poux-Guillaume said, this transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success.'
