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Business Standard
a day ago
- Business
- Business Standard
Tata Sons expects reprieve from IPO deadline amid RBI rule review
By P R Sanjai and Baiju Kalesh Tata Sons Pvt., the closely-held holding company of India's salt-to-software conglomerate, is not making any preparations for a near-term share sale as it believes the country's regulators will extend a deadline to take itself public, said people familiar with the matter. Following engagement with officials, the company's leaders expect it will receive official communication from the Reserve Bank of India granting extension for an initial share sale amid a nationwide review of rules governing entities that are not public-facing and do not require public funds, said the people, who asked not to be named discussing information that's sensitive. The RBI had earlier classified Tata Sons as a top tier non-banking lender, forcing it to list by September this year. While a listing would simplify the complicated holding structure of the Tata Group, taking the company public risks making it a target for takeover — something that Tata Sons directors hold the power to veto in its current form. A representative for the Tata Group declined to comment, while the RBI didn't immediately respond to an emailed query. However, any delay in a Tata Sons' initial public offering means the debt-laden Shapoorji Pallonji Group won't get an opportunity to sell any of the illiquid 18.37% it owns in the Tata holding firm. The 160-year-old conglomerate, which has been struggling with financial stress fueled by the Covid-19 pandemic, was looking to liquidate its stake in Tata Sons as a crucial step to pare debt. Tata Sons cleared all debt from its balance sheet to avoid inclusion in RBI's 2023 list of top Non-Banking Financial Companies. While the RBI hasn't yet announced a decision on Tata Sons' status, Governor Sanjay Malhotra last month hinted at a differential regulatory framework for entities like it. 'It is dynamic,' Malhotra had said. 'Policies have to change with the times and so it is only in that context that we are going to review some of these policies related to Type-I NBFCs.'
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Business Standard
6 days ago
- Business
- Business Standard
Reliance Industries faces scrutiny as EU targets diesel from Russian crude
By Yongchang Chin, PR Sanjai and Rakesh Sharma The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorised to speak publicly. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. An Airbus jet owned by Reliance Industries landed in Moscow's Vnukovo airport on Wednesday morning, according to data from flight tracking website FlightRadar24. The plane last took a flight to Russia last December, the data shows. It's not clear if Ambani was on board. A Reliance spokesman wasn't immediately available to comment. According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
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Business Standard
6 days ago
- Business
- Business Standard
RIL's oil procurement under scrutiny as EU warns refiners using Russia oil
While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives Bloomberg By Yongchang Chin, P R Sanjai and Rakesh Sharma The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorized to speak publicly. A company spokesman wasn't immediately available to comment on the matter when contacted during regular working hours. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
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Business Standard
13-06-2025
- General
- Business Standard
Search for answers begins in Air India crash that killed 241 people
By P R Sanjai, Mihir Mishra and Danny Lee Investigators have started combing the wreckage of Air India flight AI171 as they seek to determine what caused the Boeing Co. Dreamliner to crash shortly after takeoff Thursday afternoon, killing all but one of the 242 people aboard in the deadliest aviation accident in more than a decade. On Friday morning, one of the two so-called black boxes, which contain critical evidence of a plane's final minutes, was located, according to the Hindustan Times. The report didn't specify which of the flight data or cockpit voice recorder was recovered. The accident site is a scene of total devastation, with burnt debris and scattered aircraft parts still smoldering. The BJ Medical Hostel, where medical students were dining at the time of the accident, has been severely damaged, with four tower blocks half-burnt and blackened. Firefighters continue to spray water on the site, while police and officials work to clear the wreckage. The focus yesterday was on rescue efforts, while the search for material evidence starts today, said a senior official from the Aircraft Accident Investigation Bureau of India, who asked not to be named discussing private matters. Indian Prime Minister Narendra Modi briefly visited the crash site on Friday morning. Questions are growing over how and why the 787-8 Dreamliner, bound for London, exploded into a huge fireball just minutes after takeoff. Video footage shared on social media showed a plume of smoke at the crash site. The miraculous survival of one passenger, Ramesh Vishwaskumar is also unexplained. Vishwaskumar, who was seated in the first row of economy class, may be able to offer valuable clues as to what caused the accident. Officials on Thursday said that emergency responders had recovered more than 200 bodies, though they didn't immediately say how many were passengers, crew or area residents. They said the toll could rise as emergency workers comb through the wreckage. The flight to London's Gatwick airport was carrying 12 crew and 230 passengers, most of whom were Indian and British nationals. The 787 Dreamliner appeared to not achieve sufficient thrust as it lumbered down nearly the full length of an 11,000-foot runway, a distance that should have been more than enough to take off, said Bob Mann, head of aviation consultant RW Mann & Co. That could stem from a misconfiguration of the plane prior to takeoff or erroneous weight data entered into the plane's computer system that determines how much power is needed to get off the ground, he said. Mann cautioned that his views were unofficial and not corroborated by data or cockpit voice recorders, which have yet to be recovered from the site. 'If the weight is high compared to the actual number, you end up with a very aggressive takeoff,' Mann said. 'If the weight is low compared to the actual, you end up with not enough commanded power.' The pilots in command issued a mayday call immediately after takeoff to air traffic controllers, according to India's civil aviation regulator. The aircraft was in the command of captain Sumeet Sabharwal and first officer Clive Kundar, who had 8,200 flying hours and 1,100 flying hours of experience, respectively, the Directorate General of Civil Aviation said. According to air traffic control data, the jet departed from Ahmedabad at 1:39 p.m. local time using runway 23. After the initial mayday call, there was no response from the cockpit to subsequent calls made by controllers on the ground. Thursday's crash marks the first-ever complete loss of a 787, a plane Boeing introduced more than a decade ago with advanced lightweight composite materials that improve fuel efficiency. The 787 has become a crucial source of revenue for Boeing, with 1,148 of the jets in service globally. Boeing Chief Executive Officer Kelly Ortberg said in a statement Thursday that he has spoken to Air India Chairman N. Chandrasekaran and that Boeing is ready to support the investigation. Ortberg and Boeing commercial aircraft head Stephanie Pope cancelled their plans to attend the upcoming Paris Air Show, according to a company memo seen by Bloomberg News. Based on the number of people on board, this is the worst commercial airline crash since Malaysia Airlines Flight 17 in 2014, which was shot down over Ukraine, killing 298 people, according to Aviation Safety Network, which tracks fatal crashes. The last crash of this magnitude for Air India was Flight 182 in 1985. That Boeing 747 aircraft was destroyed by a bomb over the Atlantic Ocean, killing all 329 people on board. Boeing has been involved in several accidents in recent years, including two fatal crashes with Lion Air Flight 610 on October 29, 2018, and Ethiopian Airlines Flight 302 on March 10, 2019. Early last year, a nearly-new 737 Max aircraft lost a door panel during flight. While there were no fatalities, the accident plunged the company into a deep crisis. Under international rules for aviation crash investigations — known as 'Annex 13' — a probe is led by air safety authorities in the country where the crash occurred, with assistance from other countries. Investigators typically issue a preliminary report within a few weeks. A final report, which includes safety recommendations, is then released a year to two later.
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Business Standard
12-06-2025
- Business
- Business Standard
Adani group plans Airport unit IPO by 2027, hastens $100 billion capex
By P R Sanjai and Saikat Das Billionaire Gautam Adani's group is gearing up to list its airports unit by 2027, as part of an ambitious growth plan that entails investing $100 billion across businesses over the next few years. Adani Airport Holdings Ltd., India's largest private-sector airport operator, will likely be spun off and listed by March 2027, according to Adani Group executives who spoke on the condition of anonymity as the details aren't public. Currently owned by the flagship Adani Enterprises Ltd., the firm operates eight Indian airports and will be opening a new terminal on the outskirts of Mumbai in a few months time. The ports-to-power conglomerate has also doubled the pace of its capital spending plan and now intends to plow $100 billion in five to six years instead of spreading it out over a decade as announced before, the executives said. The investments will be used to scale up energy, logistics and infrastructure businesses, they added. An Adani Group representative did not respond to an email seeking comments. The accelerated investment and listing plans point to how the group led by Asia's second-richest person is back to fundraising and rapid growth mode. It was pummeled by short seller Hindenburg Research's corporate fraud allegations in 2023 and then rattled by the US Department of Justice's bribery probe against its founder in November that also derailed some of Adani's overseas projects. Adani Group has denied allegations made in both the cases. In mounting evidence that it's business-as-usual at the Adani Group after the spate of recent setbacks, Gautam Adani traveled to China last week to meet industrial equipment manufacturers in what appears to be his first significant overseas trip since the DOJ indictment. There's no clarity on the agenda for the China trip. Metals Unit IPO The Adani Group plans to borrow $30 billion from domestic and international markets to bankroll its massive investment plan, the executives said. Internal accruals will finance the rest with about $50 billion likely from the group's listed companies, they added. Newer assets, including airports, roads, and renewable energy projects, should bring in another $20 billion by 2030 by when the metals business will likely be listed as well, the executives said. Adani Group, with interests stretching from ports to green energy and cement to media, is also back to luring overseas investors, even as it navigates DoJ's ongoing investigation into its founder. It raised about $750 million for an acquisition in April, with BlackRock Inc. subscribing to about a third of the bond issue. In May, its ports unit raised $150 million from DBS Group Holdings Ltd. in a bilateral loan. Adani Airports this month secured $750 million via external commercial borrowings from international banks.
