Vedanta parent gets $600m refinance loan
NEW DELHI: London-based Vedanta Resources (VRL), the parent firm of mining conglomerate Vedanta, has secured a term loan facility of up to $600 million that will be used to refinance a high-cost private credit facility, according to a statement.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
32 minutes ago
- India.com
Mobile Exports Show Robust Growth In FY26, Reach $5.5 Billion In April-May: Minister
New Delhi: Union Railways and Electronics and IT Minister Ashwini Vaishnaw on Wednesday said mobile exports from India witnessed a flying start to this fiscal, with the month of May clocking more than $3.09 billion in mobile exports from the country. In the April-May period this fiscal, the country saw $5.5 billion worth of mobile exports. The government schemes like the production-linked incentive (PLI) initiative have given a much-needed thrust to domestic manufacturing in recent years, with global tech giants like Apple and Samsung doubling down on ramping up their supply chains in the country. According to Vaishnaw, exports of mobile phones from India in May increased by over 74 per cent over the same month last year. 'FY26 off to a strong start: $3 billion smartphone exports in May alone (+74 per cent YoY); $5.5 billion exports in April-May; and $8.2 billion electronics exports in April-May (+47 per cent YoY),' the Union Minister posted on the X social media platform. This stupendous growth has been achieved because India's competitive edge makes it a natural choice for tech giants like Apple, and the US-based company has assured the government of its commitment to manufacturing its products and boosting the 'Make in India' initiative. Electronics exports from India has moved up from fifth position to third within one fiscal, owing to the transformative PLI scheme, according to Vaishnaw. Electronics exports clocked an all-time high of Rs 3.27 lakh crore in FY25, with mobile exports standing at Rs 2 lakh crore. 'Electronics exports move up from fifth position to third within one fiscal. Three years in a row, electronics is India's fastest growing export amongst India's top 10,' Vaishnaw informed recently. He further stated that lakhs of new jobs have been created in the electronics ecosystem, especially for women, along with 'skilling, increasing DVA and Indian MSMEs joining global supply chains'. The electronics manufacturing industry has seen a five times growth in the last 10 years, surpassing Rs 11 lakh crore, while the entire ecosystem has created 25 lakh jobs. In the last decade, electronics exports have risen six times to surpass Rs 3.25 lakh crore. The country has shown big companies like Apple the value of "Make in India'. The country has become a key hub for Apple's global supply chain in recent years.
Hindustan Times
41 minutes ago
- Hindustan Times
JP Morgan leases 1.16 lakh sq ft in Sumitomo's BKC Tower at ₹7 crore monthly rent
US-based financial services major JP Morgan Private Limited has pre-leased 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited, a subsidiary of the Japanese firm Sumitomo Realty & Development Company, in Mumbai's Bandra Kurla Complex (BKC), for a monthly rent of ₹ 6.91 crore, documents accessed by Propstack showed. Mumbai real estate deal: JP Morgan Private Limited has pre-leased 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited in Mumbai's Bandra Kurla Complex (BKC). (Photo for representational purposes only)(Pixabay) Located on Plot No. 65 in G Block of Mumbai's Bandra Kurla Complex (BKC), the tower is expected to be handed over by October 1, 2026, they showed. The long-term lease spans over 10 years and covers the 11th and 12th floors, each measuring 58,105 sq ft. The agreement specifies a starting monthly rent of ₹ 6.91 crore, translating to ₹ 595 per sq ft. As part of the deal, JP Morgan has paid a security deposit of ₹ 62.23 crore. The lease also includes a 15% rent escalation every three years. The BKC lease also includes an option to extend the term by an additional 15 years, in three increments of five years each, the documents showed. The Grade-A commercial building comprises six basements, a ground floor, 12 office floors, and a terrace, the documents show. Emails have been sent to JP Morgan and Goisu Realty Private Limited seeking comment. The story will be updated if and when a response is received. JLL, the transaction advisor, declined to comment. In 2022, JP Morgan leased 1.16 million sq ft of office space at Nirlon Knowledge Park in the Goregaon suburb of Mumbai for over 10 years with an option to extend for an additional 10 years. Sources told that while J.P. Morgan's Goregaon facility serves as its back-office operations hub, the newly leased space in BKC is expected to function as its front office. Property registration documents accessed through real estate data analytics platform Propstack showed that Goisu Realty Private Limited had acquired an 8,054-square-metre land parcel from The Bombay Dyeing and Manufacturing Company Limited in the city's Lower Parel area for ₹ 440 crore in 2024. The deal was part of a larger agreement to acquire 22 acres in Worli for ₹ 5200 crore. In one of the biggest land deals in the Mumbai real estate market in recent times, the Wadia Group announced in September 2023 the sale of a 22-acre parcel at Wadia International Centre in Worli to Goisu Realty Private Ltd, a subsidiary of Japanese group Sumitomo Corporation, for ₹ 5,200 crore. Sumitomo Corporation was established in 1919 and is spread across Asia, Europe, America, and Africa. It deals in infrastructure, real estate, media, metal products, transportation and construction systems, minerals, energy, and chemicals. All about BKC commercial district BKC has several government offices, including MMRDA, Goods and Services Tax (GST), Reserve Bank of India, Income Tax Department, and Family Court. The US consulate is also located there near the Jio Convention Centre. Luxury hotels such as Sofitel and Trident are also in BKC. Prominent companies with offices in BKC include Jio, Apple, Netflix, Google, Facebook, Amazon, the National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone. Other commercial deals in BKC Elon Musk's Tesla has taken 4,000 sq ft of showroom space in India's costliest commercial district, Bandra Kurla Complex (BKC), in Mumbai, for ₹ 23.38 crore for five years. The documents show that the showroom space has been rented out in a commercial building named Maker Maxity on North Avenue. Also Read: Real estate institutional capital flows expected to decline by 37% to $3.06 bn in H1 this year: JLL Experts said the amount sets a national record in terms of lease rentals and makes it the most expensive auto showroom lease deal in the country by far.
Time of India
an hour ago
- Time of India
Shark Tank India's upcoming promo for season 5 takes a sly dig at Narayana Murthy's '70-hour work week' comment
The fifth season of Shark Tank India has now opened its registrations for new entrepreneurs to participate. The channel created a buzz for the show's return with a teaser that took a jibe at Narayana Murthy 's controversial remarks on introducing 70-hour work weeks. He has previously stated that he does not believe in the concept of 'work-life balance' and was saddened when India moved away from six-day work weeks. Reiterating his position, he stated at the CNBC-TV18's Summit last year, "I am sorry, I have not changed my mind. I'll take this with me to my grave." The video depicted in tongue-in-cheek, with numerous imaginary CEOs whining about their employees leaving to establish their own enterprises. One of them complains about not being able to play golf since his employee isn't there to carry his luggage. Another person complains about having to take'sharing' rides to work in a helicopter. The promo accused wealthy CEOs of exploiting their employees for personal gain. A snarky voiceover urged potential candidates to continue enriching their wealthy bosses by not quitting their jobs or launching their own businesses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo The voice over to the video then shared with the vsuals of exhausted employees logging in from beyond the grave while CEOs party on a yacht played in the background. The voice over heard, "You can change (your bosses') lives. So, please work overtime. Sacrifice your personal life, your hobbies, and your start-up dreams. Work 70 hours for your bosses, at least until AI doesn't replace you. Keep working, so that your millionaire bosses become billionaires. Save your bosses, do not apply to Shark Tank India." Several 'sharks' have previously expressed ideas about working 70 hours per week. Namita Thapar had shared on her LinkedIn post, "I strongly believe that a 70-hour work week is not only unsustainable but also detrimental to an individual's physical and mental well-being, and it's our responsibility as corporate leaders to establish reasonable working hours that prioritise employee well-being and long-term productivity. While founders and leaders may be willing to put in 20 hours a day due to significant financial rewards, this is not viable for regular employees who work for fixed salaries without additional upside. The consequences are severe - a 70-hour work week can lead to severe physical and mental health issues, absent parenting, and a lack of work-life balance, ultimately resulting in widespread employee misery and burnout. It's time for companies to rethink their approach to work culture and prioritise the well-being of their employees."
