INR stays slippery despite firm equities
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Business Standard
9 minutes ago
- Business Standard
High levels of Russian crude imports may not last forever, says govt
The increased levels of Russian crude imports into India may not last forever, and public-sector oil refineries are, therefore, continuing with term contracts with other suppliers and regions for firm and optional volumes to secure the country's refinery requirement in case of any volatile market situation, the government has said. 'Prior to the Russia-Ukraine conflict, Russian crude oil was largely exported to Europe and China. The conflict and the resulting sanctions on Russian crude oil have resulted in increased flows of Russian crude into India due to attractive discounts,' the oil ministry told the parliamentary standing committee on petroleum and natural gas. The ministry was commenting on a recommendation by the panel on imports of crude oil from Russia according to the report of the panel tabled in Parliament today. The committee appreciated the government's decision to purchase crude oil from Russia and recommended that it should keep the energy security of the country in mind while taking decisions on the import of crude oil. India imports crude oil from various locations, including West Asia, Africa, North America, and South America. In 2021-22, the top six countries accounted for 80 per cent of the total crude imports, and the shipments from Russia were low. After the Ukraine-Russia conflict began, and economic sanctions were announced by the United Nations, the United Kingdom, the European Union, and the US, with the price cap imposed on Russia, India increased its Russian crude imports. The committee had earlier recommended an overall review of the policy on crude oil imports, including enlarging the Indian crude basket, diversifying the sources and types of crude oil, and implementing reforms in the pricing of crude oil to ensure energy availability at a reasonable price.
Time of India
12 minutes ago
- Time of India
Norwest Venture eyes a bite of Belgian Waffle
New Delhi | Mumbai: Global venture fund Norwest Venture Partners (NVP) is leading negotiations to buy into homegrown dessert and waffle chain The Belgian Waffle Co , after talks with ChrysCapital fell through last year, said people directly aware of the developments. A potential deal is expected to value Belgian Waffle at '350-500 crore, the people said. They did not disclose the size of the stake NVP is looking to buy. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program "Fresh negotiations are underway with NVP, to sell minority equity in the business, since the promoters don't want to sell a majority stake as of now, which was why the deal with ChrysCapital did not work out," one of the persons said. "However, given that investor interest is picking up in the dining-out space and there are signs of revival in the sector, negotiations have been revived." Started in 2015 by entrepreneur couple Shrey and Alisha Aggarwal, Belgian Waffle's ownership rests with their company Bloombay Enterprises. It currently has about 650 stores operational in more than 200 cities across India. The chain reported revenue of Rs 225 crore in FY24, rising from Rs 148 crore in the previous year, according to company filings. Live Events "While Lighthouse Funds too has been in the fray to acquire a minority stake in Belgian Waffle, as of now NVP is leading the negotiations," said the person cited above. Backed by US financial giant Wells Fargo, NVP, an early to mid-stage fund, has invested in India in several sectors spanning consumer, healthcare, IT services and financial services. It includes companies such as Swiggy , Mensa Brands, Five Star Finance, and Amagi Media Labs. Belgian Waffle, NVP, and Lodha Capital Markets, which is handling the talks on behalf of the waffle chain, declined to comment. While most of its outlets are in the cafe format, Belgian Waffle also operates through kiosks and takeaways. Its operating structure is a mix of company-owned and franchisee-led formats. It also sells on Swiggy and Zomato . Belgian Waffle has also expanded to spreads and pre-mix categories, mirroring strategies of various quick service restaurants and cafe chains entering the ready-to-eat business to fuel sales in a subdued market. The potential Belgian Waffle deal would track homegrown private equity firm ChrysCapital acquiring around 85% stake in pan-India bakery chain Theobroma Foods for Rs 2,410 crore. Various specialised cafes and patisserie brands are entering India or adding new stores. These include Canada's Tim Hortons, Belgian chain Le Pain Quotidien, French patisserie brand Laduree, Reliance Brands-backed Armani/Caffe and Pret a Manger.
Time of India
12 minutes ago
- Time of India
US SEC yet to serve summons on Gautam Adani, nephew in India
Mumbai: The United States Securities and Exchange Commission (SEC) has not yet served summons on Adani Group chairman Gautam Adani and his nephew Sagar Adani in India. The US regulator had filed a civil and criminal complaint against the billionaires and the Adani entity nine months ago. In its third status report dated August 11, 2025, to Magistrate Judge James R. Cho of the Eastern District Court of New York, the SEC said the defendants are "located in India and the SEC's efforts to serve them are ongoing, including a request for assistance from Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters." Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program ET has reviewed the SEC's deposition before the magistrate. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The SEC filed its complaint on November 20, 2024, alleging that the defendants "violated federal securities laws by making false and misleading representations about Adani Green Energy Ltd. in connection with a September 2021 debt offering." Live Events Because the defendants are in India, the filing noted, "service is governed by Rule 4(f) of the Federal Rules of Civil Procedure," which "allows the SEC to serve Defendants by any internationally agreed means reasonably calculated to give notice, such as the Hague Service Convention." The regulator said it has provided prior updates on April 23 and June 27, 2025, "concerning its ongoing service efforts." According to the filing, "The SEC has requested assistance from India's Ministry of Law & Justice ('India MoLJ') under Article 5(a) of the Hague Service Convention in serving the Summons and Complaint on Defendants in India." It added that the agency "has also sent Notices of Lawsuit and Requests for Waiver of Service of Summons, including copies of the Complaint, directly to Defendants and their counsel, and the SEC has communicated with the India MoLJ." However, the SEC understands "that those authorities have not yet effected service." Earlier, the ET reported that the Adani Group had engaged US law firms Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan to handle the matter. The SEC told the court: "The SEC intends to continue communicating with the India MoLJ and pursue service of the Defendants via the Hague Service Convention, and will keep the Court apprised of its efforts." The civil complaint is part of a broader set of legal actions involving Gautam Adani, Sagar Adani and Adani Green Energy Ltd., being pursued in US courts. The SEC is investigating CDPQ executives Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra for allegedly destroying evidence and withholding key information in a bribery case. In a filing reviewed by ET, the agency said it has been "making efforts to serve defendant in accordance with Rule 4(f) of the Federal Rules of Civil Procedure in Singapore" and that local counsel "has been actively making attempts at locating Cabanes." The SEC added that it learned Cabanes "is likely to have departed Singapore" and is continuing efforts to find him in other jurisdictions.
