KTPL promoters offer more than the bid amount to settle debt
ADVERTISEMENT Promoters led by Nikhil Gandhi had made an initial offer of around ₹430 crore, which was put through a Swiss challenge auction last month. Under the Swiss challenge auction, counteroffers are invited on the original bid. The original bidder is then given the opportunity to match the best counteroffer, a process used by lenders to maximise their recovery. "In this case, Gandhi's bid which was originally received was put through the challenge process. Prudent ARC bettered that offer with a ₹460 crore bid but Gandhi has bettered it with a ₹472 crore offer," said a person.
Emails sent to Gandhi and Canara Bank did not elicit any response. KTPL operates a port and logistics facility at Karanja Creek in Navi Mumbai, in proximity to the industrial hinterland and the major ports of JNPT and Mumbai Port. Good connectivity to state and national highways, no evacuation restrictions, less congestion and upcoming infrastructure projects in the vicinity provide an opportunity for bulk cargo for these projects.
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News18
3 hours ago
- News18
Switzerland Eyes 'More Attractive' Offer For Donald Trump After Being Slapped With 39% Tariffs
Last Updated: Switzerland is facing 39% US tariffs on its products, the fourth-highest amount of duties after Brazil, Syria, Myanmar and Laos. Switzerland says it is prepared to make a better offer for US President Donald Trump after being slapped with a whopping 39% tariffs that have shocked the country, causing ripples in the Swiss stock market. The stock market tumbled by over 2% when it opened on Monday before paring its losses later in the day, ending the day down just 0.15%, after Trump announced one of the highest tariffs on the Alpine country among dozens of economies. The new tariffs are expected to come into force from Thursday (June 7). Switzerland is facing the fourth-highest amount of tariffs after Brazil, Syria, Myanmar and Laos. Brazil is facing a 50% tariff on its products, Syria 41% and Myanmar and Laos have been slapped with 40% each. Trump had originally threatened in April to slap a 31% tariff on Switzerland, which swiftly decided to negotiate with the United States. Swiss President Karin Keller-Sutter has said Trump believes that Switzerland 'steals" from the US by enjoying a trade surplus of 40 billion Swiss francs ($50 billion). 'Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation," the council said in a statement, adding that it was at a distinct disadvantage as compared to other trading partners with similar economic profiles. Hans Gersbach, deputy head of the KOF Swiss Economic Institute, said the tariffs could cut the country's annual growth by between 0.3 and 0.6%. It could further rise if Trump targets the pharmaceutical industry, which has so far been exempt from tariffs. Analysts at Swiss investment managers Vontobel said in a note that they believed 'there is some hope for an agreement on US tariffs for Switzerland" that would bring them down to the 15% set for other countries. The chocolate industry association, Chocosuisse, said the tariffs were a 'tough blow" for the sector, which is already reeling from a 10% duty. 'It is particularly shocking that Switzerland finds itself at a distinct disadvantage compared to all other Western industrialised countries," it said in a statement. Trump's Tariffs Trump has imposed tariffs on several economies, including 25% levies on Indian goods, that have injected a fresh dose of uncertainty for consumers and businesses worldwide. The legality of these tariffs are also under question as a US appeals court last week heard that Trump had exceeded his authority by declaring an 'emergency" to charge the tariffs. Critics have argued that Trump's aggressive trade policy could gradually erode America's power and prosperity and may lead to recession, a concern that initially led to Trump imposing a 90-day negotiating period with countries. US Trade Representative Jamieson Greer warned on Sunday that 'the coming days" were not likely to see changes in any duties as the 'tariff rates are pretty much set". Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! tags : donald trump switzerland view comments Location : Bern, Switzerland First Published: August 04, 2025, 23:32 IST News world Switzerland Eyes 'More Attractive' Offer For Donald Trump After Being Slapped With 39% Tariffs Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
3 hours ago
- Business Standard
Swiss scramble to avert Trump's 39% tariff ahead of looming deadline
The Swiss government held crisis talks on Monday to come up with a proposal that might dissuade US President Donald Trump from imposing 39 per cent tariffs on the country in less than three days. With the rate — the highest among industrial nations — set to go into effect on Aug. 7, President and Finance Minister Karin Keller-Sutter convened an emergency meeting of the governing Federal Council on Monday to discuss how to proceed. Separately, negotiators with the Swiss State Secretariat for Economic Affairs have reached out to their US counterparts to try and find a way forward. The agency, which hammered out a far more favorable tentative deal with the US more than a month ago, also held a briefing with business leaders on Monday. Keller-Sutter, who was criticized in the Swiss press over the weekend for allowing Trump to blindside her without a backup plan, said she would be willing to make a last-minute trip to Washington if she thought there was a chance a deal could be made. 'I don't rule out such a visit, but first, the two sides should come closer together in their positions,' she told the newspaper Schweiz am Wochenende. It's not clear what, if any, response there has been from the US government. 'It's unfortunate that the Swiss took so much time' to react, says Thomas Borer, a former Swiss diplomat who now runs his own consulting firm, echoing the criticism made in the press. Despite the backlash, the Swiss president doesn't face any immediate danger of losing her job. The system is designed for continuity, and the presidency rotates on an annual basis, meaning her term running the country will come to a close at the end of the year. The Trump administration justified Friday's move by claiming that Switzerland had in essence stolen money from the US and should therefore be hit with a tariff rate commensurate with the trade deficit — a notion Ketter-Sutter dismissed as 'absurd.' Switzerland ran a $38 billion bilateral trade surplus with the US last year, according to US Census data, which was the 13th biggest for the world's largest economy. While Swiss exports to the US collapsed after the introduction of tariffs in April, they rebounded in June, suggesting that trade between the two countries remained robust. What Bloomberg Economics Says... 'We estimate that this represents a tariff shock of around 23 percentage points for the Swiss economy, putting roughly 1 per cent of its GDP at risk over the medium term.' There are not many routes available to Switzerland, but one is to offer to buy liquefied natural gas from the US. While the landlocked country is focused on hydroelectric and nuclear power, it does use a small amount of gas, primarily in the winter to cushion swings in its energy supply. Should Switzerland choose to import more gas, it would have to travel through neighboring countries, which could potentially increase transit costs. So far, the expectation appears to be that Keller-Sutter and the government will secure a better deal. The Swiss market benchmark SMI was down just 0.43 per cent as of 11:37 a.m. on Monday. 'We expect negotiations to bring the 39 per cent Swiss tariff rate closer to the 15 per cent agreed with the EU,' Lombard Odier investment strategists said in a research note. 'In the unlikely event that this trade dispute is not resolved,' they added, they will revise their forecast for gross domestic product. Given the 'volatility of decisions we've seen from the US,' there's hope that a solution may be found, Franziska Ryser, a lawmaker of the Green party, told Bloomberg. 'On the other hand, we must draw political conclusions from the situation and acknowledge that — at least under the Trump administration — America is no longer a reliable partner,' she said. 'This means that we should strengthen cooperation with the EU and coordinate more closely with our European partners.'
Mint
5 hours ago
- Mint
European Stocks Rebound, Swiss Stocks Dip on Shock US Tariffs
European shares recovered after sliding by the most since April in the previous session, while the Swiss market retreated as traders had their first opportunity to react to a 39% US export tariff. The Stoxx Europe 600 Index gained 0.9% by the close, with banks and insurance stocks outperforming the most. Automakers and retailers were among the laggards. Switzerland's benchmark SMI Index fell as much as 1.9% before paring declines to 0.2% as trading resumed following Friday's public holiday. The tariff announced last week is one of the steepest globally, and the Swiss government said Monday it was determined to give the US better trade terms as it seeks an improved deal. 'It remains to be seen what impact the Swiss tariffs will have,' said Daniel Murray, chief executive officer of EFG Asset Management. 'This is partly because there is always the possibility that Switzerland is able to negotiate improved terms.' UK lenders rallied after they won a major reprieve in a pivotal UK car finance case. Close Brothers Group Plc jumped 23% while Lloyds Banking Group Plc climbed 9%. Despite Monday's upbeat session, the Stoxx 600 has kicked off August with questions around the impact of US tariffs. In addition to Switzerland, Trump also announced a slate of duties on countries including Canada, New Zealand and South Africa last week. The pharma sector is also in focus as the US president pushes for lower drug prices. The benchmark index could face further volatility as it navigates historically weak seasonal trends over August and September. For more on equity markets: You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance. To subscribe to a daily list of European analyst rating changes, click here. With assistance from Sagarika Jaisinghani and Charles Riley. This article was generated from an automated news agency feed without modifications to text.
