Latest news with #CCI
&w=3840&q=100)
Business Standard
16 hours ago
- Business
- Business Standard
Govt may consider market study before ex-ante regulations for Big Tech
The government may undertake a market study to establish a solid foundation for ex-ante regulations under draft Digital Competition Bill, said Harsh Malhotra, Minister of State for Corporate Affairs Ruchika Chitravanshi New Delhi The government feels the need to conduct a market study to build a strong foundation for bringing in ex-ante regulations under the draft Digital Competition Bill, Harsh Malhotra, Minister of State for Corporate Affairs, told Parliament on Monday. 'Based on the suggestions, comments, and inputs received, it is felt that an evidence-based foundation through market studies is required to consider all relevant aspects for ex-ante regulation, considering it is in the nascent implementation stages globally,' the minister said in response to a question on the current status of the Draft Digital Competition Bill. The Committee submitted its report in February 2024 along with a draft Digital Competition Bill. The ministry has received responses from more than 100 stakeholders, ranging from legal professionals, industry associations, civil society organisations, and domestic and foreign digital enterprises providing digital services in India. Malhotra told the Lok Sabha that the comments from the Ministry of Electronics and Information Technology (MeitY) on the Bill were awaited. He also mentioned that MeitY had organised stakeholder discussions between 18 June 2024 and 20 June 2024 on this matter. A Parliamentary Panel looking into the role of the Competition Commission of India (CCI) in an evolving economy, particularly the digital landscape, has sought the views of the MCA on suggestions made by some Indian online players regarding the draft Bill. Speaking at a CCI event in March this year, Malhotra had said the government was not in a hurry to bring the Digital Competition Bill (DCB) and wanted to follow due process with more deliberations on the proposed legislation before introducing it. He stated that strict interventions would be required to enforce the law, and self-regulation and compliance also needed to be promoted. The draft DCB provisions set quantitative and qualitative criteria for Systemically Significant Digital Enterprises (SSDEs), such as turnover in India of not less than Rs 4,000 crore or a global turnover of not less than USD 30 billion. Other criteria include a gross merchandise value in India of not less than Rs 16,000 crore or global market capitalisation of not less than USD 75 billion. It also states that if the core digital service provided by the enterprise has at least one crore end users or 10,000 business users, it would be considered an SSDE. These SSDEs, according to the draft Bill, would be covered by the ex-ante regulations.
News18
2 days ago
- Business
- News18
IDFC First Bank In Focus As RBI Clears Warburg's 9.99% Stake Investment
This development follows a similar clearance granted by the Competition Commission of India (CCI) on June 3 for the proposed investment. Currant Sea had sought the CCI's approval in April for the stake acquisition. The regulatory approvals come shortly after IDFC First Bank's shareholders voted against appointing a non-retiring board member from Currant Sea Investments. The proposal received only 64.1 percent support, falling short of the 75 percent approval required under corporate governance norms. Previously, Warburg Pincus and the Abu Dhabi Investment Authority (ADIA) had announced a joint investment commitment of Rs 7,500 crore in IDFC First Bank through compulsorily convertible preference shares. As part of this plan, IDFC First Bank will issue 81.26 crore preference shares to Currant Sea Investments and 43.71 crore shares to ADIA-backed Platinum Invictus, both priced at Rs 60 per share. The last trading price of IDFC First Bank is at Rs 73.07 as of July 18 on BSE. The stock's 52-week movement indicates a high of Rs 78.50 and a low of Rs 52.50. As of July 18, the m-cap of IDFC First Bank stood at Rs 53,596 crore. It is a constituent of BSE 200. The Board at its meeting held on April 26, 2025 had considered and recommended dividend for the Financial Year 2024-25. In this regard, kindly note that the record date for determining the eligibility of members entitled to receive the said dividend is Friday, July 11, 2025.
Hans India
3 days ago
- Business
- Hans India
Torrent Pharma set to be India's 2nd pharma major
New Delhi: Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI's clearance to acquire a majority stake in in JB Chemicals and Pharmaceuticals in a Rs19,500-crore the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in JB Chemicals and Pharmaceuticals in a Rs19,500-crore deal. 'The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (JB Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer,' according to a notice filed with the Competition Commission of India (CCI). Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments.
Yahoo
4 days ago
- Business
- Yahoo
Trump's $1tn for Pentagon to add huge planet-heating emissions, study shows
Donald Trump's huge spending boost for the Pentagon will produce an additional 26 megatons (Mt) of planet-heating gases – on a par with the annual carbon equivalent (CO2e) emissions generated by 68 gas power plants or the entire country of Croatia, new research reveals. The Pentagon's 2026 budget – and climate footprint – is set to surge to $1tn thanks to the president's One Big Beautiful Act, a 17% rise on last year. Military emissions are closely tied to military spending. The budget bonanza will push the Pentagon's total greenhouse emissions to a staggering 178 Mt of CO2e, resulting in an estimated $47bn in economic damages globally, according to new analysis by the Climate and Community Institute (CCI), a US-based research thinktank, shared exclusively with the Guardian. The huge increase in military spending comes amid worsening climate breakdown, and as Americans – many of them Trump voters – are being hit by destructive extreme weather events such as wildfires, extreme heat and the recent floods in Texas, as well as sea-level rise and other slow-onset climate effects. Trump's 2026 budget legislation slashes federal funding for science, education, Medicaid, food stamps, emergency management, the National Weather Service and humanitarian aid – in order to pay for the military expansion, tax cuts for the wealthy, and Trump's violent immigration crackdown. Trump has also withdrawn the US from the Paris climate accords for the second time, and rolled back Biden-era investments in renewable energies such as solar and wind that are key to weaning the US off fossil fuels in order to curtail climate catastrophe. The US is the largest historical contributor to the climate crisis, and currently the second worst emitter after China – a country with quadruple the population. Emitting 178 Mt of CO2e would make the US military and its industrial apparatus the 38th largest emitter in the world if it were its own nation – and more than the entire annual carbon footprint of Ethiopia, a country of 135 million people. 'Every extra dollar grows the Pentagon's carbon bootprint – and shrinks the chances for a livable future. With this additional funding from the big beautiful bill, the US's trillion-dollar war machine will be responsible for more emissions than 138 individual countries,' said Patrick Bigger, lead author and CCI research director. 'Supposedly this spending is for national security. But what security is there in more droughts, floods, hurricanes, and rising seas?' 'Every dollar of military spending has a climate cost, with procurement decisions being made now risking locking us into decades of emissions through carbon-intensive military equipment,' said Ellie Kinney, climate advocacy coordinator at the Conflict and Environment Observatory (Ceobs). The Pentagon – the US armed forces and Department of Defense (DoD) agencies – is the largest single fossil-fuel consumer in the US, already accounting for about 80% of all government emissions. In 2023, it spent $860bn, generating almost 152Mt of climate pollution through a combination of overseas operations, jet-fuel consumption and domestic base upkeep – as well as emissions from manufacturing the weapons, ships, tanks and planes it operates, according to a previous analysis by Transnational Institute. The 2026 emissions figure uses the same methodology based on military spending, calculating emissions from the Pentagon's operations and full supply chain from the vast US military-industrial complex. The US currently operates 877 overseas military bases – two and a half times more than the rest of the world combined, according to recent analysis. A growing share of the Pentagon budget goes to private companies, with more than half its discretionary spending between 2020 and 2024 going to weapons contractors. The Pentagon has long been the world's largest institutional greenhouse gas emitter. The 2026 $1tn budget will make the total Pentagon carbon footprint equivalent to the annual emissions from 47 coal power plants. Yet the Pentagon's true climate impact will almost certainly be worse, as the calculation does not include emissions generated from future supplemental funding such as the billions of dollars appropriated separately for military equipment for Israel and Ukraine in recent years. Every megaton of CO2 counts, as emissions drive global heating, which is supercharging deadly, destructive and costly extreme weather such as hurricanes, wildfires and drought. The US is already spending nearly $1tn a year on disaster recovery, one recent analysis found. Next year's Pentagon emissions will cause $47bn in economic damages including impacts on agriculture, human health and property from extreme weather, according to the EPA social cost of carbon calculator, adjusted to 2025 dollars. The $150bn Pentagon budget top-up is about five times the annual budget allocated to the Federal Emergency Management Agency (Fema) in recent years – an agency that Trump has threatened to eliminate entirely. 'Amidst a summer of oppressive heat, the Trump administration is dismantling the government's disaster preparedness and response capabilities. Prioritizing military expansion while underfunding disaster response doesn't keep communities safe,' said co-author Lorah Steichen, policy manager at CCI. 'The $150bn increase to military spending is comparable to the amount needed to fund whole-building, deep-energy retrofits for all the nation's public housing units – a true investment in human security.' US military spending and emissions are the highest in the world by a long way. And it is thanks to the US that states are not required to account for military emissions to the UN. In the run-up to the Kyoto protocol, the 1997 international treaty that set binding targets for greenhouse gas reductions, the Pentagon successfully lobbied the Clinton White House to push for a blanket exemption for emissions generated by military fuel use. Still, the total military carbon footprint is estimated at about 5.5% of global emissions – excluding greenhouse gases from conflict and war fighting. This is more than the combined contribution of civilian aviation (2%) and shipping (3%). And the Pentagon has long warned that water scarcity, sea-level rise and desertification in vulnerable regions could lead to political instability and forced migration, framing climate change as a 'threat multiplier' to US interests. In 1991, George HW Bush formally acknowledged climate change as a national security threat. In March this year Trump's defence secretary, Pete Hegseth, wrote on X: 'The @DeptofDefense does not do climate change crap. We do training and warfighting.' Hegseth ordered the termination of dozens of climate studies and renewable energy programs at the Pentagon aimed at making the military both more efficient and resilient. The Pentagon did not respond to requests for comment. The 2024 report is no longer on its website. Military spending is rising across the globe, hitting a record $2.7tn in 2024. This military buildup will have catastrophic climate consequences. Kinney from Ceobs said: 'We cannot keep ignoring the military's contribution to the climate crisis – militaries must be transparent about the scale of their emissions and must make serious commitments to reduce their carbon footprint.' Solve the daily Crossword
Time of India
4 days ago
- Business
- Time of India
Torrent Pharma seeks CCI nod to acquire majority stake in JB Chemicals for Rs 19,500 cr
New Delhi, Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI's clearance to acquire a majority stake in in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. After the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. Explore courses from Top Institutes in Select a Course Category CXO others MBA Operations Management Leadership Data Analytics Artificial Intelligence Design Thinking Product Management MCA Public Policy Technology healthcare Digital Marketing Others Cybersecurity Data Science Management Healthcare Degree Data Science Project Management PGDM Finance Skills you'll gain: Technology Strategy & Innovation Emerging Technologies & Digital Transformation Leadership in Technology Management Cybersecurity & Risk Management Duration: 24 Weeks Indian School of Business ISB Chief Technology Officer Starts on Jun 28, 2024 Get Details Skills you'll gain: Customer-Centricity & Brand Strategy Product Marketing, Distribution, & Analytics Digital Strategies & Innovation Skills Leadership Insights & AI Integration Expertise Duration: 10 Months IIM Kozhikode IIMK Chief Marketing and Growth Officer Starts on Apr 7, 2024 Get Details Skills you'll gain: Digital Strategy Development Expertise Emerging Technologies & Digital Trends Data-driven Decision Making Leadership in the Digital Age Duration: 40 Weeks Indian School of Business ISB Chief Digital Officer Starts on Jun 30, 2024 Get Details Skills you'll gain: Operations Strategy for Business Excellence Organizational Transformation Corporate Communication & Crisis Management Capstone Project Presentation Duration: 11 Months IIM Lucknow Chief Operations Officer Programme Starts on Jun 30, 2024 Get Details The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. "The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (J B Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer," according to a notice filed with the Competition Commission of India (CCI). Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments. Live Events J B Chemicals & Pharmaceuticals is engaged in business of manufacturing and marketing of diverse range of FDFs and APIs (Active Pharmaceutical Ingredients) and also provides CDMO (Contract Development and Manufacturing Organisation) services as well. The parties ( Torrent Pharma and J B Chemicals) said that their activities exhibit horizontal overlaps in certain relevant markets for the manufacturing and sale of FDFs in India. In June, Torrent said it will acquire 46.39 per cent stake from promoters Tau Investment Holdings Pte Ltd, an affiliate of global investment firm KKR, for about Rs 11,917 crore. It would additionally buy another 2.80 per cent from certain employees of JB Chemicals at the same acquisition price of Rs 1,600 per share (totaling Rs 719 crore). Post this, it would make an open offer for buying 26 per cent from open market, as per listing norms, at a price of Rs 1,639.18 per share (totaling Rs 6,842.8 crore). This will be the second biggest deal in the pharma sector ever, behind Sun Pharmaceutical Industries ' 2015 acquisition of Ranbaxy Laboratories. Post share purchase, JB Pharma will merge into Torrent. In 2020, KKR had bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. In March this year, KKR divested a 5.8 per cent stake in JB Pharma for Rs 1,460 crore through open market transactions. Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, etc. Torrent Pharma, with annual revenues of more than Rs 11,500 crore, is the flagship company of the Torrent Group, with group revenues of Rs 45,000 crore. In April 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth USD 4 billion that includes USD 800 million debt. The merger was 'consummated' following receipt of requisite approvals a year later in March 2015. In another big deal, Mankind Pharma last year completed the transaction to acquire Bharat Serums and Vaccines for a consideration of Rs 13,768 crore. ETMarkets WhatsApp channel )
