The group had a gross debt of Rs 1.88 lakh cr in March 2022 and net debt of Rs 1.61 lakh crore after considering the cash balance. While loans from public sector banks in 2015-16 accounted for 55 per cent of all debt of the group firms, in 2021-22, borrowing from PSBs made up for 21 per cent of all debt, it said.
Indian leaders, while acutely sensitive to the challenges of the future workplace, seem unwilling to take decisive action about it. At the root of this inaction could be an undercurrent of fear, which needs to be identified and addressed, to overcome anxieties about the future of work.
Vinod Bahety, who’s been helming Adani Enterprises Ltd.’s M&A activity, will move to a new business vertical and a formal announcement could come as soon as this month, the people said. Adani Group has reached out to potential candidates for the job as the ports-to-power conglomerate is looking to expedite its dealmaking, said the people, who asked not to be identified as the information is private.
Cyrus Mistry was born on 4th July 1968. He earned a civil engineering degree from London’s Imperial College of Science and Technology and a post-graduate degree of Master of Science in Management from London Business School. He joined the family business in March 1991 as a Director, overseeing the group’s construction business.
Former bureaucrat Ganesh Jagtap says he will miss Cyrus Mistry's compassionate nature and love for Maharashtrian food. The former chairman of Tata Sons was killed in a car crash near Mumbai on Sunday.
More than a week ago, CreditSights said in a report that group entities, currently expanding, were "deeply overleveraged". The group's net debt was ₹1.6 lakh crore by the end of the June quarter this fiscal year, compared with ₹50,200 crore of run-rate Ebitda.
Lenders led by the State Bank of India are hoping to recover at least one-third of loans or ₹9,000 crore-₹10,000 crore given to VOVL, earlier known as Videocon Oil Ventures. The resolution professional Pravin Navandar has admitted ₹30,640 crore claims from financial creditors. VOVL has about ₹1,800 crore-₹2,000 crore as cash balance.
“MSTC is endeavouring to harness the untapped potential in the private sector also, besides trying to retain the government and PSU business,†company's chairman and managing director Surinder Kumar Gupta said in the annual report 2021-22.
In October 2016, Mistry was ousted as chairman by board of Tata Sons, which met and voted against his continuance. Mistry took Tata Sons to court over the move, accusing the holding company of financial wrongdoing and corporate governance violations, including at AirAsia India, a Tata-owned airline that was founded in partnership with Malaysia’s AirAsia Bhd.