According to a Business Standard report, out of the two final bids, a West Asia-based company is leading the race for the division, currently housed in Grasim Industries.
The CCI has imposed a penalty of Rs 2.3 crore on Grasim, Rs 2.09 crore on Aditya Birla Chemicals (India) Limited and of Rs 1.88 crore on Gujarat Alkalies and Chemicals Ltd for their anti-competitive conduct, besides issuing cease and desist order against the three above companies.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
The board "will consider... to avail not exceeding Rs 2,400 crore working capital facility by way of commercial papers and unsecured debentures etc for aluminium business subject to necessary approval", Hindalco Industries Ltd said in a filing to the BSE.
This is a part of the company's strategy to consolidate its focus on the core business, the company said in a statement. The board of the company in a meeting held today approved the agreement to transfer 100 per cent stake in Grasim Bhiwani Textiles Ltd (GBTL) to Donear Group.
In an interview to CNBC-TV18's Nisha Poddar, Kumar Mangalam Birla, Chairman of the Aditya Birla Group spoke about the impacts of GST on his company and the way forward from here.
JP Morgan has maintained a buy rating on Grasim Industries and has raised the target price from Rs 1250 to Rs 1350 and feels that listing of Aditya Birla Capital can help unlock significant value for merged Grasim shareholders over the next one year.
Divi’s & Container Corp may be removed from MSCI India Index
BMW Group has entered into an international alliance with the Aditya Birla Group for preferred mobility solutions. The agreement spans globally across several countries such as India, Italy, Spain, Switzerland, Belgium, Germany, Austria, France and UK. The association comprises of a wide variety of privileges on the extensive product portfolio of the BMW Group such as preferential pricing, customized financial services and the state-of-the-art aftersales support.
"In the current fiscal (2017-18) we expect to grow our business by about three times from existing levels and expect a market share of about 10-15 per cent in the next three years," abof.com president and CEO Prashant Gupta told PTI on the sidelines of India Fashion Forum here.
The financial services company, to be called Aditya Birla Financial Services Ltd, is planned to be listed by May or June.
The Aditya Birla Group today said it has received licence from the Reserve Bank of India to start payments bank.
"In allowing an equal relationship with Idea, Vodafone should have commanded a premium and better quality of control. But, the deal contours favour Idea Cellular," the report said.
The two top honchos, flanked by senior executives from both companies, called on the minister to discuss the details of the mega alliance, in a meeting that lasted half an hour.
Idea expects revenues to grow in double digits post-FY19; data capacity set to increase 25-50 times following the merger next year.
Telecom sector has undergone change over the years especially after the entrance of Reliance Jio. While on one hand, the sector witnessed consolidation in terms of players, on the other hand, competitive intensity has been equally high, suggest experts.
The merger could signal the beginning of the end of cheap tariffs with fewer players left in the fray.
The combined entity will become the country's largest telecom operator by subscriber case followed by Bharti Airtel and Reliance Jio.
"An half an hour meeting was held between J S Deepak and Colao at Vodafone set up at Mobile World Congress," a source said.
Hindalco Industries's Birla copper unit has a mega copper smelting and refining complex at villages Lakhigam and Dahej in Bharuch district.
Hindalco Industries's Birla copper unit has a mega copper smelting and refining complex at villages Lakhigam and Dahej in Bharuch district. It now wants to expand its continuous cast copper rod plant in the existing premises of this unit.
In yet another consolidation in telecom industry, India‘s largest telecom operator Bharti Airtel informed the bourses on Thursday that it will acquire Telenor India assets. The move comes at a time when new entrant Reliance Jio has acquired 100 million users and the market is awaiting response on a potential Vodafone-Idea merger.
The new merged entity, say analysts, may have the Vodafone and the Birla Group holding 37.5 percent each in the joint venture.
Vodafone Plc said that any merger would be effected through issue of new shares in Idea to Vodafone.
The merger, if it goes through, will create India‘s largest telecom player both in revenues and subscribers. The combined entity will create India's largest telecom company with revenues of over Rs 80,000 crore.