MC Insider: Low on energy transition, ownership tussles, and more

Despite the Indian government’s push, foreign energy companies are not actively participating in bids for oil and gas exploration in the country. A major oil and gas company said that foreign firms are jittery about entering India by themselves, and are scouting for Indian partners.

Also, the global focus on energy transition is making financing conventional energy projects difficult, and companies are calibrating their plans carefully. Meanwhile, the deadline for submission of bids for the eighth oil and gas exploration round under the Open Acreage Licensing Policy (OALP) was shifted to May 2023 from September 2022.

This NBFC is a giant in the industry. Having witnessed phenomenal growth over decades, it’s reckoned as a leader in its area of operations. Investors are also happy with the growth in its share price. Yet, not all is well within the family that owns the company. There are signs of ownership tussles as the power hierarchy changes with the new generation. Problem is, there are too many claimants to the throne after the current CEO hangs up boots. What happens over the next few years will be an interesting watch for investors and rivals.

A little birdie tells us that a well-known Bollywood actress is scouting for a house on rent in Mumbai. She will be happy to shell out around Rs 10 lakh per month.

Real estate brokers say that actors and actresses from other cities often take up luxury homes on rent in Mumbai for a few years, depending on their film schedule. They usually pick up sea-facing properties in Malabar Hill, Walkeshwar, Juhu, or Bandra (west). Corporate honchos, on the other hand, prefer areas such as Nepean Sea Road or Altamount Road, where rents range from Rs 10 to 20 lakh per month.
It’s been seen that often film stars buy properties worth Rs 50 to 70 crore once they are well-settled in their careers.

This manufacturing company is struggling to set-up a new factory in a state which does not have a strong industrial base. While there is support from the central government and the state too is trying to help as it’s seeking to attract investments, the company is faced with a peculiar problem — employees are reluctant to shift to the state.

The company decided to identify a list of employees with roots in this troubled state and tried convincing them, but failed to get an enthusiastic response. Now it is trying to convince locals from the said state to come to its setup in Maharashtra for training. Sometimes even the government can’t help.

This US-based advertising agency, which has a small presence in India, is slowly ramping up its team. The agency has lost key accounts, including an iconic motorcycle brand that is a cult favourite among pro-riders. After hiring a senior creative head last year (whose entrepreneurial venture was acquired by a global network), the agency has been on the hunt for resources across functions.

It is offering good salaries along with a promise of cutting-edge work. But it is hard to get well-networked people who can net big clients and deliver noteworthy creatives that get noticed and put the agency in the big leagues.

An industry conference in the financial capital boasted that the minister for the sector was a key speaker. But a last-minute Covid attack forced the minister to back out.  As luck would have it, a top executive of one the leading manufacturers of the industry also decided to give the event a miss, leaving the communications department of the conference to manage the show.

At a network agency, a well- known creative outfit is not given enough space, we hear. Literally speaking. Another creative shop from the firm has a so-called controlling stake as far as the office space is concerned. While the well-known creative outfit has left no stone unturned to make their tiny space wholesome with unusual settings, they are evidently unsatisfied that the other creative agency is dominating the house. But one can't exactly blame the creative agency with the larger, swankier space. After all, it was their home originally. Still, a timely reminder— sharing is caring.