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<ul><li>India's Supreme Court ruled status quo on the sale of Essar Steel to ArcelorMittal.<br /></li><li>Essar Steel's lenders had appealed against the verdict of National Company Law Appellate Tribunal.<br /></li><li>The NCLAT verdict had put banks at par with other suppliers who were owed money from the bankrupt Essar Steel.<br /></li><li>ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company.<br /></li></ul><br />The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. Finally, in June 2019, it's $6.1 billion bid for the bankrupt steel company, owned by the Ruia family, was approved by a lower court but the Supreme Court of India has put the proposal on hold once again.<br /><br /><br /><br /> A bench headed by Justice Rohinton F. Nariman admitted the appeals by Essar Steel lenders and ArcelorMittal challenging the order of the National Company Law Appellate Tribunal (NCLAT). The share price of ArcelorMittal jumped over 3.7% in trade in Amsterdam.<br /><br /><br />The court said it will conduct detailed hearing on the contentions made in the appeal and also look into the issues emerging from the verdict after two weeks. <br /><br /><br />ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. Banks were hoping to get a lion's share of the money for what Essar Steel had owed them but then the NCLAT order had put the banks at par with other suppliers of the company at par with the suppliers with unpaid dues.<br /><br /><br /><br />Essar Steel is under a debt of ₹30,030 crore to financial creditors and ₹11,969 crore to operational creditors. The tribunal has asked the committee of creditors to engage professional firms to finalise the exact amount to be distributed among each operational creditor. <br /><br /><br />In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers would have received 60% of the dues. However, the standoff between the lenders and the vendors has not landed in the Supreme Court putting on hold steel tycoon's bid for the bankrupt Essar Steel once again. <br /><br /><br />SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cmshttps://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a><br /><br /><br /><br /><br /><br />

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

<ul><li><strong>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</strong></li><li><strong>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</strong></li><li><strong>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</strong></li></ul><br />Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel.  Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. <br /><br />The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment).<br /><br />In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. <br /><br />However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers.<br /><br />The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>.<br /><br /><strong>SEE ALSO:</strong><br /><a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a><br /><br /><br />

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

<ul><li>Shares of Bharti Airtel jumped by 10% hitting a new 52-week high of ₹591.85, despite the telco reporting an unexpected quarterly loss.</li><li>However, Airtel noted that the unexpected loss was due to adoption of Ind AS 116 from April 1, 2019, which relates to leased assets and their accounting.</li><li>Its revenues for the March 2020 quarter grew by more than 15% compared to the same period last year, suggesting that there is healthy growth despite the COVID-19 headwinds.</li></ul>The share price of Bharti Airtel jumped by 10% even as the company posted an unexpected quarterly loss of ₹5,237 crore in the fourth quarter ended fiscal year 2020. The Airtel stock hit a 52-week high in the process, continuing its rally in May with an overall increase of almost 10% in 13 trading sessions. At the time of writing, the Airtel share price was at ₹591.85.<br /><br />      <div type="image" title="Airtel share price" msid="75818794" hostid="261" caption="&amp;lt;p&amp;gt;Airtel share price in May 2020&amp;lt;/p&amp;gt;"></div><br />Airtel's loss was mainly on account of making provision for paying statutory dues. The company, which had posted a profit of ₹107 crore in the same period a year ago, said it is monitoring the COVID-19 pandemic situation closely to identify key risks, and taking immediate actions to minimise any potential disruption to business.<br /><br /><table><tbody><tr><td><strong>Particulars (for March, 2020 quarter)</strong></td><td><strong>Amount in ₹ crore</strong></td></tr><tr><td>Consolidation revenue</td><td>23,722.7</td></tr><tr><td>Net profit/loss before exceptional items</td><td>-471</td></tr><tr><td>Net profit/loss after exceptional items</td><td>-5,237</td></tr></tbody></table><br />The company posted revenue of ₹20,602.2 crore in the corresponding quarter of 2018-19. Airtel's statement said that March 2020 numbers are not comparable with prior period due to adoption of Ind AS 116 with effect from April 1,2019.<br /><br />      <div type="Article" hostid="261" msid="75533860" title="Airtel shares set for a catch up rally after Reliance Jio takes a huge valuation lead" mstype="2" mssubtype="0"></div><br />Airtel posted exceptional items totalling ₹7,004 crore during the quarter ended March 31, 2020. This includes charges on account of reassessment of regulatory cost based on a recent order on one time spectrum charge, interest on provision of license fee and spectrum usage charges, and other heads.<br /><br />Citing the Adjusted Gross Revenue (AGR) liability case, the company said during the quarter the group has further recorded interest of ₹870.6 crore, which has been presented as exceptional item.<br /><br />The total capital expenditure for the just ended quarter stood at ₹11,339 crore.<br /><br />For the full year ended March 31, 2020, the company posted a net loss of ₹32,183.2 crore and revenue of ₹87,539 crore. At the end of FY 2019, Bharti Airtel had reported net profit of ₹409.5 crore and revenue of ₹80,780.2 crore.<br /><br />Bharti Airtel's MD and CEO, India &amp; South Asia, Gopal Vittal, said, "These are unprecedented times for every one across the world as we battle the impact of COVID-19 and its consequent impact on livelihoods."<br /><br />He added that telecom has played essential role in keeping the country going during the pandemic, and hoped that government would implement recommendations of the regulator and bring down the levies and taxes that the sector is subjected to.<br /><br />Bharti Airtel said the company has undertaken a capex investment of ₹25,359 crore during the year to ensure strong customer experience besides front-ending some investment to ensure seamless services during the ongoing pandemic.<br /><br />Bharti Airtel said its overall customer base stands at 423 million across 16 countries. <br /><br /> Notably, its average revenue per user - a key metric for telecom companies - was at ₹154 against ₹123 in year ago period, and ₹135 in December quarter.<br /><br />"India revenues for Q4'20 at ₹17,438 crore have increased by 14.4% YoY on a reported basis. Mobile revenues have witnessed a year on year growth of 21.8% primarily led by increase in 4G customer base coupled with improved tariffs," the statement said.<br /><br />The company said that in line with its policy of passing through dividends received from Infratel, the Board of Directors has recommend a dividend of Rs. 2 per share for FY 2019-20, subject to shareholders' nod.<br /><br />Consolidated net debt (including lease obligations) was pegged at ₹1,18,859 crore. <br /><br /><em>With inputs from PTI.</em><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-adani-gmr-gvk-share-price-may-gain-after-civil-aviation-reforms/articleshow/75775888.cms">Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for</a><br /><br /><a href="https://www.businessinsider.in/india/news/hindalco-jspl-coal-india-companies-that-will-benefit-from-nirmala-sitharamans-reforms/articleshow/75775443.cms">Hindalco, JSPL, Adani, Coal India, and many more stocks that can benefit from India’s sweeping reforms in coal and mineral sector</a><br /><br /><a href="https://www.businessinsider.in/science/space/news/lt-and-godrej-join-like-boeing-and-lockheed-martin-ula-after-biggest-space-reform/articleshow/75778037.cms">"Now, L&amp;T and Godrej can join hands like Boeing and Lockheed Martin’s ULA," says Gateway House scholar cheering India’s 'biggest space reform'</a><br /><br /></strong><a href="https://www.businessinsider.in/business/corporates/news/indian-firms-can-now-directly-list-in-foreign-markets-there-are-a-few-more-big-changes-to-companies-act/articleshow/75785648.cms"><strong>Indian firms can now directly list in foreign markets – there are a few more big changes to Companies Act</strong></a><br />

Airtel shares jump by 10% despite an unexpected quarterly loss

<ul><li><keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, a wealthy Indian business tycoon, is the CEO of ArcelorMittal, the largest steelmaking company in the world.</li><li>Headquartered in Luxembourg, the merger of two firms - Arcelor and Mittal Steel led to the formation of ArcelorMittal in 2006. It was one of the largest mergers in the world. </li><li>Mittal has achieved renowned fame in the world for turning sick steel companies into profitable ventures, a feat that has amazed his peers and the industry.</li></ul><br /><strong>Lakshmi Mittal’s education and career</strong><br /><br />Mittal studied at St.Xavier’s College in Kolkata while working at the steel mill owned by his father. In 1970, he joined the mill as a trainee, and in 1976 opened a steel mill in Indonesia. In 1989, Mittal purchased the <a href="https://www.britannica.com/biography/Lakshmi-Mittal">state-owned steelworks in Tobago and Trinidad</a>, which were making an enormous loss. He turned them into profitable ventures in just a year. Since then, he has been buying several sick companies in the steel arena and turned them into top-performing enterprises. <br /><br /><br /><strong>One of the wealthiest citizens in London</strong><br /><br />Mittal is amongst the wealthy and most influential citizens in London.  He is known for his lavish lifestyle and the extravagant wedding he organised for his daughter, Vanisha Mittal in 2004. One of the wedding functions was held at the Palace of Versailles. It is said that he was the first person to hold a private event in this palace. <br /><br /><br /><strong>Steel magnate's luxurious home </strong><br /><br />From his humble beginnings to being named as the world's richest person in 2005, it has been an inspiring journey. Mittal’s 12-bedroom mansion is located at 18-19 Kensington Palace Gardens. This is known to be one of the most expensive houses in the world. His house is decorated with the same marble that was used in the construction of the Taj Mahal. In fact, this marble was excavated from the same mine from where Shah Jahan brought it out.<br /><br /><br /><strong>Recipient of numerous awards</strong><br /><br />Lakshmi Mittal is a recipient of several prestigious awards. He secured the Forbes Lifetime Achievement Award in 2008 and was honored with the European Businessman of the Year award in 2004.<br /><br /><br /><strong>A member of important boards </strong><br /><br />Since 2008, Mittal has been on the board of directors at Goldman Sachs. He is also a member of the board of Directors of the European Aeronautic Defense and Space Company. He is an important part of the World Steel Association's executive committee and a well-known member in different councils including the Indian Prime Minister's Global Advisory Council, the Presidential International Advisory Board of Mozambique, the Foreign Investment Council in Kazakhstan, and the World Economic Forum's International Business Council.<br /><br /><br /><br /><br />An accomplished philanthropist<br /><br />He created the Mittal Champions Trust to encourage and sponsor 10 Indian athletes who demonstrated great potential, to lift the pride of India in the world forum. In 2008, Mittal bestowed Abhinav Bindra with Rs. 1.5 crore when he secured India its first Olympic gold medal for individuals in shooting. For the 2012 Summer Olympics, ArcelorMittal financed the construction of ArcelorMittal Orbit. Mittal also joined hands with the government of Rajasthan in 2003 and instituted the LNM Institute of Information Technology (LNMIIT) in Jaipur, which is an autonomous non-profit organization. In 2008, Mittal gifted around <a href="https://www.indiatoday.in/education-today/gk-current-affairs/story/lakshmi-mittal-14267-2016-06-15">15 million pounds (Rs 1,129,621,164)</a> to Great Ormond Street Hospital in London. Deemed as the largest private donation that the hospital has received, the amount was used to fund the Mittal Children's Medical Centre.<br /><br /><br />

Interesting facts about Lakshmi Mittal that will inspire you

<ul><li>Shares of Vodafone Idea have spiked nearly 18% in the last two days on hopes of a bailout from the government.</li><li>There were three demands made by the company’s billionaire promoter Kumar Mangalam Birla.</li><li>According to experts, the most viable option at this stage is to put a floor price on tariff, one that would apply to all three major players including Bharti Airtel and Reliance Jio.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Vodafone Idea and its management have been sending out SOS to the government. The market seems to believe that a rescue package may be coming after promoter Kumar Mangalam Birla has written to the Prime Minister Narendra Modi and met the newly-appointed Minister for Communications, Ashwani Vaishnaw. <br /><br />The shares of Vodafone Idea surged over 10% on September 2 and another 7% yet again today (Sept. 3). The most viable option, according to experts, at this stage, is to have a floor price for telecom services for all operators including Bharti Airtel and Reliance Jio.<br /><br />Floor price refers to a minimum price for voice and data services, which means telecom operators will not be able to offer rates lower than the floor price.<br /><br />          <div type="image" title="Vodafone Idea 01_04_21 to 03_09_21." msid="85890408" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price over the last two months&amp;lt;/p&amp;gt;"></div><br />The market seems to believe that Vodafone Idea may be rescued but experts believe it may be easier said than done. <br /><br />There were 3 demands from Birla, in his letter to the Prime Minister dated June 7: to reduce the payment of regulatory dues after the Supreme Court allowed the recalculation of revenue in earlier years (also called adjusted gross revenue or AGR), to defer payment for spectrum licences, and to set a minimum level of tariffs for mobile phone operators.<br /><br />Sanjay Kapoor, the former chief executive officer of Bharti Airtel, believes if Vodafone Idea gets any of these measures as a bail out, others, including Reliance Jio, will also demand the same and it will only be fair.<br /><br /><div type="Video" msid="85894226" hostid="261" title="How to read Kumar Mangalam Birla’s letter to the government" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85894226"></div><br />“I think it will be parochial to read Mr. Birla's letter as wanting to sell his stake. I think it is metaphoric and symbolic in nature,” Kapoor said, explaining that Birla underlined his concerns with the Indian telecom industry slipping back to a duopoly, and that his company and Vodafone Plc., haven’t been able to generate returns out of their multi-billion dollar investment in the telco.<br /><br />On the other hand, R Chandrashekhar, former secretary, Telecom and information technology (IT), told Business Insider that not all of these requests are viable. <br /><br />Like Kapoor, Chandrashekhar also said that the moratorium on spectrum payments would require changing the terms agreed to by the operators, and offering support only to one telco is impossible.<br /><br />The government may find it difficult to let go of revenue, especially from for-profit private companies, at a time when the pandemic has stretched its finances. <br /><br />In the case of AGR dues, the Supreme Court order leaves no room for the government to make exceptions even for a company like Vodafone Idea that seems to be bleeding to death, fast.<br /><br />                    <div type="Video" msid="85209717" hostid="261" title="What if Vodafone Idea dies and can it be saved?" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85209717"></div><br />That leaves us with a floor pricing regime that will define the minimum cost of service that operators can charge. This is a request that Telecom Regulatory Authority of India (TRAI) had earlier rejected but, according to reports, the proposal is back on the table for the Department of Telecom to consider. <br /><br />The government, too, finds itself between a rock and a hard place. It can’t be seen as saving a private company owned by a billionaire like Birla, with an estimated net worth of $14.3 billion as per Forbes, in partnership with a multinational giant like Vodafone. <br /><br />It may be a tough call to offer sops to other billionaires like Mukesh Ambani (net worth estimated at $90.2 billion by Forbes and Sunil Bharti Mittal (estimated net worth $12.9 billion), in a bid to provide relief to Birla’s firm. <br /><br />But letting Vodafone Idea die will turn Indian telecom into a duopoly, or a two player market, which may lead to an unpopular rise in the cost of services at a time when the government wants internet and digital technologies to be more widely accessible and adopted by people at large. <br /><br />As Chandrashekhar put it, “it's a difficult problem at the outset, but the solution requires not only a brilliant plan or a design, but it requires a taker”.<br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/telecom/news/what-if-vodafone-idea-dies/articleshow/85127937.cms">What if Vodafone Idea dies?</a><br /><br /></strong><a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-spike-after-promoter-kumar-mangalam-birlas-meeting-with-indias-telecom-minister/articleshow/85861279.cms"><strong>Vodafone Idea shares spike after promoter Kumar Mangalam Birla's meeting with India's Telecom minister</strong></a><br />

Market hopes Vodafone Idea will be saved and these are the rescue options

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There is an opportunity for <a href="http://www.businessinsider.in/searchresult.cms?query=software+exporters+">software exporters</a> in India as about $250 billion worth of deals in the sector are set to be renewed over the course of next 36 months.<br />
 <br /> Several outsourcing contracts worth at least $1 billion each from companies such as US retailer Gap and <keyword id="120748" type="CITY" weightage="60" keywordseo="British-Telecom">British telecom</keyword> firm <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone+">Vodafone</a> are coming up for renewal in the next one year.<br />
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Therefore, home-grown software exporters such as <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Consultancy+Services+%28TCS%29+">Tata Consultancy Services (TCS)</a> and <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> are preparing themselves to grab the deals from incumbent multinational rivals such as IBM and <a href="http://www.businessinsider.in/searchresult.cms?query=Hewlett-Packard+">Hewlett-Packard</a> and increase market share over these companies.<br />
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Data from outsourcing advisory ISG suggests that at least six such deals will expire in 2016 and another nine deals with a total contract value of at least $500 million each from customers such as <a href="http://www.businessinsider.in/searchresult.cms?query=Arcelor-Mittal+">Arcelor-Mittal</a> and <keyword id="195234" type="COMPANY" weightage="60" keywordseo="BAE-Systems">BAE Systems</keyword> will also come up for renewal during this period.<br />
 <br /> The increasing number of contract expirations each year directly results from specific market trends. “We've seen the number of outsourcing transactions increase dramatically over time. At the same time the average duration of contracts has declined. As a consequence, contract expirations are occurring at a faster rate," said <keyword id="267192" type="PERSON" weightage="80" keywordseo="Dinesh-Goel">Dinesh Goel</keyword>, partner and India head at ISG.<br />
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Even as IBM and HP are expected to strive to renew these contracts, India's top outsourcing firms fancy their chances, having already grabbed significant market share from their multinational rivals over the past five years.<br />
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According to another ISG report, Indian IT firms increased their share of the market to 27.1% during January-June, from 23.6% a year ago. This again came at the cost of European rivals such as <a href="http://www.businessinsider.in/searchresult.cms?query=Capgemini+">Capgemini</a> and <keyword id="327292" type="COMPANY" weightage="60" keywordseo="Atos">Atos</keyword>.<br />
 <br /> Executives from both Indian and multinational firms are focusing on <keyword id="15492" type="CITY" weightage="80" keywordseo="Vodafone">Vodafone</keyword>'s $1 billion contract with IBM which will expire early next year. It is being reported that preliminary discussions to renew the contract have already been started. <br />
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"There is no question that incumbency isn't what it used to be - the non-incumbent win rate on competitive restructuring and renewal deals stands at over 60%," said Goel, adding India-heritage firms have been the significant beneficiaries of this trend as a winning provider.<br />
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Indian IT firms have aggressively snatched large contracts by adopting tactics such as heavy upfront payments while bidding for large billion-dollar outsourcing deals and also using price to undercut rivals.<br />
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At a time when investors are worried about the economic slowdown in China triggering a global meltdown and with technology spending set to drop at least 5.5% this year, India's top IT services firms will chase these upcoming deals even more aggressively, executives said.<br />
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(Image: Indiatimes)  <br />

The time is ripe for contract renewal! Infosys and TCS are ready to grab billion dollar deals

One of the few positive outcomes of the United Nations Climate Change Conference (COP26) is the commitment by major nations to achieve net zero carbon emissions by a certain year. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has also committed to becoming a net zero country by 2070. While some developed nations may have scoffed at this timeline, the reality is that nations with different developmental trajectories cannot (and should not) be treated equally. The major polluters must first walk the talk and then expect others to follow suit. While it is a never-ending blame game between the developed and developing nations, in the interest of humanity and for their own well-being, the nations must do everything within their powers to ensure that they keep their emissions under control.<br /><cmsannotation type="cmsannotation" annotationid="Policy initiatives in India" comment="subhead" text="Policy initiatives in India"><span data-til="noop">Policy initiatives in India</span></cmsannotation><br />India has taken several measures towards climate change adaptation and mitigation. Our statutory framework ensures that air and water pollution is prevented and controlled, forests are conserved and restored, biological diversity is protected, and energy is generated and utilised efficiently to ensure minimal environmental impact. The Government has launched various policy initiatives to work towards its climate change commitments. The national and state action plans on climate change aim at integrating such climate action into their modus operandi.<br />Among national schemes, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) focuses on clean mobility and is meant to promote the transition to electric vehicles by providing incentives for manufacturing, adoption and development of associated infrastructure for electric vehicles. Financial assistance is being offered at the central and state levels for developing solar and wind energy projects like solar parks, grid-connected solar rooftops in residential buildings, installing off-grid solar devices and solar-based LED lights. Initiatives like Gujarat Emissions Trading Scheme, Renewable Energy Certificate, Perform, Achieve and Trade (PAT) Scheme are all meant to promote renewables, reduce emissions and achieve energy efficiency at the central and state levels.<br /><cmsannotation type="cmsannotation" annotationid="Recent impetus to climate action" comment="subhead" text="Recent impetus to climate action"><span data-til="noop">Recent impetus to climate action</span></cmsannotation><br />Some important and innovative schemes initiated in India to combat climate change include the India Cooling Action Plan 2019, which aims to reduce direct and indirect emissions from energy-intensive cooling devices like refrigerators, air conditioners, etc. The National Clean Air Program 2019 aims to reduce air pollution and addresses several forms of harmful emissions. The National Hydrogen Mission launched in 2021 aims to help India achieve its climate targets by making India a green hydrogen hub. India is also targeting to increase the usage of alternative fuels to reduce emissions by blending 20% Ethanol in petrol by 2025.<br />Moreover, policies like National Building Code, 2016, Energy Conservation Building Code, 2017, Buildings Energy Efficiency Programme, green energy rating system, star rating programme, etc., seek to promote sustainability in the construction sector by improving energy efficiency, water conservation, waste management, recycling, etc. The union budget for the financial year 2022-23 also announced initiatives for financing climate change mitigation and adaptation strategies through sovereign green bonds, blended finance, etc.<br /><cmsannotation type="cmsannotation" annotationid="Local and regional climate action" comment="subhead" text="Local and regional climate action"><span data-til="noop">Local and regional climate action</span></cmsannotation><br />In addition to the various central government initiatives being implemented across the country, various states are devising their own strategies and plan to combat climate change. States like Gujarat, Odisha, and <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> have constituted specific departments and cells to focus on climate change adaptation and mitigation. Kerala has announced a dedicated fund for this purpose and has issued green bonds to invest in climate resilience activities. <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> has released the Mumbai Climate Action Plan to address climate change impacts in the coastal megacity and achieve net zero emissions by 2050.<br />It is not just the central and state governments but also the corporates are taking active steps to combat climate change. More than sixty Indian companies have announced their net zero greenhouse gas (GHG) emissions targets. Leading Indian companies, including <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword>, Reliance, Mahindra, ITC, Adani Transmission, Arcelor Mittal Nippon Steel, and Dalmia Cement, have voluntarily pledged to move towards carbon neutrality through GHG emissions reduction and energy efficiency.<br />With environmental, social and governance (<keyword id="77363" type="General" weightage="80" keywordseo="esg" source="Orion">ESG</keyword>) issues gaining prominence and ESG reporting becoming mandatory for the top 1000 companies, almost all major companies are addressing ESG issues to set their house in order and adopt the best practices. Various Indian banks have also incorporated ESG considerations into their lending policies. Therefore, be it the government or the private sector, every stakeholder has realised the importance of climate action and is working to prevent the planetary crisis, which, not to forget, affects almost all living species, including humans.<br /><em><keyword id="12498063" type="General" weightage="50" keywordseo="nawneet-vibhaw" source="Orion">Nawneet Vibhaw</keyword> </em><em>is a <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword> at Shardul Amarchand Mangaldas &amp; Co. in the Environmental Law practice.</em><br /><em>This column is part of a year-long (2022-23) campaign on the theme “</em><em>Only One Earth: Sustaining People, Planet and Prosperity</em><em>” by Business Insider India’s </em><a href="https://www.businessinsider.in/sustainability"><em>Sustainability Insider</em></a><em>.</em><br /><em>Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.</em><br /><br /><em><br /></em><br />

OPINION: Towards a carbon-neutral India — How central, state governments, and corporations are striving to tackle the planetary crisis

Business scenario is constantly changing all over the world and equally fast in India. If you are interested to know who rules the entrepreneurial domain in India, here are the top 10 businessmen in India. <br /><br /><strong>1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword></strong><br /> 
  
  
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<br />Ruling the petrochemicals, oil and gas sector in India, Mukesh Ambani has a net worth of $47.3 B. He is the chairman of $90 B enterprise in the giant of Oil and Gas domain called as Reliance Industries. Reliance also is one of the leaders in the telecom market in India that serves more than 300 million customers with free domestic calls, cheap data services and free smartphones. <br /><br /><strong>2. <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword><br /><br />
  
  
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</strong><br />Azim Premji’s net worth is $21 B and he is one of the leaders in the software services in India. He is a popular tech magnet in the country. His outsourcing firm Wipro is the third largest in India. His innovation center in Silicon Valley develops new technologies and collaborates with startup businesses. <br /><br /> <br />3. <strong>Lakshmi Mittal</strong><br />
  
  
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<br />The third richest man in India, Lakshmi Mittal has a net worth of $18.3 B. He is a leader in the steel industry in India. He is the CEO of the world’s biggest steel manufacturing company Arcelor Mittal. In November 2018, his firm completed the $2.1 billion acquisition of Ilva, Italy’s steel group. <br /><br /><strong>4. Hinduja brothers</strong><br />
  
  
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<br />Hinduja brothers, the fourth richest persons in India with a net worth of $18 B own establishments with diversified interests dealing with lubricants, banking and cabling industries.<br /><br /> <br /><strong>5. <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword><br />
  
  
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</strong><br />Pallonji Mistry is the fifth richest businessman in India with a net worth of $15.7 B. he controls Shapoorji Pallonji Group, the construction company based in Mumbai. His family also own an 18.4% stake in Tata Sons that holds an outfit of $100 billion in Tata Group. <br /><br /><br /><strong>6. Shiv Nadar<br />
  
  
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</strong><br />With a net worth of $14.6 B, Shiv Nadar is the sixth richest entrepreneur in India. A pioneer in the IT sector of India, Shiv Nadar is the cofounder of the HCL starting initially with the production of calculators and microprocessors. Today, HCL Technologies is an $8.2 billion company in the country. <br /><br /><strong>7. <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword><br />
  
  
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</strong><br />The seventh place among the richest businessmen in India goes to Godrej family. With a net worth of $14 B, the Godrej family controls the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> which is a giant player in the consumer goods segment in India. <br /><br /><strong>8. Dilip Shanghvi<br />
  
  
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</strong><br />The net worth of Dilip Shanghvi is $12.6 B. A leading player in the pharmaceuticals industry, Dilip Shanghvi chairs the India’s largest pharmaceutical establishment and the world’s fourth largest specialty drugs manufacturing company Sun Pharmaceutical Industries.<br /><br /> <br /><strong>9. Kumar Birla<br />
  
  
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</strong><br />Kumar Birla with a net worth of $12.5 B is the head of Aditya Birla Group dealing with diversified offerings namely cement, aluminium, telecom and financial services. In 2018, his firm Idea Cellular acquired Vodafone India, India’s largest telecom firm. <br /><br /><strong>10. Gautam Adani<br />
  
  
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</strong><br />With a net worth of $11.9 B, Gautam Adani is the tenth richest businessman in India. Dealing with commodities, power generation and transmission and infrastructure, Gautam Adani is a ports Tycoon who controls Mundra Port, the largest port of India in Gujarat. 
<br /><br />See also: <br /><a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a><br /><br /><a href="https://www.businessinsider.in/These-are-the-10-richest-people-in-India/articleshow/65957318.cms">These are the 10 richest people in India</a><br />

Meet India's top 10 Businessmen in 2019

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Kevin Zhao</span></p></div><p></p></div></div>Another day, another two scalps for the commodity price crash.</p><p>Two huge resources firms reported results on Friday, and you can add both to the pile of giants getting crushed by the falling price of raw materials.</p><p>ArcelorMittal, the world's biggest steelmaker, and BG Group, the FTSE 100-listed oil giant, both took big hits last year, according to financial results released on Friday morning.</p><p><a href="http://corporate.arcelormittal.com/investors/results">Let's start with Arcelormittal, the Dutch listed steel giant</a>. Arcelor - whose boss Lakshmi Mittal was once the 6th richest man on earth - took an enormous loss of $7.9 billion (£5.4 million) in 2015, as the price of iron ore, a key component in making steel, continued to tank last year. The company is also trying to raise a whopping $3 billion (£2.06 billion) to deal with debt. The price of iron ore - a key ingredient in steel - fell by nearly 40% over the course of 2015.</p><p>Here are some of the key takeaways from Arcelor's results:</p><ul><li>The loss included $4.8 billion (£3.3 billion) of writedowns, and $1.4 billion (£960 million) of exceptional charges in the company's steel business;</li><li>2015's loss was more than four times the $1.86 billion (£1.28 billion) loss which hit the company in 2014;</li><li>Debts stand at $15.7 billion (£10.8 billion), down by $1.1 billion (£760 million). That's the lowest level since Mittal Steel and Arcelor merged in 2006;</li><li>ArcelorMittal will issue $3 billion of new shares in an attempt to further reduce debts further;</li><li>Earnings fell 18.4% in the final quarter of 2015, down to $1.1 billion;</li><li>Steel shipments fell by 0.6% over the course of 2015.</li></ul><p>Speaking about the results, Mittal said (emphasis ours):</p><h2>BG Group books a massive loss</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/stacylynn/3595735507/in/photolist-6tK5TM-6EG8oP-72zFcj-6swqgu-6uQbGp-98G8NB-pqarNg-nnyHLP-kYgymQ-kYf6Jp-kYgwwC-5J31SY-xzvZ9-5JbhSU-mD449H-mD2ouv-5Z3LL-6swBNg-ekRgUA-7tuJk-6sAKVE-ivUZgH-6swBCR-kYf7da-6sAKJy-5R1kvg-6swkhD-6sATWQ-6sAtDL-5N9cGK-6sATLG-6sATkq-6swk94-6ssgwF-xZBfD-h2FG9u-6sAtsL-6swqq7-6sAL7b-6swq6S-nQc5Fd-b1kzEx-8SQkzJ-7Gnb4g-vkGEm-2f51GM-9Vr9YT-cugZLG-h9uj74-h9uuZ7">FLICKR/Selbe B</a></span></p></div><p></p></div></div>BG Group, the oil exploration group that will soon be <a href="http://www.businessinsider.com/r-shell-sees-bg-deal-working-with-oil-at-50-for-two-years-sources-2016-1">absorbed into Shell in one of the largest oil and gas mergers of all time</a>, also had poor year in 2015, although compared to the performance of Arcelor, it looks pretty mild.</p><p><a href="http://www.investegate.co.uk/bg-group--bg--/rns/final-results/201602050700051564O/">The oil giant booked a loss of $1.17 billion (£810 million) in the final quarter of 2015, </a>which is actually a substantial improvement on losses seen in the same period of 2014, when BG took an $8.3 billion (£5.7 billion) hit. Like iron ore, the price of oil has collapsed substantially over the last year, down from a high above $110 (£75.70) to around $30 (£20.64) a barrel.</p><p>Here are some of the key takeaways from BG's results:</p><ul><li>Earnings before interest and tax fell a massive 62% from $9.2 billion (£6.3 billion) in 2014, to $5.6 billion (£3.85 billion) in 2015;</li><li>Upstream earnings - getting oil out of the ground - fell by 35% to $4.16 billion (£2.86 billion), while earnings in the liquid natural gas sector fell 46%;</li><li>Business Performance earnings fell to $1.7 billion (£1.17 billion), while earnings per share dropped to 49.7 cents, both down by 58%;</li><li>Free cash flow fell 8% to $5.2 billion (£3.6 billion):</li><li>Dividends for the end of 2015 have been cancelled.</li></ul><p>Since the price of virtually all commodities - particularly oil and hard metals like iron ore - started to crash in 2011, firms reliant on raw materials have been suffering.</p><p>In December, miner Anglo American was forced to announce a "radical restructuring". So far this year <a href="http://uk.businessinsider.com/one-of-the-worlds-biggest-mining-companies-just-took-a-7-billion-hit-on-oil-2016-1">BHP Billiton has taken a $7.2 billion </a>write down on its US shale oil and gas businesses, <a href="http://uk.businessinsider.com/shell-chief-executive-10000-will-be-cut-2016-1">Shell has announced 10,000 job cuts</a>, <a href="http://uk.businessinsider.com/bp-2015-profits-fall-51-7000-job-cuts-planned-2016-2">BP has taken a 51% hit on its profits</a>, and <a href="http://www.ft.com/fastft/2016/02/04/glencores-credit-rating-cut-at-sp/">Glencore has had its credit rating cut to just one notch above junk by Standard and Poor's.</a></p><p>On Thursday, <a href="http://uk.businessinsider.com/british-miners-gain-more-than-10-on-thursday-after-an-incredible-market-rally-2016-2">British-listed mining firms saw share prices surge,</a> with the FTSE 350 Mining Index enjoying its best day since 2009, and Anglo American grabbing the biggest one-day gains in its history, jumping as much as 25% during trading, before closing up by 20%.</p><p>This morning, however, those gains are starting to evaporate for some miners. An hour into trading at 9:45 a.m. GMT (4:45 a.m. ET), Rio Tinto and BHP Billiton are two of the five biggest fallers on the FTSE, although Anglo American is up by around 2.3%, the biggest gainer on the day.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/secret-history-wall-street-2016-1">Wall Street's unbelievable secret history</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="M4cmUxeDrzrsToQqtxZ01y-f5fZbS0kS" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world's biggest steel maker just lost $7.9 billion

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Heinz-Peter Bader</span></p><p class="caption">Steel prices have been rocked by the slowdown in China.</p></div><p></p></div></div>ArcelorMittal, the biggest steel producer in the world, saw <a href="http://corporate.arcelormittal.com/~/media/Files/A/ArcelorMittal/news-and-media/press-releases/2016/ArcelorMittal-first-quarter-2016-results.pdf" target="_blank">first quarter profits fall by a third</a> as the price slump in commodities continued to affect its bottom line.</p><p>Revenues in Q1 were $13.4 billion (£9.3 billion), massively down from $17.1 billion (£11.8 billion) in the same period last year. Earnings before tax fell to $927 million (£640 million) from $1.38 billion (£950 million) the year before.</p><p>Despite the slump, the company narrowed its net losses, which were $416 million (£287 million) from $728 million (£502 million) in Q1 of 2015.</p><p>Lakshmi N. Mittal, ArcelorMittal's Chairman and CEO, said the results reflected tough operating conditions thanks to China:</p><p>"We have seen a recovery in spreads in our core markets to more sustainable levels, which is expected to result in improved results in the coming quarters. This is a welcome development, although given the levels of excess capacity in China the market remains fragile and we must continue to be vigilant and active against the threat of unfair trade."</p><p>The report added that while Arcelor while expected steel demand to decline due to weakness in the real estate sector, it also thought prices would stabilise to 2015 levels due to "an end to destocking."</p><p>As Business Insider <a href="http://uk.businessinsider.com/arcellormittal-bg-group-losses-2015-oil-steel-2015-2016-2" target="_blank">previously reported</a>, Luxembourg-based Arcelor has been stung by China exporting a record amount of steel to combat its slowing economy.</p><p>China made more steel than every other country combined last year, <a href="http://www.wsj.com/articles/arcelormittal-narrows-losses-1462512252" target="_blank">according to the Wall Street Journal</a>, forcing EU and US governments to impose import tariffs. But it's still hasn't been enough to curb falling prices in the regions.</p><p>Tata steel, Europe's second largest steel producer, said it <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3" target="_blank">planned to sell off its British assets last March</a> in response to Chinese competition, while in April US Senator Ron Wyden <a href="http://uk.businessinsider.com/us-deals-with-china-overcapacity-2016-4?r=US&amp;IR=T" target="_blank">accused China</a> of "distorting" the markets and suppressing steel prices.</p><p>ArcelorMittal shares fell 3.6% on the news, dropping to <strong>€4.52</strong> a share as of 8:50 AM GMT:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.investing.com/equities/arcelormittal-reg">Investing.com</a></span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-history-banks-finance-markets-ed-morris-2016-4">THE STORY OF GOLDMAN SACHS: From foot peddlers to a powerhouse</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NxNWJ1MjE6u0RxXow5D79vSG1wtQyHQT" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world's largest steelmaker is getting smashed by China

<p><div class="image-container float_right" style="width:400px"><div class="image"><p class="source">REUTERS/China Daily</p></div></div>Good morning! Here's what you need to know.</p>
<ul>
<li>Asian markets closed higher, led by Japan's Nikkei at +2.47%, followed by Hong Kong's Hang Seng at +0.94%. European markets are also up, led by Germany's DAX at +1.1%. </li>
<li>The "global canary in the coal mine," aka South Korea's trade report, <a href="http://www.businessinsider.com/south-korean-exports-july-2013-2013-7">came in strong</a> at +2.6%, beating the 2.1% expected by economists. However some analysts remain worried upcoming reports will get hit by slowing economic growth in China. "The US economic recovery would not fully offset the negative impacts from China given Korea’s increasing dependence on China-bound exports," SocGen said.</li>
<li>We've been <a href="http://www.businessinsider.com/july-2013-manufacturing-pmi-global-2013-7">following worldwide purchasing managers index (PMI) data</a> all evening. The biggest news was in China, whose NBS PMI print <a href="http://www.businessinsider.com/chinese-official-pmi-july-2013-7">unexpectedly turned upward</a> 0.2 points to 50.3 for July. China was the lone bright spot in Asia, however, as not a single other country in the region saw its index climb. The biggest drop came in Australia, whose PMI index fell -7.6 points to 42.0. Anything below 50 signals contraction.</li>
<li>It's been a much better picture in Europe. <a href="http://www.markiteconomics.com/Survey/PressRelease.mvc/9ea9b5e21c5642c3a4c4894546102f47">Overall Eurozone PMI</a> data climbed 1.5 points to 50.3. Eight of 11 European Union countries — <a href="http://www.markiteconomics.com/Survey/PressRelease.mvc/f6fab213cc4b427797cf93390bab54f6">including Greece!</a> — saw PMI gains, <a href="http://www.markiteconomics.com/Survey/PressRelease.mvc/014aed7ab0a842b892cc2c820788b227">led by the Netherlands</a>, which jumped 2 points to 50.8. Spain, as well as non-EU'ers Russia and Turkey, saw their indexes decline.</li>
<li>The day is far from over. The Department of Labor will release weekly jobless claims at 8:30; 345,000 is expected against 343,000 last week. US PMI data will be up next at 8:58 pm; 53.2 is expected against 51.9 prior. ISM manufacturing and construction spending data print at 10 am, and auto sales figures will be released throughout the day.</li>
<li>Procter and Gamble, Kraft, Sony and Exxon will announce earnings today.</li>
<li>Yesterday's FOMC statement <a href="http://www.businessinsider.com/july-30-31-fomc-meeting-statement-2013-7">did not signal any official policy change</a>, but it did note persistently low inflation as a concern, which <a href="http://www.businessinsider.com/fomc-edges-away-from-september-taper-2013-7">some analysts interpreted as a dovish signal.</a> Some are holding out for more clarity from Friday's non-farm payroll data. </li>
<li>Arcelor Mittal <a href="http://online.wsj.com/article/SB10001424127887323681904578641211705865182.html?mod=WSJ_hp_LEFTWhatsNewsCollection">lowered its outlook</a> for the rest of 2013 on flagging steel demand, WSJ said. The Indian steel giant reported a fourth-consecutive quarterly net loss of -$780 million, and earnings before interest, taxes, depreciation and amortization fell -34% to $1.7 billion.</li>
<li>Royal Dutch Shell said <a href="http://online.wsj.com/article/SB10001424127887323681904578641183049294110.html?mod=WSJ_hps_LEFTTopStories">the value of its North American shale holdings fell -$2 billion</a> on "higher costs" and "exploration charges" is it reported a -60% fall in profit, WSJ said. The company said it was <a href="http://www.shell.com/global/aboutshell/investor/news-and-library/2013/second-quarter-2013-results-announcement.html#textwithimage_6">launching a "strategic portfolio review"</a> of its North American holdings.</li>
<li>A court tossed a proposed Federal Reserve order on how much banks can charge retail businesses for allowing customers to use debit cards, saying <a href="http://online.wsj.com/article/SB10001424127887324635904578639833002818450.html?mod=WSJ_hp_LEFTWhatsNewsCollection">the figure was too high</a>, WSJ reported. </li>
</ul>

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