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<ul><li><keyword id="3171936" type="PERSON" weightage="20" keywordseo="Sterlite-Power-Transmission">Sterlite Power Transmission</keyword> is a private sector power transmission infrastructure developer and solutions provider operating in India and Brazil.</li><li>The company has filed a draft red herring prospectus (DRHP) with the market regulator to raise ₹1,250 crore through IPO.</li><li>Vedanta chairman and founder <keyword id="6354819" type="UNKNOWN" weightage="20" keywordseo="anil-agarwal">Anil Agarwal</keyword> and Twin Star Overseas are promoters of the company.</li></ul><keyword id="3245667" type="PERSON" weightage="20" keywordseo="Sterlite-Power">Sterlite Power</keyword> Transmission has filed a draft red herring prospectus (DRHP) with the market regulator to launch an initial public offering (IPO) of ₹1,250 crore of fresh issue. It is a private sector power transmission infrastructure developer and solutions provider operating in India and Brazil. The stock will be listed on both National Stock Exchange (NSE) and BSE. The power transmission company is promoted by mining giant Vedanta’s billionaire founder Anil Agarwal and Twin Star Overseas. The company believes that the power transmission industry in India has high growth potential. “The demand for electricity in densely populated Indian cities is expected to continue to rise as a result of end-use electrification. End-use electrification refers to the shift towards using electricity instead of gas or other fuels for end-use applications such as heating, cooking and transportation (electric vehicles). Our vast experience and market leadership position will allow us to capitalise on industry trends and fundamental growth drivers in the Indian power transmission sector,” said the company in its DRHP. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,571 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">- ₹524 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹5,158 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹942 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,816 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹870 crore </td></tr></tbody><tbody></tbody></table> The company intends to use ₹955 crore of proceeds from the IPO towards repayments of Sterlite Power and its subsidiary Khargone Transmission’s debt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/shares-of-apollo-hospitals-have-surged-178-in-the-last-one-year-and-103-so-far-in-2021/articleshow/85398007.cms">Apollo Hospitals gives multibagger returns in last one year on growth in pharmacy business, vaccination revenue</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/revenue-based-financing-startup-klub-raises-20-million-in-seed-round/articleshow/85398986.cms">Revenue-based financing startup Klub raises $20 million in seed round</a>

Anil Agarwal-led Sterlite Power Transmission to raise ₹1,250 crore through IPO

India Grid Trust, India's first power infrastructure <keyword id="2948615" type="DOMAIN" weightage="20" keywordseo="Investment-trust">investment trust</keyword> (InvIT), on Saturday signed a share purchase agreement to acquire NER-II Transmission Limited from <keyword id="3245667" type="COMPANY" weightage="20" keywordseo="Sterlite-Power">Sterlite Power</keyword> as part of the Framework Agreement. The indicative value of the <keyword id="30334" type="ORGANIZATION" weightage="20" keywordseo="acquisition">acquisition</keyword> is ₹4,625 crore and would boost IndiGrid's AUM (asset under management) by 34 per cent to over ₹20,000 crore ($2.8 billion). Post completion, the platform's asset portfolio would consist of 13 power transmission projects, with a <keyword id="10879999" type="UNKNOWN" weightage="20" keywordseo="total-network">total network</keyword> of 38 power transmission lines and 11 substations extending over 7,570 circuit kilometers and 13,350 MVA in 17 Indian states and 1 Union Territory. NER-II is part of Inter State Transmission Scheme (ISTS) network, and was awarded on a Build, Own, Operate, Maintain ("BOOM") basis with a contractual period of 35 years. The project has 11 elements including two substations of 1,260 MVA capacity and four transmission lines extending over 830 circuit kilometres. The asset spans across Assam, Arunachal Pradesh and Tripura and is of strategic importance for the delivery of power in one of the <keyword id="10879998" type="UNKNOWN" weightage="20" keywordseo="toughest-regions">toughest regions</keyword> in the country. This project will strengthen the power transmission network in the <keyword id="80223" type="LOCATION" weightage="20" keywordseo="North-Eastern-states">North Eastern States</keyword> and address the of transmission, sub-transmission, and distribution system needs of the region. IndiGrid had signed a framework agreement in April 2019 with <keyword id="45465" type="DOMAIN" weightage="20" keywordseo="Sterlite">Sterlite</keyword> Power for acquisition of NER-II upon commissioning. This transaction is expected to be consummated during Q4 FY21, subject to unitholders' approval, regulatory approvals, and other customary closing adjustments. The acquisition will be funded through a combination of internal accruals, debt, equity proceeds from the preference issue done in May 2019 and forthcoming rights issue. Post this acquisition, the net debt/AUM would stand at 64 per cent. Commenting on the acquisition, Harsh Shah, Chief Executive Officer of IndiGrid, said: "We are excited with acquisition of NER-II which is one of the largest acquisitions in Indian power transmission sector in India. NER-II fits well with our strategy of focusing on operating assets with long term cash flows and minimal counter party risk. This acquisition would be DPU accretive and augment our recent increase of DPU to ₹12.40 per annum for a considerable period." Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power said, "This mega transmission project will help deliver reliable power for 5.3 crore people in India's north eastern region." IndiGrid has acquired ₹8,300 crore assets since the last capital raise including ₹7,100 crore of Framework/ROFO projects from Sterlite Power and first cost-plus transmission asset from Reliance Ifrastructure. It has also announced its foray into the renewables sector with the planned acquisition of 138 MW solar asset. Separately, in FY21, KKR was inducted as a sponsor following the ₹2,510 crore preferential issue in 2019 which was subscribed by KKR and <keyword id="6357968" type="DOMAIN" weightage="20" keywordseo="gic">GIC</keyword> amongst other marquee investors. KKR has also acquired majority interest in the Investment Manager SEE ALSO: <a href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-makes-a-bumper-debut-on-stock-exchanges/articleshow/81342578.cms?upcaceh=2">Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a>

IndiGrid inks largest transmission deal with Sterlite Power

New Delhi, Power transmission player <keyword id="3245667" type="COMPANY" weightage="20" keywordseo="Sterlite-Power">Sterlite Power</keyword> on Monday announced that it has raised ₹200 crore in debt financing from Allianz Global Investors (<keyword id="3349683" type="COMPANY" weightage="20" keywordseo="Allianz-GI">Allianz GI</keyword>) -- one of the world's leading investment managers with a focus on sustainable investments. This transaction is one of the first infrastructure sector financing deals for Allianz GI in India. The ₹200 crore facility from Allianz GI has been raised as a non-convertible debenture with a three-year tenure and is part of the larger refinancing exercise undertaken by <keyword id="45465" type="DOMAIN" weightage="20" keywordseo="Sterlite">Sterlite</keyword> Power to reduce its holding company borrowings. Sterlite Power is increasingly <keyword id="1189281" type="PERSON" weightage="20" keywordseo="focused">focused</keyword> on integrating renewable energy (RE) to the grid. Commenting on the transaction, <keyword id="189377" type="COMPANY" weightage="20" keywordseo="Pratik-Agarwal">Pratik Agarwal</keyword>, Managing Director, Sterlite Power, said: "We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country." Sterlite Power has been successful in concluding a number of financial deals with global and national investors. It has raised project finance from both private as well as public sector financial institutions like <keyword id="6357149" type="DOMAIN" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, <keyword id="77463" type="DOMAIN" weightage="20" keywordseo="Power-Finance-Corporation">Power Finance Corporation</keyword> Limited and REC Ltd, for its transmission projects. Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/employment-opportunities-in-the-telecom-sector-are-expected-to-grow-by-20-in-2021/articleshow/80183579.cms">Fiber layers and field engineers to researchers ⁠— telecom jobs may see a 20% spike in 2021 as India leaps into the 5G era</a> <a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">India may be considering a COVID cess on high income earners — aside from more levy on fuel</a> <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a>

Sterlite Power raises ₹200 crore in debt financing from Allianz Global Investors

New Delhi, Dec 3 () Sterlite Power on Tuesday said it has acquired Lakadia-Vadodara Transmission Project, a green energy corridor project from PFC Consulting Ltd.
 Earlier, the project was won by Sterlite Power. Now the special purpose vehicle incorporated for the execution of the project by PFC Consulting, has been formally acquired by Sterlite Power, a company statement said.
 Power Finance Corporation arm PFC Consulting is the nodal agency for auctioning power transmission projects in the country.
 Sterlite won this project through an e-reverse auction process under tariff-based competitive bidding process on July 16, 2019 and will execute it under the Build, Own, Operate and Maintain (BOOM) model for 35 years in Gujarat.
 The project is aligned to enable the country's renewable energy target of installing 175 GW of renewable energy by 2022 and connects the wind energy zones of Bhuj in Gujarat to the load centres in Gujarat and Maharashtra, the statement added.
 The project involves laying 350 kms of 765 kV double-circuit transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in Gujarat, in a timeframe of 18 months.
 "This is another resounding success for Sterlite Power. We are proud to be part of this energy-transition journey of the country and are fully geared to contribute to it with this and more such projects," Sterlite Power Managing Director Pratik Agarwal said.
 With the acquisition of this project, the company has increased its domestic footprint in inter-state transmission projects to 22 states with a cumulative transmission line network of more than 9,000 ckms and 16,000 MVA transformation capacity.
 This marks the 14th addition to our domestic project portfolio. The company has a strong presence in Brazil with a portfolio of 10 transmission projects, the statement said. KKS DRR

Sterlite Power acquires Lakadia-Vadodara Transmission Project from PFC Consulting

New Delhi, Jan 22 () Sterlite Power on Wednesday said it has inked an exclusive agreement with the US-based Smart Wires to bring SmartValve to Indian market which will enable resourceful grid management.
 This cutting-edge technology is an intelligent 'valve' that will allow utilities to optimally utilise its existing transmission capacity and enhance grid flexibility, a company statement said.
 Commenting on the technology agreement, Sterlite Power Managing Director Pratik Agarwal said, "An environmentally sustainable electricity system is the anchor for a modern society. We are growing at an incredible pace and need to look for innovative solutions for rising grid outages due to climate change, lack of land to build new lines and integration of renewable energy." 
 "Modernising the grid to make it 'smarter' through the use of cutting edge technology is going to disrupt the landscape and technology is going to be the game changer in this field," he added.
 Power networks in India have been facing major transmission congestion challenges due to exponential growth in demand for power and rapid urbanisation, the statement said.
 Congestion is often seen in sub-transmission lines where it is a challenge to connect renewable power. In this context, alleviating congestion and enhancing grid flexibility becomes critical, it said. 
 SmartValve increases power transfer capability by making better use of existing network. As generation and demand changes, circuits can become unequally loaded. Some lines reach their maximum capacity while others are well below their limits.
 SmartValve technology can unlock this system capacity by more evenly balancing power flows and therefore provides a quicker-to-install and lower-impact alternative to building new lines, it added.
 It is quick to install and easy to scale or redeploy, providing valuable flexibility given today's rapidly changing electric system.
 Manish Agarwal, CEO, Solutions, Sterlite Power, said, "This technology will enable better power flow, grid stability and enhanced power transfer capacity in existing infrastructure without the need for investment in new lines."
 Smart Wires CEO Gregg Rotenberg said, "Given the pace and scale of renewable energy growth in India, our solutions can provide immense value to the market."
 Smart Wires is a leading player in modular power flow control. It has successfully deployed this state-of-the-art technology globally across the US, Europe and Australia, the statement said.
 Based in California, with offices in Ireland and Australia and a global workforce, Smart Wires works with utilities around the world to address the unique challenges they face. KKS RVK

Sterlite Power inks pact with US-based Smart Wires to bring SmartValve to Indian utilities

New Delhi, Jan 29 () IndiGrid, the country's first infrastructure investment trust in the power sector, on Wednesday announced acquisition of power transmission firm East North Interconnection Company Ltd (ENICL) for Rs 1,020 crore.
 ENICL is part of inter state transmission scheme network and consists of two 400 KV transmission lines with a total 900 circuit kilometers across Assam, Bihar and West Bengal, which were set up to evacuate power from north-east and eastern states to the northern region of India. 
 The Board of the Investment Manager of IndiGrid has approved the acquisition of ENICL at a value of Rs 1,020 crore, a company statement said. 
 The acquisition would increase the AUM of IndiGrid by 10 per cent to Rs 12,100 crore, it added. 
 IndiGrid had signed an extension of Right of First Offer deed with Sterlite Power for ENICL as disclosed in the Offer Document dated May 4, 2019, the statement said.
 As IndiGrid is leveraged at 45 per cent net debt/AUM, it will be able to acquire the ENICL without any dilution. 
 This acquisition will be funded by internal accruals, proceeds from the preference issue done in May 2019 and new debt.
 The acquisition is expected to be consummated during the fourth quarter of 2019-20, subject to unitholders' approval, execution of definitive agreements and regulatory approvals.
 Upon acquisition of the ENICL, the IndiGrid's net debt/AUM will continue to be below 49 per cent. 
 IndiGrid's portfolio will increase to nine power transmission projects with a total network of 20 power transmission lines that span more than 5,800 circuit kilometres across 13 Indian states post this acquisition.
 Harsh Shah, Chief Executive Officer of IndiGrid, said, "IndiGrid has another Rs 65 billion (Rs 6500 crore) pipeline of transmission projects under the framework agreement with Sterlite Power to reach an AUM of Rs 180 billion (Rs 18,000 crore) over next two years. We are committed to growing IndiGrid with accretive acquisition of operating projects with long-term stable cash flows and low counter-party risks to achieve Rs 300 billion (Rs 30,000 crore) of AUM by 2022, while providing predictable and growing distributions to our investors."
 IndiGrid is the first infrastructure investment trust in the Indian power sector. It is managed by Sterlite Investment Managers Ltd which is majority owned by PE firm KKR. 
 Last May, Indigrid raised Rs 2,510 crore through preferential issue of which KKR and GIC contributed Rs 2,060 crore. KKS PSK MR

IndiGrid to acquire power transmission firm ENCIL for Rs 1,020 cr

New Delhi, Jan 23 () Power Minister R K Singh on Thursday urged Brazilian investors to invest in the Indian energy sector, saying it is the fastest growing energy market and its consumption will treble in coming days.
Singh also assured investors that India will provide stable policy and regulatory regime to facilitate them.
"Meeting our aspirations require us to go on higher energy consumption pedestal.. with our low base (per capita) energy consumption, our energy consumption is going to double or treble in short while.
"We want more and more companies to come here and invest here. We can promise of stable policy regime. We can promise a regulatory regime which is fair and decides and totally at arms length from the government. All of you are welcome to invest here," Singh said while addressing a seminar -- India-Brazil Opportunities in Energy and Mining -- here.
As far as energy is concerned, no other country will grow as fast as India, the minister added.
"We have to treble our energy consumption to catch with the world...I will hold your hand and see that you dont face any difficulty," he said. 
The minister also elaborated on the scope of investment in power distribution as well as renewable energy segment where the nation is seeing huge expansion and entry of new players.
"You will see many large distribution companies emerging in India," he noted.
India has set a target of adding 175 GW of renewable power in the energy mix by 2022. It has already added 86 GW. Besides, around 36 GW is under installation and about 35 GW is under bidding stage.
The minister exuded confidence that India will have around 50 per cent renewables in its energy mix by 2030.
India has established power generation capacity of about 360 GW, which is expected to be trebled by 2030.
Singh also drew attention toward India's efforts for shifting to electricity based mobility and cooking which would also push power demand up.
He also said India's hydro power companies will be bidding for projects in Brazil whenever auction would be announced.
"We have huge companies in energy sector. We have companies in all segment like transmission, generation.. (like) Sterlite, Power Grid," the minister said.
Brazilian Minister of Mines and Energy Bento Albuquerque said, "India imports about 80 per cent of its needs of (crude oil) while Brazil became the net oil exporter. Currently, exports of oil represent the major share in our bilateral trade. I believe that there is room for much more".
The Brazilian minister also suggested that the two nations should join efforts and forces to make ethanol a global commodity.
He also said that Brazil is expanding its power generation capacity and transmission lines, and the highest share of direct investment from India in Brazil is in electricity.
"We welcome Indian capital and technology in the Brazilian power sector," he added.
Brazilian Minister for Agriculture Tereza Cristina noted that Brazil and India together account for approximately 55 per cent of world sugarcane production and just over 35 per cent of sugar output.
However, she said, "As far as ethanol is concerned, there is a big disparity: while Brazil is the world's second largest producer with over 30 billion liters, India produced only 1.5 billion liters in 2018. In this context, there is a huge potential for cooperation between our nations".
She was of the view that an increase in ethanol production in India will provide, in addition to the socio-economic benefits already observed, great environmental gains. KKS KKS BAL
BAL

Power Min seeks Brazilian investment in energy sector

New Delhi, Mar 12 () The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition by the promoters of Ferro Alloys Corporation challenging sale of the debt-ridden firm to Vedanta group firm Sterlite Power Transmission Ltd.An NCLAT bench headed by Chairperson Justice S J Mukhopadhaya upheld the order of the Cuttack Bench of National Company Law Tribunal (NCLT), which had approved Sterlite Power Transmission Ltd's (SPTL) bid for Ferro Alloys Corporation observing that the order was passed with "proper application of mind and conform to the proposition of law".Rejecting the plea from Ram Kishan Saraf and Rai Bahadur Shree Ram and Company, the appellate tribunal said that they "cannot question the commercial wisdom of the Committee of Creditors" in selection of a resolution plan. Earlier, the Committee of Creditor (CoC) had approved Sterlite Power Transmission Ltd's (SPTL) bid by 95.15 per cent of voting share, which was subsequently also passed by the NCLT on January 30, 2020.While, approving it, the NCLT had also rejected the settlement proposal from the promoters, which was challenged by them before the appellate tribunal.However, the NCLAT also rejected it by observing "the Appellants cannot question the commercial wisdom of the CoC in rejecting the settlement proposal emanating from the Appellants, with the requisite majority and in approving the Resolution Plan of SPTL."The NCLAT also observed that "no material irregularity in Corporate Insolvency Resolution Process before the Resolution Professional has been demonstrated.""Merely because the Adjudicating Authority (NCLT) has declined to direct reconsideration of the already rejected settlement proposal of Appellants does not impinge upon the legality and conformity of the approved Resolution Plan with the conditions stated in Section 32 of the I&amp;B Code," it said."We find that the impugned orders have been passed on proper application of mind and conform to the proposition of law," said NCLAT adding that "we find no merit in these appeals and same are dismissed."Ferro Alloys is India's largest and established producers and exporters of high carbon ferro chrome/charge chrome worldwide, an essential ingredient for the manufacture of steel and stainless steel.It operates Ferro Manganese Plant in Shreeramnagar, Andhra Pradesh to produce Ferro Manganese. It also has a Chrome Ore mining complex at Bhadrak in Orissa. KRH MRMR

NCLAT sets aside Ferro Alloys promoters plea against NCLT approval

The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a <keyword id="54123" type="ORGANIZATION" weightage="20" keywordseo="USD">USD</keyword> 1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a USD 1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by <keyword id="6367495" type="ORGANIZATION" weightage="20" keywordseo="pti">PTI</keyword>. This comes a week after the government enacted legislation to scrap a tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas, but business assets were in India. That rule had been used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including Rs 10,247 crore on Cairn. Officials said rules for withdrawal of such tax demands are in the process of being framed. "One of the requirements for the dropping of the retrospective tax demands is that the parties concerned have to give an undertaking for withdrawal all cases against the government/tax department. So, while all this is in process, the government is obligated to respond in any legal matter where there is a time bar for doing so," an official explained. Cairn had challenged the tax demand before an international arbitration tribunal, which in December last year overturned the same and ordered the government to refund the money collected. The government initially refused to return USD 1.2 billion, forcing Cairn to take action to recover that money through a seizure of Indian assets overseas. In May, it took flag carrier Air India Ltd to a US court and last month got a French court order to seize real estate belonging to the Indian government in Paris. It had contended before the US court that Air India is controlled by the Indian government so much that they are "alter egos" and the airline company should be liable for the arbitration award. In response, the government filed a dismissal motion last week, citing protections afforded by the <keyword id="11877753" type="UNKNOWN" weightage="20" keywordseo="us-foreign-sovereign-immunities-act">US Foreign Sovereign Immunities Act</keyword> of 1976. India in the filing said the court "lacks subject-matter jurisdiction under the Foreign Sovereign Immunities Act (FSIA) because India never waived its sovereign immunity and, likewise, never offered - let alone agreed - to arbitrate the present dispute with Petitioners". "India also never "clearly and unmistakably" excluded judicial review or delegated exclusive competence to decide these questions to an arbitral tribunal", implying that Cairn couldn't satisfy any exception to sovereign immunity under the US law, the filing said. Officials said the government couldn't have waited for the tax dispute to be closed in line with the new law and had to file a motion, failing which an adverse court order would have led to more embarrassment. Cairn had asked the US court in February to recognise and affirm the December 2020 award against India from the Netherlands-based <keyword id="1056875" type="ORGANIZATION" weightage="20" keywordseo="Permanent-Court-of-Arbitration">Permanent Court of Arbitration</keyword>. On Monday, Finance Minister Nirmala Sitharaman had said the rules that will lead to the scrapping of the retrospective tax demands made on companies such as Cairn Energy Plc and Vodafone Plc will be framed soon. The government has to refund about Rs 8,100 crore that it had collected using the retro tax law. The bulk of this -- Rs 7,900 crore is to Cairn Energy alone. While in other cases, it did not take punitive measures to recover the tax demand, the income tax department sold Cairn's near 10 per cent shareholding in its erstwhile Indian subsidiary and also seized its dividends totalling Rs 1,140 crore and stopped tax refunds of Rs 1,590 crore. Vodafone too had a favourable arbitration award against a levy of Rs 22,100 crore tax. In both the cases, the government appealed against the awards - in Singapore court in the case of Vodafone and The Hague in the case of Cairn. Singapore was the seat of Vodafone arbitration and the Hague was the same in the case of Cairn. Asked if the government will withdraw the challenge to the awards after the passage of the law, Sitharaman said, "I will follow the law passed in <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword>". "I will follow the features of the legislation. Nothing beyond that," she said without elaborating. Finance Minister said her ministry officials are discussing with Cairn and Vodafone on the closure of retro tax cases, refund and settlement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/anil-agarwal-led-sterlite-power-transmission-to-raise-1250-crore-through-ipo/articleshow/85400705.cms">Anil Agarwal-led Sterlite Power Transmission to raise ₹1,250 crore through IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/revenue-based-financing-startup-klub-raises-20-million-in-seed-round/articleshow/85398986.cms">Revenue-based financing startup Klub raises $20 million in seed round</a>

Indian government asks a US court to dismiss Cairn Energy's plea on $1.2 billion award, cites 'sovereign immunity'

The <keyword id="6354813" type="COMPANY" weightage="80" keywordseo="nifty">Nifty</keyword> is likely to remain firm but in a sideways trend on Tuesday despite strong Asian cues. Some local buying is likely to spill over from the previous day as investors look for beaten down valuations after the markets overcame the Greek-EU vote. 
 
The forthcoming earnings season, starting with TCS later this week, and the spread of the monsoon are likely to impact markets in the short term. The Nifty is likely to face resistance at 8,570 levels on the upper side, while no long positions should be held if the Index dips below 8,420 levels. However, foreign institutional investors were net sellers on Index futures on Monday, pointing to the possibility of a slight dip on the Nifty today. 
 
Stocks closed in positive territory yesterday, led by export-oriented software, pharma and textiles companies, as the bulls took advantage of a gap down opening on the Nifty to buy into lower prices. This action is likely to be followed up in trade today. 
 
STOCKS TO WATCH: 
 
NETWORK18 MEDIA AND INVESTMENTS: Promoter Reliance Industries Ltd. said it will sell 3.25 crore shares, or 3.12 percent stake, in the company to bring its aggregate holding down to 75 percent as per government regulations. The sale will fetch roughly 204 crore rupees. 
 
POWER GRID CORPORATION: Clears 2,247 crore rupee investment plan for the third phase of interstate electricity transmission project 
 
STERLITE TECHNOLOGIES: To bid for a defence contract worth 7,000 crore rupees. 
 
PAINT STOCKS: Asian Paints, Akzo Paints, Berger Paints and Shalimar Paints etc are likely to enjoy the bounce thanks to muted crude oil prices that form a large percentage of their raw material costs. 
 
CEAT TYRES, J K TYRES: Buying may resurface on such beaten down companies owing to muted crude oil prices. Tyre companies use a lot of crude intermediates as their raw materials. 
 
(Image credit: Indiatimes)

5 companies to watch
out for in the markets today

In traditional Indian method, sons and daughters of a company’s owner take up top posts and the succession goes on. However, <keyword id="894518" type="UNKNOWN" weightage="100" keywordseo="Vendanta-Group">Vendanta Group</keyword>’s owner Anil Agarwal wants to do away with the system and has planned something else. 
 
The founder of the $12.9 billion Vedanta group wants to appoint professional managers rather than kin to top posts. 
 
"As far as succession goes, I am still in command and I am getting all professional chief executives as I do not want a family member to be chief executive of the company," Agarwal, 61, said in an exclusive interview to Economic Times. 
 
"I believe this company should be run by the people. At the same time, family members also bring in some value,” he said. 
 
The financial daily reported that Agarwal, who rose from being a metal scrap dealer to build India's largest natural resources company in the past five decades, has two children-Agnivesh and Priya. His brothers Navin and Pravin, closely associated with Vedanta, also have two children each. 
 
Agnivesh is chairman of Hindustan Zinc, while Priya has been on the Cairn India board as non-executive director since 2012. 
 
Based in Dubai, Agnivesh runs his own business recovering metal from scrap and also manages group unit Fujairah Gold. The United Arab Emirates is also home to the group's precious metals refinery that can process 50 million tonne of gold and 110 million tonne of silver annually. 
 
Agnivesh also acquired a 60% stake in Chennai-based medical diagnostic chain Primex Healthcare in 2012 in his personal capacity. 
 
Priya has been a public relations professional with Ogilvy &amp; Mather and spearheaded the media campaign that sought to give a more friendly aspect to the controversial resources and mining major. 
 Navin is non-executive director of Vedanta Ltd, a subsidiary of the London-listed <keyword id="99389" type="CITY" weightage="80" keywordseo="Vedanta-Resources">Vedanta Resources</keyword>, of which Anil Agarwal is chairman emeritus. Navin has two sons--Naivedya and Ananya. Pravin Agarwal is a whole-time director of Sterlite Technologies, one of India's largest optic fibre cable makers and based in Pune. His sons Ankit and Pratik run the group's ports and power transmission businesses. 
 
"I don't see world over natural resources companies run by families. Our oil and gas business can be run by shareholders as it has become so big that it need not be run by family members,” said Agarwal. 
 
His mandate is to run the company as chief executive and hire the best managers besides formalising and executing a growth strategy. Such professionals know technology and can look at the bigger picture from the perspective of having run large projects for global natural resources companies. 
 
"They are focused on sustainability, an environment policy and our team learns to run companies professionally," he told ET. "I would like to see Vedanta as a transparent and professionally run company... by the people and for the people." 
 
Agarwal sees this as a natural progression. "I think I am going to work for another five years to make sure it is run professionally. I have lots of other opportunities. A Vedanta veteran said the brothers have worked in harmony to build the business,” he added. 
"Once companies reach a large size, it needs professional leaders. Children are not always competent or interested in taking forward the father's business," Mita Dixit, co-founder and head, family business advisory, Equations Management Consulting told ET. "Shareholders are active and want the company to be run in a transparent manner to deliver results... It is prudent to have someone with relevant experience and expertise to run the show." 
 
(Image: Indiatimes)

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