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<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

ONGC Videsh incorporates subsidiary in GIFT City

Three foreign subsidiaries of <keyword id="62997" type="General" weightage="80" keywordseo="dabur" source="Orion">Dabur</keyword> India are facing multiple lawsuits in the federal and state courts in the US and Canada over allegation that their hair-relaxer products have caused ovarian <keyword id="6355291" type="General" weightage="20" keywordseo="cancer" source="Orion">cancer</keyword>, uterine cancer and other related health issues. The three Dabur India subsidiaries facing multiple lawsuits are -- <keyword id="5548093" type="General" weightage="20" keywordseo="namaste-laboratories-llc" source="Orion">Namaste Laboratories LLC</keyword>, <keyword id="5719867" type="General" weightage="20" keywordseo="dermoviva-skin-essentials" source="Orion">Dermoviva Skin Essentials</keyword> Inc and <keyword id="387380" type="General" weightage="20" keywordseo="dabur-international" source="Orion">Dabur International</keyword> Ltd -- said a late-night regulatory filing from the homegrown FMCG and Ayurvedic products maker on Wednesday. "Cases have been filed in both federal and state courts in the United States and in Canada. The federal cases were consolidated as a Multi-District Litigation, also referred to as MDL, before the United States District Court for the Northern District of Illinois," it said. Currently, there are approximately 5,400 cases in Multi-District Litigation, which named Namaste, Dermoviva and DINTL as defendants, along with certain other industry players, it added. "Certain consumers in the hair relaxer product industry have alleged that some industry players or defendants sold and/or manufactured hair relaxer products that contain certain chemicals and that the use of these hair relaxer products has caused ovarian cancer, uterine cancer and other health issues in the users," the company informed. According to Dabur, its subsidiaries - Namaste, Dermoviva and DINTL "deny liability" and have retained counsel to defend them in these lawsuits as "these allegations are based on unsubstantiated and incomplete study," it added. All these cases are in the pleadings and early discovery phases of litigation, which means the parties are challenging the adequacy of the plaintiffs' complaints and, in some cases, exchanging requests for information and documents. "There are various motions pending as well," it added. Over expected financial implications on the company due to compensation, penalty etc, Dabur said at this stage of the litigation, any such implication "due to settlement or verdict outcome cannot be determined". "Since we are in the initial stage of litigation, any final claim settlement amount is neither probable nor estimable," it said. However, the company said defence costs for the litigation are expected to breach the materiality threshold in the near future. According to the latest report, Dabur India has 27 subsidiary companies, which contributed to 26.60% of the consolidated revenue from operations in FY 2022-23. Its revenue from international business was at Rs 2,867 crore, recording a growth of 11.1% in constant currency terms in FY23. Dabur India has 8 International manufacturing locations, according to its latest annual report.

Dabur's three foreign subsidiaries face lawsuits in US, Canada

<keyword id="13751053" type="General" weightage="70" keywordseo="Tata-Passenger-Electric-Mobility" source="Orion">Tata Passenger Electric Mobility</keyword> Ltd. and <keyword id="42034" type="General" weightage="40" keywordseo="jaguar" source="Orion">Jaguar</keyword> Land Rover (<keyword id="45218" type="General" weightage="50" keywordseo="jlr" source="Orion">JLR</keyword>), both 100 percent subsidiaries of <keyword id="42747" type="General" weightage="90" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, have entered into a Memorandum of Understanding (MoU) for the licencing of Jaguar's EMA platform for the development of the 'premium pure electric' vehicle series 'Avinya'. Pure electric mid-sized SUVs for international markets are to be launched from 2025 onwards, according to a release from Tata Motors. The electric cars, based on the Avinya concept, will now be developed on JLR's Electrified Modular Architecture in exchange for a royalty fee, according to the press release issued on Thursday. "Avinya stands for 'Innovation' and represents our vision for a new paradigm in personal mobility. Being built on an architecture that is equipped with the latest advances in new-age technology, software and artificial intelligence, Avinya will spawn a new breed of world-class EVs, with global standards in efficiency and range. We are delighted to collaborate on the EMA platform with JLR for actualizing this vision," Anand Kulkarni, Chief Product Officer and Head HV Programmes, Tata Passenger Electric Mobility. Thomas Mueller, Executive Director, Product Engineering, JLR, said, "We are proud that JLR's world class engineering expertise, demonstrated by our EMA platform, will help accelerate TPEM's electrification journey. This partnership is a further example of great collaboration within the Tata Group, to share value, knowledge and deliver synergies". The access to JLR's platform will help accelerate TPEM's entry into the high-end EV segment while reducing development cycle time and costs. Part of the USD 128 billion Tata group, Tata Motors, a USD 42 billion organization, is a leading global automobile manufacturer of cars. With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors' vehicles are marketed in Africa, the Middle East, Latin America, Southeast Asia and SAARC countries.

Tata Motors' subsidiary signs MoU with Jaguar to develop premium EVs

Budget carrier SpiceJet on Monday said its subsidiary <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM &amp; MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers. SRAM &amp; MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas. So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 per cent on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

Automotive component maker <keyword id="14811227" type="General" weightage="50" keywordseo="uno-minda-ltd" source="Orion">Uno Minda Ltd</keyword> on Thursday said its subsidiaries making alloy wheels and switches will expand their production capacity at an outlay of ₹300 crore. According to the company, its subsidiary <keyword id="14811226" type="General" weightage="50" keywordseo="minda-kosei-aluminum-wheel-private-ltd" source="Orion">Minda Kosei Aluminum Wheel Private Ltd</keyword> will be expanding its 4W Alloy wheel capacity by 60,000 wheels/month to 240,000 wheel/month at its plant in Bawal, Haryana. The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 crore. The expansion is expected to be commissioned in two phase with first phase of 30,000 wheel/month in December 2023 and remaining in June 2024. Uno <keyword id="320265" type="General" weightage="100" keywordseo="minda" source="Orion">Minda</keyword> said its other subsidiary <keyword id="14810744" type="General" weightage="50" keywordseo="mindarika-private-limited" source="Orion">Mindarika Private Limited</keyword> (<keyword id="55574" type="General" weightage="50" keywordseo="mrpl" source="Orion">MRPL</keyword>), is setting up a new manufacturing plant at <keyword id="6506208" type="General" weightage="80" keywordseo="farrukhnagar" source="Orion">Farrukhnagar</keyword> (Gurugram, Haryana) to cater to increased demand of 4W Automotive switches from Indian and International customers. The project cost for setting up Phase 1 of the manufacturing plant at Farrukhnagar will be about Rs 110 crore which will be completed by September 2023. The phase 1 of the plant will manufacture part products to be used for manufacturing of auto components. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/seasonal-influenza-cases-rising-in-india-heres-what-we-know-so-far-about-the-flu/articleshow/93776910.cms" style="">Seasonal influenza cases rising in India — here’s what we know so far about the flu</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-group-gmr-group-acquire-franchises-in-legends-league-cricket/articleshow/93774659.cms">Adani Group, GMR Group acquire franchises in Legends League Cricket</a>

Uno Minda subsidiaries to expand at ₹300 cr outlay

A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of <keyword id="6357147" type="General" weightage="100" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata Steel," the statement issued by Tata Steel said. The subsidiaries are <keyword id="13075126" type="General" weightage="50" keywordseo="tata-steel-long-products-limited" source="Orion">Tata Steel Long Products Limited</keyword> in which Tata Steel holds 74.91 per cent equity, The <keyword id="607748" type="General" weightage="50" keywordseo="tinplate-company-of-india-limited" source="Orion">Tinplate Company of India Limited</keyword> (74.96 per cent), <keyword id="727358" type="General" weightage="50" keywordseo="tata-metaliks-limited" source="Orion">Tata Metaliks Limited</keyword> (60.03 per cent), The Indian Steel &amp; Wire Products Limited (95.01 per cent equity holding), Tata Steel Mining Limited and S &amp; T Mining Company Limited (both wholly-owned subsidiaries). "<keyword id="1062175" type="General" weightage="50" keywordseo="tata-steel-board" source="Orion">Tata Steel Board</keyword> approves the amalgamation of strategic businesses into the company," the statement said. The Board also approved the amalgamation of <keyword id="342421" type="General" weightage="50" keywordseo="trf-limited" source="Orion">TRF Limited</keyword> (34.11 per cent equity), an associate company of Tata Steel, into <keyword id="4252143" type="General" weightage="50" keywordseo="tata-steel-limited" source="Orion">Tata Steel Limited</keyword>. Tata Steel further said the proposed amalgamation is aimed at driving synergies, simplifying the group holding and management structure, and consolidating and strategically growing downstream operations and engineering capabilities. The Board has considered the proposal based on independent fairness and valuation opinions. It followed the process laid down under the Companies Act, 2013 and Securities and Exchange Board of India Regulations. The proposed amalgamation will enhance management efficiency, drive sharper strategic focus and improve agility across businesses based on the strong parental support from the Tata Steel leadership. "On completion, there will be further opportunities towards reduction of overhead and corporate costs. Each of the proposed amalgamations will be value-accretive for shareholders," the company said. TheBoards of all the amalgamating companies have also considered the proposals following due process and have unanimously approved the merger. The proposed amalgamation is also part of Tata Steel's continuing journey to simplify the group holding structure, the company said. According to the statement, since 2019, Tata Steel has reduced 116 associated entities (72 subsidiaries have ceased to exist, 20 associates and JVs have been eliminated and 24 companies are currently under liquidation). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-new-energy-picks-up-20-stake-in-caelux-to-shore-up-its-position-in-advanced-solar-tech/articleshow/94388449.cms">Reliance New Energy picks up 20% stake in Caelux to shore up its position in advanced solar tech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pepsico-to-set-up-4-plants-in-up/articleshow/94388168.cms">PepsiCo to set up 4 plants in UP</a>

Tata Steel board approves merger of six subsidiary companies

<ul class="summary-list"><li>A Moscow court has banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries.</li><li>The ban request had come from Moscow-based Zenit Bank.</li></ul>It's hard to break up with Russia.A Moscow court has banned two major Swiss banks — UBS and Credit Suisse — from trying to wriggle their way out of their Russian subsidiaries, <a href="https://www.reuters.com/business/finance/russian-court-bans-ubs-credit-suisse-subsidiary-disposals-2023-08-15/" target="_blank" rel="noopener">Reuters reported on Tuesday, citing court documents.</a> Moscow-based Zenit Bank requested the ban, citing concerns about losing money should the two Swiss banks exit, per the news agency. The issue arises because of a syndicated loan granted in 2021 to Intergrain, a Luxembourg-based agricultural firm. Zenit was one of the syndicated lenders, and Credit Suisse — which has since been <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3" target="_blank" rel="noopener">acquired by UBS</a> — was the credit agent for the loan, Reuters reported.The loan amount isn't specified, but Zenit transferred $20 million to Intergrain in November 2021, per Reuters.However, once Western sanctions were placed on Russia over its invasion of Ukraine, Credit Suisse told Zenit it would not transfer loan repayments from Intergrain, per Reuters.Zenit has now told the Moscow court it believes the Russian subsidiaries of UBS and Credit Suisse were preparing to exit their businesses in the country — which would leave Zenit high and dry.Zenit also requested the court to seize funds belonging to UBS and Credit Suisse, but the application was not granted, per Reuters. The next court hearing is scheduled for September 14.Credit Suisse and Zenit did not immediately respond to requests from Insider for comment sent outside regular business hours. UBS declined to comment.Both Swiss banks' troubles in Russia aren't unique.<a href="https://www.ft.com/content/98f91997-db83-4a23-8497-9348c7e7247f" target="_blank" rel="noopener">Moscow has barred investors</a> from so-called unfriendly countries — those who have imposed sanctions on Russia — from exiting their Russian assets without the approval of President Vladimir Putin.The Russian leader also signed a <a href="https://www.osw.waw.pl/en/publikacje/analyses/2023-04-27/state-takes-control-western-companies-russia" target="_blank" rel="noopener">decree in April</a> that allows the state to take over the assets of companies or individuals from these countries — which was what it did to the assets of <a href="https://markets.businessinsider.com/news/stocks/russia-putin-economic-war-seize-carlsberg-danone-west-sanctions-exit-2023-7" target="_blank" rel="noopener">Danish brewer Carlsberg and the French food company Danone in July.</a>Russia witnessed an <a href="https://www.businessinsider.com/list-all-the-companies-pulling-out-of-russia-ukraine-war-2022-3" target="_blank" rel="noopener">exodus of Western companies</a> after it invaded Ukraine, but some have remained — either voluntarily or because of challenges in leaving the Russian market.While over 1,000 companies quickly announced that they were voluntarily cutting back on operations in Russia just two months after the Ukraine war started in February 2022, just 530 companies have managed to make a clean break as of August 14, <a href="https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain" target="_blank" rel="noopener">according to an ongoing study</a> led by Jeffrey Sonnenfeld, a professor at the Yale School of Management.

Moscow banned UBS and Credit Suisse from selling shares in its subsidiaries after a Russian bank said it would lose money from their exit

If there’s one industry that is becoming the embodiment of the Atmanirbhar Bharat movement, it is banking and finance. Well, not intentionally, though. <div type="image" title="Major foreign banks are leaving India" msid="90714707" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks are leaving India&amp;lt;/p&amp;gt;"></div> Earlier last week, Axis Bank announced that it has acquired American giant Citibank’s credit card business, wealth franchise and a set of affluent customers for $1.6 billion. Interestingly, the announcement came on the same day last year when it recorded its <a href="https://www.businessinsider.in/stock-market/news/citi-posted-record-profit-in-the-1st-quarter-as-spac-activity-led-a-surge-in-underwriting-fees-and-stock-trading-exploded/articleshow/82086332.cms">highest quarterly profits</a> yet. Even in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, it closed its balance sheet in FY20 to the tune of ₹7,227 crore. So, profitability doesn’t seem to be the reason behind Citi’s partial exit. According to <keyword id="44473" type="General" weightage="50" keywordseo="citigroup" source="Orion">Citigroup</keyword>’s global Chief Executive Officer (CEO) <a href="https://qz.com/india/1997523/citibanks-india-exit-wont-hurt-bank-accounts-and-credit-cards/">Jane </a>Fraser, the bank didn’t have the scale it needed to compete in India. <div type="image" title="Major foreign banks going back home like" msid="90714826" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks going back home like&amp;lt;/p&amp;gt;"></div> Meanwhile, companies left behind are trying to put on a brave face by pulling out of retail business and steering clear of expansion plans. <div type="image" title="Major foreign banks that have left the country" msid="90714853" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks that have left the country&amp;lt;/p&amp;gt;"></div> These subsequent exits underscore the frustrating battle that <keyword id="679237" type="General" weightage="20" keywordseo="international-banks" source="Orion">international banks</keyword> face to get a small pie of the Indian market. While the reasons behind their exits are multifaceted, tough competition, high capital requirements, lack of scalable profits, COVID-19, infrastructural and social barriers have led to a total retreat. As per a survey conducted by <a href="https://bit.ly/3nD94g5">Stocktwits</a>, a social media platform for market buffs, consumers are most bullish on Indian <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> such HDFC, ICICI, Kotak and the State Bank of India. <div type="image" title="Which bank are you most bullish on?" msid="90714876" hostid="261" caption="&amp;lt;p&amp;gt;Which bank are you most bullish on?&amp;lt;/p&amp;gt;"></div> The share of <a href="https://www.business-standard.com/article/finance/why-citigroup-and-other-foreign-banks-missed-the-india-growth-story-121042200842_1.html">advances </a>of <keyword id="44864" type="General" weightage="20" keywordseo="foreign-banks" source="Orion">foreign banks</keyword> had slipped from 6.55% in 2005 to 4.15% in 2020, according to <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=20270">Reserve Bank of India figures</a>. As a result, many foreign banks have been forced to shut shop or scale down business in the Indian market. Apart from that, one major roadblock emerged in <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">2011 </a>after the global recession: International banks were allowed to either operate through the <keyword id="1919922" type="General" weightage="50" keywordseo="wholly-owned-subsidiaries" source="Orion">Wholly Owned Subsidiaries</keyword> (WOS) model or branch presence. Unlike branches, locally incorporated subsidiaries are separate legal entities. They have their own capital base and board of directors. As they operate on an independent model from their parent country, they are less likely to be affected by global changes. In the case of branches, parent banks are, in principle, responsible for their liabilities. Of the 45 foreign lenders, just <keyword id="978143" type="General" weightage="50" keywordseo="development-bank-of-singapore" source="Orion">Development Bank of Singapore</keyword> (DBS) and State Bank of Mauritius operate as subsidiaries and these two foreign banks have been successfully expanding their presence in the country. Another challenge imposed on foreign banks was related to priority sector lending. As per RBI 2011 rules, international banks were required to allocate at least <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">40</a>% of the overall loans to the economically weaker sections. However, international banks set up their branches in metro and Tier I cities, so it was hard for them to follow this ruling. And, on average, the <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=1424&amp;Mode=0">RBI </a>only issues about 14 branch permits to all foreign banks every year. So, apart from DBS, which was able to set up its local subsidiary in 2017 and expand after its acquisition of Lakshmi Vilas Bank, other foreign retail banks continue to struggle in India. Last but not the least, the global pandemic also worsened the bad loan crisis at Indian banks, especially during 2020-2021. Financial institutions were forced to set aside 'provisions' as many borrowers couldn't repay banks during the second wave, which ate into their profits. In July last year, <a href="https://www.fitchratings.com/research/banks/fitch-affirms-bank-of-india-at-bbb-outlook-negative-22-11-2021#:~:text=Fitch%20Ratings%20%2D%20Singapore%20%2D%2022%20Nov,VR)%20at%20'b%2B'.">Fitch </a>Ratings said that India's struggling banks would need between $15 billion to $58 billion in infusion of fresh funds by 2022. So, unless and until these foreign banks get some money to make more money, a lot of key executives may be packing their bags to fly out. Let's look at this short video <div type="image" title="Why are major foreign banks leaving India?" msid="90714926" hostid="261" caption="&amp;lt;p&amp;gt;Why are major foreign banks leaving India?&amp;lt;/p&amp;gt;"></div>

Simply Put: Why are foreign banks quitting India?

<ul><li>The Access to Seeds Index 2021 <a href="https://www.worldbenchmarkingalliance.org/publication/access-to-seeds-index/wca/rankings/">ranks</a> <keyword id="201617" type="General" weightage="100" keywordseo="advanta" source="Orion">Advanta</keyword> as 4th in Africa and 2nd in South and <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword>. </li><li>Advanta focuses on sustainable <keyword id="6355165" type="General" weightage="20" keywordseo="agriculture" source="Orion">agriculture</keyword>, providing <keyword id="45092" type="General" weightage="20" keywordseo="farmers" source="Orion">farmers</keyword> with locally adapted quality hybrid seeds. </li><li>Upon completion of the transaction, Advanta will operate as a standalone platform. </li></ul>Private equity firm <keyword id="6354544" type="General" weightage="80" keywordseo="kkr" source="Orion">KKR</keyword> will invest $300 million for a 13.33% stake in Advanta Enterprises, a subsidiary of UPL – a global agriculture solutions provider, the companies said on Friday. Upon completion of the transaction, seed company Advanta will operate as a standalone platform; and aims to become a global sustainability leader in seeds. “We are pleased to invest in Advanta, a global leader in sustainable agriculture, at a time when food security has grown in importance amidst geopolitical tensions and climate change. Advanta has built a diversified platform with differentiated products and an excellent track record,” <keyword id="8569616" type="General" weightage="50" keywordseo="gaurav-trehan" source="Orion">Gaurav Trehan</keyword>, Partner and CEO of KKR India, said. The investment comes at a time when food production is facing structural challenges due to geopolitical disruption, rising population, reduction of arable land, declining productivity and climate change. Advanta focuses on sustainable agriculture, providing farmers with locally adapted quality hybrid seeds. It has presence in 84 countries across <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>, Australia, <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, United States and Latin America, and Africa. “Today, Advanta is a leading player in sustainable agriculture solutions, benefitting the livelihoods of farmers globally. As sustainable <keyword id="6386447" type="General" weightage="20" keywordseo="farming" source="Orion">farming</keyword> practices increase in priority around the world, Advanta is well poised for its next leg of robust growth,” Jai Shroff, group CEO of UPL, said. The Access to Seeds Index <a href="https://www.worldbenchmarkingalliance.org/publication/access-to-seeds-index/wca/rankings/">2021</a>, which measures the efforts of seed companies to boost productivity of smallholder farmers, ranks Advanta as 4th in Africa and 2nd in South and Southeast Asia. KKR will make its investment from its global Impact strategy, which invests in businesses delivering solutions to address critical global challenges, and contributing towards the UN Sustainable Development Goals. As of December 31, 2021, KKR has committed over $25 billion in equity globally to climate and environmental sustainability investments, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rishi-sunak-may-get-a-second-chance-to-run-for-uks-premiership-heres-all-you-need-to-know-about-him/slidelist/95010029.cms">Rishi Sunak may get a second chance to run for UK’s premiership: Here’s all you need to know about him</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/if-you-are-looking-to-add-sparkle-to-your-portfolio-this-diwali-here-are-ten-stocks-for-samvat-2079/articleshow/95007121.cms">If you are looking to add sparkle to your portfolio this Diwali, here are ten stocks for Samvat 2079</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/defense-expo-2022-a-big-step-towards-self-reliance-in-defense-with-a-new-tank-gun-system-and-more/articleshow/95006121.cms">Defense Expo 2022: A big step towards self-reliance in defense with a new tank, gun system, and more</a>

KKR invests $300 million in UPL subsidiary Advanta for a 13.33% stake

<keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword> subsidiary Fedbank Financial Services Ltd (FedFina) has initiated the process of an initial public offering (IPO), the bank said on Tuesday. The board of directors of the bank FedFina in a meeting on January 11, 2022, has approved initiating the process of an initial public offering (IPO) by way of fresh issue and offer for sale, Federal Bank said in a regulatory filing. The board approval is subject to market conditions and receipt of applicable approvals, including that of Sebi and other considerations, it said. "The size of the IPO, portion of an offer for sale (if any), price and other details with respect to the proposed IPO by FedFina will be determined in due course. "Post the undertaking of the proposed IPO, FedFina would continue to be a subsidiary of our bank, '' the lender said. As of January 12, 2022, shares of Federal Bank were at Rs 98.45 apiece on BSE, up by 2 per cent from its previous close. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-stock-has-gained-51-in-the-last-five-days-on-investors-new-found-love-for-electric-vehicles/articleshow/88841859.cms">This stock has gained 51% in the last five days on investors’ new-found love for electric vehicles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-owning-vodafone-idea-is-just-half-the-task-the-other-half-is-to-find-the-money/articleshow/88836355.cms">Government owning Vodafone Idea is just half the task – the other half is to find the money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-near-normal-performance-in-q3-fails-to-impress-analysts/articleshow/88837288.cms">DMart is focussing on being a cost-effective grocer, but the market wants it to be more than that</a>

Federal Bank's subsidiary FedFina initiates process for an IPO

<ul><li><keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group announced an open offer for up to 26 percent stake in <keyword id="6420486" type="General" weightage="100" keywordseo="ndtv" source="Orion">NDTV</keyword> at a price of ₹294 per share.</li></ul><ul><li>The statutory announcement for an open offer has also been filed with the stock exchanges. </li><li>The share price of NDTV closed at ₹366.20 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Tuesday. </li></ul><keyword id="258914" type="General" weightage="50" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword> has intimated the stock exchanges on tge exercise by VCPL, its wholly-owned subsidiary, of warrants of <keyword id="14520737" type="General" weightage="80" keywordseo="rrpr" source="Orion">RRPR</keyword> to acquire 99.5 percent of RRPR and consequent indirect acquisition of 29.18 per cent NDTV shares held by RRPR. It has also announced an open offer for up to 26 per cent stake in NDTV at a price of ₹294 per share. The share price of NDTV closed at ₹ 366.20 on BSE on Tuesday. The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained on the original and the warrant exercise money has been remitted to RRPR's bank account before the press release was sent to the stock exchanges. The statutory announcement for an open offer for acquiring 26 per cent of NDTV shares has also been filed with the stock exchanges. SEEL ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms">Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a>

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