Vadodara (Gujarat) [India], September 24 (ANI/BusinessWire India): MX Africa Limited (MXAL), has entered into SPA to acquire the remaining 49 per cent stake in the Kenya-based Quantum Lubricants Limited (QLL). MXAL is the Kenya-based wholly owned subsidiary of Maximus International Limited (MIL).

New Delhi Jan 31 PTI The government on Monday said it has approved sale of loss-making Neelachal Ispat Nigam Ltd NINL to Tata Steel Long Products Ltd for Rs 12100 crore NINL is a joint venture of four CPSEs namely MMTC NMDC BHEL MECON and two Odisha Government PSUs namely OMC and IPICOL NINL has an integrated steel plant with a capacity of 11 million tonnes MT at Kalinganagar Odisha The company has been running in huge losses and plant is closed since March 30 2020 Three companies -- Consortium of Jindal Steel Power Limited and Nalwa Steel and Power Ltd JSW Steel Limited and Tata Steel Long Products Limited TSLP -- had put in financial bids for buying NINL TSLP emerged as H-1 bidder whose bid has been accepted Letter of Intent LoI is being issued to TSLP inviting them to sign the share purchase agreement SPA At this stage 10 per cent of the bid amount shall be paid by the successful bidder into the escrow account The government approves strategic buyer for NINL located in Odisha The highest bid of Rs 12100 crore by M s Tata Steel Long Products Ltd is accepted DIPAM Secretary Tuhin Kanta Pandey tweeted NINL has huge debt and liabilities exceeding Rs 6600 crore as on March 31 2021 including huge overdues of promoters Rs 4116 crore banks Rs 1741 crore other creditors and employees The company has negative networth of Rs 3487 crore and accumulated losses of Rs 4228 crore as of March 31 2021 Notably earlier this month the government handed over ownership in loss-making national carrier Air India to Tata Group for Rs 18000 crore PTI JD MKJ

New Delhi [India], January 28 (ANI): The sale of Air India to Tata Group would enable it in giving tremendous value to customers, including increased benefits and facilities, said Union Civil Aviation Minister Jyotiraditya Scindia on Friday.

New Delhi Jan 24 PTI Air India is likely to be handed over to the Tata group by the end of this week senior government officials said on MondayAfter a competitive bidding process the government had on October 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata groups holding company -- for Rs 18000 croreFollowing that on October 11 a Letter of Intent LoI was issued to the Tata group confirming the governments willingness to sell its 100 percent stake in the airline On October 25 the Centre signed the share purchase agreement SPA for this dealOfficials said on Monday that the remaining formalities regarding this deal are expected to be completed in the next few days and the airline will be handed over to the Tata group by the end of this weekAs a part of the deal the Tata group will also be handed over Air India Express and a 50 percent stake in ground handling arm Air India SATSTatas had on October 8 beat the Rs 15100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12906 crore set by the government for the sale of its 100 percent stake in the loss-making carrierWhile this will be the first privatisation since 2003-04 Air India will be the third airline brand in the Tatas stable it holds a majority interest in AirAsia India and Vistara a joint venture with Singapore Airlines Ltd PTI DSP RT RT

New Delhi Dec 27 PTI Tata Groups takeover of loss-making national carrier Air India is most likely delayed by a month till January as the completion of procedures taking longer than expected an official said on MondayIn October the government accepted the highest bid made by a Tata Sons company for 100 per cent equity shares of Air India and Air India Express along with its 50 per cent stake in ground-handling company AISATS -- the first privatisation in 20 yearsAt that time the government had stated that it wanted to complete the transactions which included Tatas paying Rs 2700 crore in cash by December endAs per the conditions in SPA all formalities of handover would have to be completed within 8 weeks but this date can be mutually extended by the buyer and seller and is being done in this caseHowever some regulatory approvals are yet to come in for the handover and certain formalities are yet to be completed the official who wished not to be named told PTIThe process would be completed by January he said without giving a specific dateOn October 25 the government had signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18000 crore Tatas would pay Rs 2700 crore cash and takeover Rs 15300 crore of the airlines debtThe cash component would come once the handover process is completed another official explainedTatas beat the Rs 15100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrierAs of August 31 Air India had a total debt of Rs 61562 crore 75 per cent of this debt or Rs 46262 crore will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to Tata GroupTatas will not get to retain non-core assets such as the Vasant Vihar Housing colony of Air India Air India Building at Nariman Point Mumbai and Air India Building in New DelhiOf the 141 Air India aircraft that Tatas will get 42 are leased planes while the remaining 99 are ownedWhile this will be the first privatisation since 2003-04 Air India will be the third airline brand in the Tatas stable - it holds a majority interest in AirAsia India and Vistara a joint venture with Singapore Airlines LtdTatas acquisition of Air India will give it access to a fleet of 117 wide-body and narrow-body aircraft and Air India Express Ltd another 24 narrow-body aircraft besides control of 4400 domestic and 1800 international landing and parking slots at domestic airportsAir India started suffering losses every year since its merger with Indian Airlines in 2007-08A Turnaround Plan TAP and a Financial Restructuring Plan FRP were approved for Air India by the previous UPA regime in 2012 However the TAP did not work out and Air India continued to reel under losses with the government giving Rs 20 crore per day to keep the airline afloatOver the last decade more than Rs 110 lakh crore was infused by way of cash support and loan guarantees in the loss-making airline to keep it afloat PTI JD ANZ BAL BAL

More than 40 camels have been disqualified from a Saudi Arabian beauty competition after organizers banned Botox injections and other cosmetic changes. The King Abdulaziz Camel Festival began earlier this month in the desert, northeast of Riyadh. It welcomes the world’s most beautiful camel to compete for £50 million in prize money. The winner is […]

Khartoum [Sudan], October 25 (ANI/Sputnik): The Sudanese Professionals Association (SPA), a coalition of labor unions opposed to the country's military, is calling on people to go out into the streets and stand up against the military coup.

Spa [Belgium], August 28 (ANI): Max Verstappen stamped his dominance in wet conditions at Spa to take pole for the Belgian Grand Prix on Saturday, usurping George Russell after the Williams driver delivered the performance of his life to secure a shock front row start.

Spa [Belgium], August 28 (ANI): Formula 1 on Saturday announced a revised calendar for the rest of the 2021 season, following the news earlier this month that the Japanese Grand Prix would not be staged this year.

New Delhi, (Delhi) [India], August 26 (ANI/NewsVoir): Brands Impact, one of the leading events and branding companies in India organized National Service Excellence Awards 2021 by the name of Education Excellence Awards, Right Choice Awards, and India's Best Doctors Awards.