Adani Ports Rushes To Repay Bonds, TCS Fires 16 In Bribery Case And Other Stories From The Weekend You Can't Miss

Adani Ports Aims for Early Bond Repayment

Adani Ports & SEZ has said it is steadfast in its commitment to prepay $650 million (₹5,410.8 crore) of foreign currency bonds by February 2024, well ahead of their maturity the following year. CEO Karan Adani told media over the weekend that he was confident in the company's ongoing efforts to rebuild investor trust after facing allegations of stock price manipulation. The prepayment is part of a broader strategy to strengthen the company's financial standing. Adani is also eyeing international port projects in Vietnam, Kenya and Tanzania and is gearing up for the opening of the Navi Mumbai airport next year, marking a significant expansion in its operational footprint, he said.

India Drops Plans For Curbs On Laptop Imports

The Indian government, led by Trade Secretary Sunil Barthwal, has opted not to impose anticipated restrictions on laptop imports, a reversal from a previously announced plan that drew criticism from both the domestic industry and Washington, Reuters reported. The government is now focused on keeping a close watch on importers rather than imposing stringent restrictions. A revised order on laptop imports, crafted in consultation with the industry, is slated for announcement by the end of October, signaling a more collaborative approach to policy formulation.

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TCS Fires 16 in Bribery Scandal

Tata Consultancy Services (TCS) has taken decisive action in the wake of a bribes-for-jobs scandal, terminating 16 employees and debarring six vendor entities. The IT behemoth's internal investigation revealed unethical practices where staffing firms allegedly bribed senior executives overseeing recruitment to secure business.

IndianOil Invests in Renewable JV with NTPC

Indian Oil Corporation is set to infuse ₹1,660.15 crore as equity into a newly established joint venture with energy giant NTPC, marking a significant foray into the renewable energy sector. The joint venture, named IndianOil NTPC Green Energy, is tasked with setting up renewable power plants to meet the round-the-clock energy requirements of IndianOil's refineries. This strategic partnership aligns with both companies' broader objectives to diversify their energy portfolios and make significant strides in the green-energy domain.

Sony Eyes Disney’s India Business

Sony Pictures Entertainment is in preliminary talks to acquire Walt Disney’s India business, a strategic move contingent upon the potential collapse or inordinate delay of Sony's ongoing merger with Zee Entertainment, Mint reported, citing sources. Disney Star, a major player in India's entertainment landscape, operates over 70 multilingual TV channels and the popular Disney+ Hotstar online streaming service.

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