Tuesday, March 10
Japan's MUFG is acquiring a 20% stake in Shriram Finance for $4.4 billion, marking the largest FDI in India's financial services. This strategic partnership will enhance SFL's capital adequacy and balance sheet, leveraging MUFG's global expertise and financial strength for long-term growth and improved credit ratings.
ICICI Prudential Asset Management Co debuted on Friday with a 20% premium, becoming India's most-valued fund house. The IPO, one of the most subscribed offers ever, saw its stock list at Rs 2,606 and close at Rs 2,587, achieving a market capitalization of nearly Rs 1.28 lakh crore.
GVK Reddy's daughter, Shalini Bhupal, is set to acquire Indian Hotels' 25.5% stake in Taj GVK Hotels & Resorts for Rs 592 crore, becoming the largest shareholder. This move increases the GVK Reddy family's stake to approximately 75%, while Indian Hotels will continue to manage the hotel portfolio under long-term contracts.
Enforcement Directorate questioned Anil Ambani's son, Jai Anmol, for over seven hours in a Yes Bank money laundering probe. He's summoned again Saturday to clarify transactions. The ED alleges a quid-pro-quo between Ambani's group and Yes Bank promoter Rana Kapoor, leading to substantial losses for the bank due to significant exposure to Ambani's companies.
Mumbai is set to get a world-class marina in its harbour, a Rs 887-crore project approved by the Union government. This initiative aims to boost maritime tourism and waterfront development, creating over 2,000 jobs. The facility will accommodate 424 yachts and includes plans for a sailing school and extensive onshore amenities, positioning Mumbai as a global maritime hub.
WD-40 CEO Garry Ridge transformed his leadership from command-and-control to empowering his team, realizing personal growth was key to company expansion. He emphasized creating a safe environment fostering trust and shared purpose, enabling WD-40's global reach. Ridge now coaches, warning against ego-driven, micromanaging leaders, advocating for servant leadership focused on people and values for better outcomes.
Prime Minister Narendra Modi inaugurated Guwahati's new nature-themed airport terminal, designed with local bamboo and inspired by Assam's biodiversity.
