Saturday, September 19
The government is likely to support Chinese investments in the electronics sector if they come through joint ventures with Indian firms and entail technology transfer, instead of only setting up assembly units, said officials.The ministry of electronics and IT (MeitY) is clear that approval to some Chinese investments is critical for manufacturing to shift to India, as well as for the success of the upcoming component incentive scheme, they told ET.The ministry is, hence, backing easing of norms for investments from the neighbouring country, they said.The views are aligned with those of the industry, which has been seeking government agreement for tie-ups with Chinese players, as well as those of government think tank Niti Aayog, which proposed allowing Chinese entities to buy up to 24% st
ET Intelligence Group: Reliance Industries delivered a strong performance at the operating profit level for the June quarter driven by oil marketing, retail and digital services segments. Excluding the effect of one-time gain from the sale of investment in Asian Paints, the company reported 15% and 25% year-on-year growth in operating profit before depreciation and amortisation (Ebitda) and net profit for the quarter. A strong profit growth helped in retaining the net debt-Ebitda level at around 0.6, similar to that at the end of FY25 despite a capital expenditure of ₹29,875 crore for the quarter, up 4% year-on-year. Given this, the country's largest company by revenue and market capitalisation appears to be well placed to grow across the business segments.In the Oil-to-Chemicals (O2C) b
MUMBAI: Buyout groups Brookfield and EQT are in active discussions to buy Hyderabad-based Gland Pharma, a contract development and manufacturing organisation (CDMO) and injectables company, from China’s Fosun Group in what could become one of the largest buyouts of the year in the segment, said people in the know. However, the galloping share price of Gland is a potential deal spoiler.The two PE groups have been shortlisted after the initial round of bids earlier this month.Others such as CVC Capital Partners are also exploring a deal, said the people cited. Warburg Pincus is said to be weighing its options before taking a call, they said.The Chinese parent has diversified investments that range from healthcare to football clubs, asset management, banks, estate, hospitality, fashion and
ET Intelligence Group: Early results trend for the June quarter shows persistent weakness in revenue and profit growth excluding one-time gain reported by Reliance Industries (RIL). The growth has decelerated to an at least 9-quarter low amid lacklustre performance of banking, finance, fast moving consumer goods, and IT companies. Net profit for a common sample of 186 companies that have declared results so far in the June quarter season rose to a five-quarter high of 18.5% year-on-year, driven by RIL's one-time benefit from selling its investment in Asian Paints worth ₹8,924 crore while revenue increased by 4.6%, lowest in at least nine quarters. Excluding RIL, revenue and profit grew by 5.7% and 7.3% respectively, both at a nine-quarter low.Due to the one-off gain, RIL's share in the s
