Monday, August 31
Chennai: South Korean shipbuilding major HD Hyundai on Sunday announced that it is setting up its first shipyard in India in Tamil Nadu's Thoothukudi.The memorandum of understanding (MoU) was signed in the presence of Tamil Nadu chief minister MK Stalin, industries minister TRB Rajaa and senior leadership from HD Korea Shipbuilding and Offshore Engineering (KSOE). The investment amount was not disclosed."HD Hyundai was in talks with other states like Andhra Pradesh and Gujarat for this project but the scales tipped in favour of Tamil Nadu owing to the state's strong policy roadmap and thriving heavy engineering ecosystem for a project of this scale," a person in the know told ET.ET was the first to report in February that HD Hyundai was looking to set up a shipyard in India and had begun s
MUMBAI: The International Cricket Council (ICC) faces a major challenge ahead of the ICC Men’s T20 World Cup 2026 in the country, as Reliance Industries–controlled JioStar has formally told the sport’s governing body it cannot service the remaining two years of its four-year India media-rights deal because of deep financial losses, multiple people familiar with the development told ET.The ICC has begun a fresh sale process for India media rights for 2026–29 and is seeking about $2.4 billion, said the people cited above. The ICC’s media rights for the 2024–27 cycle were valued at $3 billion, with one major men’s event scheduled each year.With JioStar signalling it would withdraw from a deal that contractually runs through 2027, the ICC has approached Sony Pictures Networks Ind
The Ministry of New & Renewable Energy (MNRE) on Sunday dismissed reports suggesting that it has asked financial institutions to pause fresh lending to renewable energy projects. The clarification comes amid concerns of oversupply in India’s solar photovoltaic (PV) module industry and follows earlier communication urging lenders to take a cautious view on financing new, standalone module manufacturing capacity.India has reached 50% of its installed power capacity from non-fossil fuel sources, five years ahead of its Paris Agreement target. As of 31 October 2025, non-fossil capacity stands at about 259 GW, including 31.2 GW added so far in FY26.The ministry said that there has been “no advisory to Financial Institutions for stopping lending to either renewable energy power projects
Wakefit Innovations has raised Rs 580 crore from anchor investors ahead of its IPO, according to an exchange filing on Friday. The allotment was made at Rs 195 per share, the top end of the price band, signalling strong institutional appetite for the country’s largest D2C home and furnishings brand by FY24 revenue.The company allotted 2.97 crore shares to anchor investors, with domestic mutual funds taking more than half the book. Of the total allocation, 16.15 million shares, or 54.3%, were picked up by nine Indian mutual funds across 21 schemes, indicating deep participation from long-only domestic institutions.The anchor list included a mix of global and domestic investors such as Ashoka WhiteOak, HDFC Life Insurance, Bajaj Life Insurance, Prudential Hong Kong, 360 One, Steadview Capi
