Ambuja Cements incorporates three new subsidiaries to boost business
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Adani-promoted Ambuja Cements on Friday said it has incorporated three wholly-owned subsidiaries, namely Lotis IFSC Private Limited, Ambuja Concrete North Private Limited, and Ambuja Concrete West Private Limited.
Ambuja Cements said that Lotis IFSC would carry on the business of owning and leasing aircraft in Gujarat's GIFT City. As of March 2023, the company did not list any aircraft under its assets list.
The aircraft leasing policy for GIFT City allows for capital gain exemptions for the transfer of leased aircraft by an IFSC unit to a domestic company, exemption of royalty income on lease rentals paid to foreign entities requires aircraft leasing units in IFSC to begin operations before March 31, 2024, Adani Enterprises had earlier noted in its annual report for the current financial year.
According to Ambuja Cements' annual report, the company had eight subsidiaries and joint ventures including ACC and others related to resources such as coal, chemical limes, and shipping in FY23.
Two of them, wholly owned subsidiaries --- Ambuja Shipping Services Ltd. and Ambuja Resources Ltd. --- were incorporated in the last financial year.
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After Haryana, the BJP would also sweep the upcoming assembly elections in Maharashtra and Jharkhand, BJP president J P Nadda asserted on Friday.
Nadda, who paid obeisance at the Shri Naina Devi temple here, said the people were happy with the performance of the BJP government at the Centre led by Prime Minister Narendra Modi.
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Noel Tata, half-brother of the late Ratan Tata, has been unanimously elected as the chairman of Tata Trusts following the passing of the legendary industrialist Ratan Tata, CNBC-TV18 reported on Friday. Noel Tata is already a key trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. He will now lead the trusts that hold a controlling stake in Tata Sons, the primary holding company of the Tata Group.
The move has long been anticipated, given Noel Tata’s close involvement with Tata Trusts and his extensive experience within the conglomerate.
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After the Haryana poll debacle, Congress MP and LoP Rahul Gandhi attended the review meeting called by party president Mallikarjun Kharge at his residence in Delhi. Among those present were the party's Haryana observers Ashok Gehlot, Ajay Maken, Deepak Babaria and KC Venugopal.
Sources said that the Congress MP remained largely quite, but when his turn came, he observed two things; one being that Electronic Voting Machines (EVM) and the Election Commission of India (EC) "have much to answer" and another was that "the local leaders were more interested in their own progress than that of the party", leaving a loud silence in the room.
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Former US President Donald Trump, who is campaigning for another term in the White House, promised to introduce a system of "reciprocal tariffs" if re-elected. In an economic policy speech in Detroit on Thursday, the Republican candidate singled out India, claiming it imposes some of the highest tariffs on foreign goods among major global economies.
This is not the first time Trump has criticised India for its tariffs. Just last month, he called the nation a "big abuser" of US trade relations.
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Tamil Nadu Chief Minister M K Stalin has announced a bonus and ex-gratia for 2.75 lakh employees of state public sector undertakings and statutory boards for the 2023-24 fiscal.
Accordingly, all eligible workers of profit making PSUs under group C and D will be paid a minimum bonus of Rs 8,400 and a maximum of Rs 16,800, amounting to 8.33 per cent bonus and an ex-gratia of 11.67 per cent, an official release here said.
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