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Guwahati: Assam Chief Minister Himanta Biswa Sarma on Tuesday held separate meetings with senior leaders of Larsen & Toubro (L&T) and Bharti Enterprises to review ongoing projects and discuss future investments in the state.The Chief Minister said he met S.N. Subrahmanyan, Chairman and Managing Director of Larsen & Toubro, at his official residence and reviewed the progress of various projects being executed by the engineering and infrastructure major in Assam."We discussed the various projects that L&T is undertaking in Assam and the roadmap for their timely completion," Sarma said in a post on X.Later in the day, the Chief Minister also held discussions with Rajan Bharti Mittal, Vice Chairman of Bharti Enterprises, at his official residence, focusing on the group's expansion plans in Assam, particularly in the telecommunications sector."We discussed the group's expansion plans in Assam, with a specific focus on covering dark areas so that more people can benefit from proper phone and internet connectivity," Sarma said.The meetings underline the Assam government's continued engagement with leading corporate groups to accelerate infrastructure development and improve digital connectivity across the state, especially in underserved regions.Sarma also congratulated Dr Ashok Lahiri on his recent appointment as Vice Chairman of NITI Aayog and expressed the state's commitment to strengthening its partnership with the national policy think tank.Sharing details of his meeting with Lahiri in the national capital, Sarma said the newly appointed Vice Chairman "brings with him extensive experience in public policy and finance", highlighting the expertise he is expected to bring to NITI Aayog's policymaking and reform agenda.The Chief Minister noted that the Assam government is keen to deepen its engagement with NITI Aayog in implementing reforms and development policies."The Assam government aims to deepen its partnership with NITI Aayog in implementing reforms and policies that will improve the ease of living of our people," Sarma said in a post on X after the meeting.The interaction comes as Assam continues to pursue governance reforms, infrastructure development and welfare initiatives with support from central institutions. Officials believe closer collaboration with NITI Aayog will help accelerate policy implementation and improve outcomes across key sectors.
New Delhi: The Enforcement Directorate (ED) has arrested four promoters of a real estate group in connection with a money laundering probe into an alleged Rs 2,004-crore homebuyer fraud that affected more than 19,000 buyers and investors.The accused, Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta and Vikas Gupta, are promoters/directors of Earth Infrastructures Ltd. They were arrested on June 1 under the Prevention of Money Laundering Act (PMLA), an official statement said on Tuesday.The accused were produced before a special PMLA court in Delhi, which granted the agency five days' custody for interrogation, it said.Read More: Signature Global commits Rs 1,200-1,500 crore for land acquisitions in FY27According to the federal agency, the group collected around Rs 2,004 crore from more than 19,425 homebuyers and investors by promising timely delivery of residential and commercial units and assured returns.The agency alleged that its probe found approximately Rs 467 crore had been diverted or siphoned off through various group entities and related concerns and individuals."Despite receipt of substantial funds from the buyers/investors, the projects were either left incomplete or possession of units was not handed over, thereby causing wrongful loss to the homebuyers and investors," the ED said.The probe further revealed that a part of the alleged proceeds of crime was used for acquisition of movable and immovable assets in the names of various entities and individuals connected with the promoters and directors of the group, it said.The investigation was initiated based on five FIRs registered by the Economic Offences Wing (EOW) of Delhi Police against Earth Infrastructures Ltd, its directors and related entities under various provisions of the Indian Penal Code.The Serious Fraud Investigation Office (SFIO) has also filed a criminal complaint under Section 447 of the Companies Act against the promoters and directors of the group.Read More: Amazon adds 10.6 acres to Mumbai data centre campus in Rs 125 crore dealEarlier in April, the ED had conducted searches at premises linked to the Earth Group across Delhi-NCR.During the raids, the agency seized cash worth about Rs 6.30 crore, jewellery valued at around Rs 8.78 crore and property documents relating to more than 100 immovable properties estimated to be worth over Rs 100 crore.
Guwahati: The Manipur cabinet meeting discussed related to the appeal made by the Prime Minister for various steps to be taken by the State Governments and citizens of the country in view of the global challenges at present.The State Cabinet decided to implement the various points mentioned in the appeal of the Prime Minister, including reducing the size of VIP convoy following a security review, start ‘work from home’, freeze Government funded foreign travel, and take steps to reduce non-essential Government expenditure.Also Read: Manipur CM Y Khemchand Singh hails Centre's decision to form panel on demographic changeThe meeting while approving the filling up of 173 posts of Auxiliary Nurse and Midwife (ANM) in the Family Welfare Department, with funding from the Central Government, the State Cabinet took a decision to approve age relaxation of 2 (two) years for all recruitments yet to be notified by State Government departments.State Cabinet approved the rates of compensation related to land acquisition for expansion of the Imphal – Jiribam and Imphal – Dimapur National Highways. These decisions will lead to faster implementation and timely completion of these projects, which will greatly benefit the state.The Cabinet approved the rationalization of posts under the Manipur State Power Company Limited (MSPCL) so that the employees can have adequate promotional avenues. This shows the intention of the State Government that employee welfare is a priority.The cabinet also approved the extension of the critical ‘Manipur Water Supply Project’ funded by the New Development Bank (NDB) and approved the proposal of Tourism Department for implementation of the ‘Loktak Experience Project’ which will develop Loktak as an Iconic Tourist Destination.
New Delhi, In a significant move, the government has allowed companies to invest up to 10 per cent of their CSR funds in zero coupon zero principal instruments issued by not for profit organisations through a social stock exchange.Under the Companies Act, 2013, a certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR (Corporate Social Responsibility) activities in a particular financial year.The corporate affairs ministry has introduced the item 'subscription to zero coupon zero principal instruments on Social Stock Exchange' in Schedule VII, which pertains to activities allowed for CSR activities under the Companies Act."This amendment is aimed at providing significant ease of compliance to the companies and will also help Not for Profit Organisations (NPOs), to raise funding for public welfare projects in a transparent and regulated manner."These NPOs will be able to issue zero-coupon, zero-principal instruments on the Social Stock Exchange (SSE) in accordance with the Securities and Exchange Board of India's Regulations," the ministry said in a release on Friday.Expenditure incurred by the CSR-mandated companies for such instruments shall not exceed ten per cent of the total CSR expenditure for the particular financial year.To facilitate the implementation of CSR through zero coupon zero principal instrument, amendments have been done in the CSR Policy Rules, 2014.Now, under the rules, the definition of NPO and zero coupon zero principal instrument' has been introduced.Anshul Jain, Partner Regulatory at consultancy PwC India, said companies can now invest their CSR funds into such instruments issued through an SSE.It helps in furtherance of a transparent and credible mode of funding CSR projects by the companies and enables social enterprises to access a wider pool of capital, Jain said.
Mumbai: The Reserve Bank will explore the use of CBDC in cross-border transactions besides expanding the digital rupee to more direct benefit transfer schemes and domestic retail space during the current fiscal year. During 2025-26, the central bank launched multiple Central Bank Digital Currency (CBDC) pilots under direct benefit transfer (DBT) schemes of the Centre and state governments, leveraging the programmability capability of CBDCs, said the RBI's annual report for 2025-26. On cross-border payments, the RBI signed memorandum of understanding (MoU) on digital asset collaboration with the Monetary Authority of Singapore (MAS) in 2025-26. Also, bilateral discussions with MAS and the Central Bank of the UAE (CBUAE) were held for operationalising a cross-border CBDC pilot. The Reserve Bank also joined multilateral BIS-Innovation Hub-led initiatives, which are focused on enhancing cross-border payments through CBDCs. The Reserve Bank plans to expand the CBDC pilot to cover new use cases under DBT schemes and the domestic retail space, while exploring additional pilots on tokenisation of financial assets and widening participant coverage. On cross-border payments, the RBI intends to operationalise bilateral CBDC pilots with select use cases and deepen engagement in multilateral projects. "Exploring a bilateral/multilateral crossborder CBDC pilot with select use cases and engaging in multilateral projects on cross-border payments on technical and governance standards" is one of the RBI's agenda for FY27. Providing a framework for testing of innovative products/services leveraging CBDC under the CBDC and Asset Tokenisation (CAT) sandbox is also on the RBI's to-do list during the current fiscal year. The value of bank notes in circulation in digital form CBDC-R stood at Rs 771.66 crore as on March 31, 2026, as compared to Rs 1,016.46 crore as on March 31, 2025.
The shares of Ranbir Kapoor-backed Prime Focus gained over 2% to their day's high of Rs 247.40 on the BSE on Friday after the post-production and visual effects company reported a consolidated net profit of Rs 82 crore for the fourth quarter of FY26, as against a net loss of nearly Rs 231 crore in the same quarter of FY25.Sequentially, the net profit grew more than 16% from the Rs 71 crore reported in the third quarter of FY26. Profit before tax and exceptional items, however, declined nearly 29% YoY to Rs 88 crore in Q4 FY26 from Rs 123 crore in Q4 FY25.Revenue from operations, meanwhile, jumped more than 42% year-on-year (YoY) to Rs 1,375 crore during the January-March quarter of FY26, from Rs 967 crore in the corresponding quarter of the previous financial year.Prime Focus saw its total expenses rise nearly 26% YoY to Rs 1,262 crore during the quarter under review, while total income increased around 20% YoY to Rs 1,350 crore. The company’s earnings per share (EPS) rose to Rs 1.14 in Q4 FY26 from a negative Rs 7.70 in the year-ago period, after exceptional items.Insolvency plea against Prime FocusThis comes after the Mumbai bench of the National Company Law Tribunal (NCLT) earlier in May orally pronounced admission of an insolvency petition against Prime Focus filed by Reliance Alpha Services under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition relates to an alleged financial debt of Rs 353.79 crore, including interest.Prime Focus disputed the claim, saying no amount was ever disbursed under the 2019 loan agreement cited in the petition and argued that the petitioner therefore does not qualify as a “financial creditor” under the IBC. The company said that it has already approached the National Company Law Appellate Tribunal (NCLAT) seeking urgent relief, including a stay on the operation of the order.Later NCLAT ordered a stay on the order, which was challenged in the Supreme Court. The company announced on Wednesday that the apex court has dismissed the appeal against the stay.Founded by Namit Malhotra in 1997, Prime Focus has grown into a global leader in visual effects and post-production. Its subsidiary, Double Negative (DNEG), has won multiple Academy Awards for work on films such as TENET, Dune: Part One, and Dune: Part Two, bringing its Oscar tally to eight.The group is also producing Ramayana, a two-part adaptation directed by Nitesh Tiwari and backed by Namit Malhotra. The film, starring Ranbir Kapoor, Yash and Sai Pallavi, is being positioned as one of the most ambitious and expensive Indian film projects to date.Prime Focus share pricePrime Focus shares have delivered 116% returns over one year. The stock has however fallen around 24% in one month and 1% in one week to close at Rs 239.85 apiece on NSE on Wednesday. In the longer term, the shares of the company have gained 162% in three years and 287% in five years.The company has a market capitalisation of more than Rs 18,639 crore. The stock has been in focus in recent months after reports of actor Ranbir Kapoor investing between Rs 15–20 crore in Prime Focus Studio through a preferential issue of shares.The company had earlier approved the issuance of over 46 crore shares, with Kapoor among the proposed allottees aiming to acquire about 12.5 lakh shares, although independent verification of the final allotment has not yet been confirmed.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time.The funding, announced Thursday, was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Each of the lead investors put in more than $2 billion, according to people familiar with the matter. Sequoia declined to comment. The other three firms did not respond to a request for comment.Alphabet Inc.’s Google contributed several billion dollars to the round as part of a previously announced commitment to invest up to $40 billion in Anthropic over time, according to people familiar with the matter. Amazon.com Inc. invested $5 billion in the round, also as part of a prior commitment, Anthropic said in a blog post.Google declined to comment. Micron Technology Inc., Samsung Electronics Co. and SK Hynix Inc. also contributed an undisclosed amount, helping to push the round well above Anthropic’s initial $30 billion target.The large round came together in a matter of weeks, a sign of strong investor demand for the Claude maker. In late April, Anthropic had been weighing whether to pursue new financing at a more than $900 billion valuation after receiving several inbound proposals, Bloomberg News has reported. The artificial intelligence startup then kicked off advanced discussions earlier this month.Founded in 2021 by a group of former OpenAI employees, Anthropic has since emerged as a leader in the AI sector. Anthropic has developed a series of AI tools aimed at overhauling the way businesses handle tasks from coding to cybersecurity. Anthropic and OpenAI are both expected to go public as soon as this fall, Bloomberg News has reported. Anthropic is still expected to proceed with an IPO on that timeline after the latest funding, one person said.Anthropic declined to comment.Anthropic expects to post $10.9 billion in revenue for the second quarter, more than doubling from the prior three-month period as demand surges for its AI software, Bloomberg News has reported. The company is also on pace for its first profitable quarter.The company has told investors that its annualized run rate revenue will surpass $50 billion by the end of next month, people familiar with the matter said. Anthropic’s run rate, a metric that projects full-year revenue based on sales from a shorter period, was $4 billion in July of last year.OpenAI was most recently valued at $852 billion in a funding round completed in March. The company is expected to confidentially file draft paperwork to go public in the coming days or weeks.
Adani Green Energy is set to seek board approval to raise Rs 6,150 crore ($750 million) to Rs 8,200 crore ($1 billion) through the qualified institutional placement (QIP) route, said people aware of the matter.Two group companies had got approval of their boards for fundraising on May 13 —Adani Enterprises (Rs 12,500 crore) and Adani Transmission (Rs 8,500 crore).The exercise is part of a group plan outlined internally last year to build a “three-year equity cushion” to support expansion plans.Adani Green has secured such capital-raising permission every year from its board except in 2021, as per a Bloomberg analysis.The capital raised by Adani Green Energy will be used to repay an outstanding $750 million, three-year bond issued in 2021 that’s due next year. The money is likely to be kept in a dedicated redemption reserve account and paid on the due date, said the people cited above.Renegotiating Terms With TotalThe original plan had been to prepay the bond after special Reserve Bank of India (RBI) approval but the company decided against this move.“We do not comment on routine business matters. All public disclosures on business matters are disclosed when appropriate,” an Adani Group spokesperson told ET.Adani Green is also renegotiating the terms of its agreement with French utilities giant TotalEnergies for a proposed $4 billion investment in a green hydrogen venture, having signed a memorandum of understanding in 2022. In February, Total said it was pausing the plan in the wake of the Hindenburg Research report on the Adani Group alleging stock manipulation and fraud. The Adani Group has rejected the report’s findings.Total had said it won’t immediately proceed with the plan that involved taking a 25% stake in Adani New Industries Ltd (ANIL), a subsidiary of Adani Enterprises.In June last year, ANIL and TotalEnergies had outlined a capex plan of $50 billion to set up a 2.5 million metric tonnes per annum (mmtpa) of green hydrogen manufacturing capacity over the next 10 years, with the first phase of 1 mmtpa expected to be commissioned before 2030. Total had also made a total $10 billion capital commitment to the hydrogen venture, standing guarantor to 50% of the project’s debt, translating to $6 billion, ET had reported February 13.ANIL plans to manufacture green hydrogen and downstream products such as ammonia, urea, methanol and ethanol at its Khavda and Mundra SEZ facilities. The Khavda site has a land bank of 71,000 acres, which has a large-scale renewable deployment potential of 20 GW due to its high wind and solar resource potential.After the initial MoU, a more detailed ‘heads of agreement’ — pre-contractual negotiations for a commercial framework — was originally planned to be signed between May and September this year. But this is unlikely at this juncture.The Adani Group has, however, continued with the project work in Mundra on its own, aiming to complete a substantial part of the first phase of the integrated manufacturing ecosystem for ANIL by December.This involves 4.5 GW of solar module manufacturing capacity and 1.5 GW of wind turbine manufacturing capacity along with electrolysers, glass, aluminium frames etc. Analysts say over 5% of the total capex has already been incurred by Adani though the bulk of the work is scheduled for 2026-2028. Any binding agreement with Total is now expected only in 2024 or 2025 and the valuation and the overall commercial terms is likely to get altered as the French company is not incurring any of the greenfield project risks, they said.“We have 40 GW of land equivalent. We've been doing solar modules for the past five years. We know we will produce modules at 15 cents to 17 cents,” Robbie Singh, chief financial officer of Adani Enterprises, had told ET on January 22.Other than the green hydrogen project, Total has just over $3 billion of investments with Adani, including in gas distribution and solar projects, which it has played down as a small 2.4% slice of its total capital commitments.
MUMBAI: Liquidity risk is increasing for Indian-based real-estate developers, as non-bank financial institutions (NBFI; including housing finance companies) are shying away from lending to the sector, said Fitch Ratings.Developers that rely on refinancing from NBFIs, particularly those with weak financial profiles, will be affected the most should conditions persist. The availability of unencumbered assets among large developers may be of limited use, as NBFIs are looking to shed their already-high exposure to the sector, especially to large borrowers.NBFIs have disproportionately increased their share of real-estate sector credit in the previous few years, owing to heightened risk aversion by banks; banks have been cutting exposure due to their own funding challenges that began in late 2018, which have become more acute in the previous few months; domestic bank exposures fell to 2.3% of loans in the financial year ending March 2019 from 2.8% in 2015-16.NBFIs are now also shying away from refinancing maturing debt of even large, proven developers to limit concentration risk to the sector. This is pushing developers towards alternative funding channels, such as private equity. The availability of such funding could be more limited than the value of maturing debt and may only be available to established developers with sufficient unpledged assets. It would also come at a higher cost. We believe banks may still consider exposure to quality real estate, but overall exposure continues to decline.Developers that are focused on high-end projects may face higher risk, as sales of such projects have slowed in the last two years. We believe these developers would be wary of taking sharp price corrections on unsold inventory to boost sales, except in extreme circumstances, as this could diminish the value of unsold inventory and weaken collateral cover for existing lenders.In addition, any boost in sales would be temporary. Meanwhile, developers with substantial exposure to affordable housing may still benefit from marginal access to lenders in light of healthy pre-sales growth, supported by India's substantial housing deficit and government incentives for buyers via the credit-linked subsidy scheme as well as for developers, including tax deductions and grant of infrastructure status, which entitles companies to some benefits and concessions.The government has announced measures to improve NBFI-sector liquidity, but their efficacy remains to be seen. For example, we believe the government's July 2019 announcement to provide a first-loss guarantee of 10% on securitised assets issued by NBFIs to banks could ease funding pressure for NBFIs in the short term. However, the provision refers only to financially sound issuers and there is a lack of clarity about the duration of the guarantee and the definition of what comprises a 'financially sound' entity. In addition, most of the actions by the authorities to alleviate the liquidity squeeze will benefit the largest and least risky NBFIs and is unlikely to address the pressure on the more property focused players.Defaults by two NBFIs - Infrastructure Leasing & Financial Services Ltd (IL&FS) in September 2018 and Dewan Housing Finance Corporation Ltd (DHFL) in June 2019 - have contributed to the sector-wide liquidity squeeze, as investors have become more risk averse. Banks' low appetite for lending to real-estate developers is evidenced by the usually high risk weights attached to such loans. These are due to developers' typically low credit ratings amid high leverage, making exposure to the sector an inefficient use of banks' already-limited capital.Substantial bank recapitalisation to increase lending capacity could benefit NBFIs as well as real-estate developers, subject to the banks' risk appetite. Although a structural improvement in NBFI asset books would take time. Nonetheless, even under better conditions we expect NBFI's to tighten credit standards, with developers facing funding pressure until there is a broader improvement in their operations, with better end-user demand and pricing support.