Corporates

The company, in a regulatory filing, said that the new subsidiary has been formed to leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused.

"We've been working with Reliance across the entire stack - everything from what they are going to be doing with Azure in their own data centres and how they will extend it," said India-born Nadella at the event in Mumbai, where he began the first leg of his India tour.

"We have set up a dedicated global engineering centre in Chennai to design and develop products for Dometic's global clientele. The centre will also support mechanical, embedded and connectivity areas across product lines, technologies and regions," the city-based L&T Technology Services (LTTS) said in a statement.

Reliance Industries' (RIL) efforts to deleverage largely remain underappreciated and the exercise could free up more than $20 billion by FY21-end for RIL.

The Adani Group will acquire a prime residential property near Mandi House in New Delhi after winning a bid to acquire Aditya Estates.

Prime Minister Narendra Modis administration has petitioned a court to halt a proposed stake sale by Reliance Industries to Saudi Arabian Oil Company, threatening a key source of funds needed to pare liabilities. In addition, the conglomerate, which is into oil refining, telecommunications and retail, is also facing unfriendly tax proposals that could hit its businesses.

The meeting discussed what can be done immediately by the government to provide help to the sector to come out of the crisis after paying the huge dues as per SC directions and survive in business, sources said.

Once the deal is completed, ADP will jointly own GMR Airports with GMR Infrastructure, which will keep a 51 per cent stake and retain control of the company. ADP will be granted highly extended governance rights.

Although the National Company Law Tribunal last September approved its resolution plan to take over the insolvent Bhushan Power and Steel, the Enforcement Directorate, which is investigating alleged fraud committed by the debt-laden firm's previous management, had attached the assets of BPSL which, it believed, were bought from proceeds of crime, following which JSW Steel moved NCLAT seeking immunity from the proceedings.

On Tuesday, Care Ratings (CARE) had downgraded its ratings on the long-term bank facilities and non-convertible debentures.

"The ongoing transition of BS-IV to BS-VI is also a factor in delayed purchase decision. The overall weak economic sentiment continues and even Budget 2020 did not have any direct measures nor any immediate growth-spurring initiatives for the auto sector," he said in a statement.

The de-leveraging depends on relief on the company's AGR liability, either in terms of quantum or in payment terms, further relief measures from the government which could reduce levies and improve the balance sheet and cash flows, and better-than-expected execution on synergy extraction and better-than-expected pace of 4G subscriber additions.

Analysts covering the country's telecoms sector say Vodafone Idea is the most fragile of its three major wireless carriers.

The rating action reflects CRISIL's expectation of a lower likelihood of any relief from Government of India after the Supreme Court (SC) on February 14, 2020, did not grant any relief to the telecom companies, including Vodafone Idea, on adjusted gross revenue (AGR) dues and directed them to make the payment before the next hearing date i.e. March 17, 2020.

US President Donald Trump on Tuesday imposed sanctions on the trading arm of Russian oil major Rosneft.