Business

New Delhi, March 30 The Enforcement Directorate said on Monday that it has attached land parcels and other immovable assets worth more than Rs 270 crore as part of its money laundering investigation against Rajendra Lodha, former director of the Maharashtra-based realty company Lodha Developers.A provisional order was issued on March 26 under the Prevention of Money Laundering Act (PMLA) to attach these assets. The value of these properties is Rs 271.48 crore, the ED said in a statement.The assets include land parcels located in Panvel and Shahapur talukas of Maharashtra, it added.Lodha was arrested by the ED in February and he is currently lodged in jail under judicial custody.The ED's money laundering case stems from a Mumbai...

New Delhi, March 30 The state-run Indian Renewable Energy Development Agency (IREDA) announced on Monday that it has entered into a financing agreement with Sumitomo Mitsui Banking Corporation (SMBC) to raise External Commercial Borrowing (ECB) amounting to JPY 28 billion.This includes a greenshoe option of JPY 12 billion.The proceeds will be used to support sustainable financing initiatives, the company said in a statement.According to the statement, the five-year unsecured facility is expected to further strengthen IREDA's resource base while enhancing its presence in international financial markets.The facility is positioned as a cost-efficient and resilient funding source, particularly in the context of evolving global...

New Delhi, March 30 – Industry leaders on Monday welcomed the government’s strong focus on design capabilities and quality standards under the Electronics Component Manufacturing Scheme (ECMS), calling it crucial for scaling India's ambitions in the electronics sector.Participants at an event organized by the India Cellular and Electronics Association (ICEA) to mark the fourth tranche of ECMS approvals said that the ECMS scheme reflects India's transition from policy intent to on-the-ground execution.ICEA Chairman Pankaj Mohindroo said that the increased funding under ECMS demonstrates the government's commitment to building a robust electronics ecosystem.He added that reopening the scheme in a measured manner would help deepen...

New Delhi, March 30 Five companies, including Acme Cleantec and NTPC Renewable Energy, signed a 10-year binding agreement on Monday to supply 6.7 lakh tonnes of green ammonia to fertilizer companies like IFFCO and Coromandel International.This development is significant amid the West Asia crisis, when energy imports to the country are hampered due to conflict.Acme Cleantec signed a 10-year binding Green Ammonia Purchase Agreement (GAPA) with the Solar Energy Corporation of India (SECI) for a capacity of 3,70,000 tonnes per annum (TPA) of green ammonia, an official statement said.Acme Cleantech will supply one lakh tonnes of green ammonia each to Indian Farmers Fertilisers Cooperative Ltd's (IFFCO) Paradeep, Odisha (at a price of...

New Delhi, March 30 Akasa Air announced on Monday that it has taken delivery of six Boeing 737 MAX 8-200 aircraft in the first quarter of this year, bringing the airline's total fleet size to 37.The airline, which began operations in August 2022, has placed orders for 226 Boeing 737 MAX aircraft, and the remaining 189 aircraft are expected to join the fleet over the next six years."The first leg of the delivery flight for the 36th aircraft commenced from Seattle, USA to Keflavik, Iceland, and concluded with the final leg from Cairo, Egypt, to Bengaluru, India."The Boeing 737 MAX 8-200 aircraft, bearing registration number VT-YBJ, arrived at Kempegowda International Airport in Bengaluru on March 30, 2026. The 37th aircraft (Boeing...

New Delhi, March 30 The government on Monday provided an additional 30 days to the gems and jewelry sector to meet certain obligations, in order to help them cope with the ongoing crisis in West Asia.The region is a key export destination for the sector. West Asia accounts for approximately 30% of India's total gems and jewelry, which amounted to USD 26.2 billion during April-February of this fiscal year.The measure is intended to support exporters by easing compliance requirements and addressing operational difficulties that have arisen during this period.A joint attack launched by the US and Israel on Iran last month has impacted the movement of air and ship consignments in the Middle East."Facilitative provisions for the gems...

New Delhi, March 30 The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed an appeal by state-owned trading firm MMTC, challenging the one-time settlement (OTS) between National Spot Exchange Ltd (NSEL), backed by 63 Moons, and traders.The Mumbai bench of the National Company Law Tribunal (NCLT) had on November 28, 2025, approved a Rs 1,950-crore settlement scheme between NSEL, along with its promoter 63 Moons, and traders who had outstanding dues amounting to nearly Rs 4,300 crore.MMTC challenged the scheme before the NCLAT, arguing that it was "detrimental to the public interest" and contrary to public policy.During the hearing, the NCLAT pointed out that the NCLT order of November 11, 2025, had already been...

Mumbai, March 30 The net sales growth of select non-government, non-financial (NGNF) public limited companies edged up to 7.8 per cent during 2024-25 from 6.3 per cent in the previous year, the RBI said on Monday.The sales growth of the manufacturing and services sector increased to 6.3 per cent and 10.1 per cent, respectively, during 2024-25 from 5 per cent and 7.4 per cent growth recorded in the previous fiscal, according to data on the finances of NGNF public limited companies.The Reserve Bank has released the data relating to the financial performance of NGNF public limited companies during 2024-25 based on audited annual accounts of select 7,992 companies, which reported in the Indian Accounting Standards (Ind-AS) format for...

New Delhi, March 30 As many as 19 ships carrying LPG, crude oil, and LNG destined for India are currently stranded in the Strait of Hormuz due to the escalating conflict in West Asia.At an inter-ministerial briefing on the fallout of developments in West Asia, Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping, and Waterways, said that 10 foreign-flagged vessels carrying energy cargo for India are currently stranded.These include 3 LPG vessels, 4 crude oil tankers, and 3 liquefied natural gas (LNG) carriers.In addition, there are Indian-flagged vessels, including 3 LPG tankers, 1 LNG carrier, and 4 crude oil tankers. One empty tanker is being filled with LPG.These vessels were among the 500-odd ships that...

Mumbai, March 30 – The Reserve Bank of India (RBI) injected ₹84,582 crore into the banking system on Monday to enhance liquidity through two variable rate repo (VRR) auctions.According to an RBI statement, the central bank injected ₹50,001 crore through the first three-day VRR auction early in the day at a cut-off rate of 5.34 per cent and a weighted average rate of 5.44 per cent.The RBI injected another ₹34,581 crore at a cut-off rate of 5.26 per cent and a weighted average rate of 5.30 per cent during a later auction of the day.In the first auction, the central bank received bids of ₹57,287 crore, against the notified amount of ₹50,000 crore, and accepted bids worth ₹50,001 crore. However, for the second auction, the bids...

New Delhi, March 30 Gaming and sports media firm Nazara Technologies announced on Monday that its board has approved a proposal to raise ₹500 crore through a preferential issue of warrants.The funds raised through this instrument will primarily support strategic acquisitions, including the recently announced deals for Bluetile and BestPlay, and accelerate growth across the company's existing business verticals.The company will issue up to 1.92 crore (1,92,31,000) warrants at ₹260 apiece, which includes a premium of ₹258. The move is subject to shareholder and regulatory approvals, the company said in a regulatory filing.Each warrant is convertible into one fully paid-up equity share of face value of ₹2 within a period of 18 months...

New Delhi, March 30 – Union Minister Ashwini Vaishnaw suggested on Monday the establishment of a Centre of Excellence at Gati Shakti Vishwavidyalaya (GSV) to focus on high-precision manufacturing technologies needed in the aviation, railway, and marine sectors.He said such initiatives can make students more industry-ready and boost employment opportunities.The proposal came during the signing of a Memorandum of Understanding (MoU) between Gati Shakti Vishwavidyalaya and the Directorate General of Civil Aviation (DGCA).The agreement aims to strengthen India’s fast-growing maintenance, repair, and overhaul (MRO) sector by improving training and building a skilled workforce.Speaking at the event, Vaishnaw said that sectors like...

New Delhi, March 30 Union Chemicals and Fertilizers Minister J P Nadda said on Monday that India has enough fertilizer stocks to meet domestic demand and urged farmers not to panic amid the ongoing crisis in West Asia."Not only this crisis, India has faced several challenges. We have sufficient fertilizer supply. There is no need to worry," Nadda said at the signing of a supply agreement on green ammonia between fertilizer companies and green ammonia developers.Describing the agreement as a "historic and forward step," the minister invoked a Hindi adage "aapda mein avsar dhoondna hai" (finding opportunity in adversity), and said the process had begun with green ammonia.The government, he added, is working to reduce import...

New Delhi, March 30 Real estate major DLF has finalized a deal to sell its IT-ITeS SEZ (special economic zone) project and nearly 18 acres of vacant land in Kolkata for Rs 710 crore to Srijan Group as part of its strategy to monetize commercial assets.The deal was announced in April last year.In a regulatory filing on Monday, the company informed that it has completed the transfer of its IT/ITeS SEZ undertaking, comprising the SEZ property, including the constructed building, namely 'DLF TechPark II', to Makalu Builders LLP, an entity forming part of the Srijan Group and Srijan Realty Pvt Ltd.DLF has also completed the sale of 17.75 acres of vacant land parcel situated in Kolkata to Gangapurna Projects LLP, another entity forming...

Indian Rupee Logs Sharpest Annual Fall in 14 Years, Slides 9.88% Against US Dollar in FY26 External Pressures and Capital Outflows Drive Currency Weakness Mumbai, March 30: The Indian rupee depreciated by 9.88 per cent against the US dollar in FY26, marking its steepest annual decline in 14 years.The last comparable fall was recorded in FY12, when the domestic currency dropped 12.4 per cent amid a widening current account deficit of 4.2 per cent.The decline in FY26 was largely attributed to persistent foreign fund outflows, elevated crude oil prices, and a strengthening US dollar. Volatility in global financial markets and tightening liquidity conditions further added pressure on the currency.Asian Currencies Also Under Pressure...

GRSE Delivers Three Advanced Naval Platforms to Indian Navy, Strengthening Indigenous Defence Capabilities Dunagiri, Sanshodhak, and Agray Commissioned in Major Milestone for Shipbuilding PSU Kolkata, March 30: Garden Reach Shipbuilders and Engineers Ltd (GRSE) on Monday delivered three key frontline platforms to the Indian Navy, marking a notable advancement in India’s indigenous defence manufacturing efforts, according to an official statement.The Kolkata-based public sector warship builder handed over the advanced guided missile frigate Dunagiri, the survey vessel Sanshodhak, and the anti-submarine warfare shallow watercraft Agray.Dunagiri Enhances Multi-Domain Combat Capabilities Dunagiri, the second advanced guided missile...

ED Probes 1,105 Bank Fraud Cases, Attaches ₹64,920 Crore Under PMLA: Sitharaman Government Details Enforcement Action and Fugitive Economic Offenders Framework in Lok Sabha New Delhi, March 30: The Enforcement Directorate has investigated 1,105 bank fraud cases under the Prevention of Money Laundering Act and attached proceeds of crime worth ₹64,920 crore, Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.Speaking during a discussion on the bill to amend the Insolvency and Bankruptcy Code, Sitharaman outlined the government’s enforcement actions against economic offenders, particularly those attempting to evade legal proceedings by remaining overseas.Fugitive Economic Offenders Act Targets High-Value Cases The...

NHAI Raises ₹28,307 Crore Through InvIT and TOT Models in FY26, Nears ₹30,000 Crore Target Asset Monetization Gains Momentum with InvIT and TOT Bundles New Delhi, March 30: The National Highways Authority of India (NHAI) has mobilized ₹28,307 crore during the 2025–26 fiscal year through a mix of Public InvIT, Private InvIT, and Toll-Operate-Transfer (TOT) models, the government said on Monday.This includes proceeds from TOT Bundles 17 and 18. With bids already received for TOT Bundle-19 and currently under technical evaluation, NHAI is positioned to meet the government’s budgeted monetization target of ₹30,000 crore for the ongoing fiscal.InvIT Round-5 Unlocks Value from 310 km Highway Assets As part of its Infrastructure Investment...

India Achieves Near-Universal Banking Access with 99.92% Village Coverage Banking Outlets Reach Almost All Inhabited Villages New Delhi, March 30: Nearly 99.92 percent of inhabited villages across India now have access to a banking outlet within a five kilometre radius, the Parliament was informed on Monday.Providing further details, Minister of State for Finance Pankaj Chaudhary stated in a written reply to the Lok Sabha that full coverage has been achieved in the Union Territory of Dadra and Nagar Haveli, where 100 percent of villages are now connected to banking outlets within the same distance.Jan Dhan Darshak App Maps Nationwide Banking Presence According to a Finance Ministry statement, the Jan Dhan Darshak App serves as a...

RBI Imposes Rs 31.80 Lakh Penalty on Airtel Payments Bank for Disclosure Lapses Action Taken After Supervisory Findings in FY25 Review Mumbai, March 30: The Reserve Bank of India on Monday imposed a monetary penalty of Rs 31.80 lakh on Airtel Payments Bank Limited for non-compliance with provisions related to disclosure in financial statements.The penalty has been levied under section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.Inspection Highlights Non-Disclosure of Complaints The action follows the Statutory Inspection for Supervisory Evaluation conducted by the RBI with reference to the bank’s financial position as on March 31, 2025.According to the central bank, the penalty was based on supervisory...