Latest Sectors News
Vedanta Ltd has approached the Supreme Court challenging the rejection of its bid for Jaiprakash Associates Ltd. The mining giant claims its revised offer was financially superior to the Adani Group's accepted bid. Vedanta alleges lenders acted arbitrarily and questions the resolution professional's role. The National Company Law Tribunal had previously approved Adani's plan, a decision Vedanta is contesting. View More
Mining billionaire Anil Agarwal's Vedanta Ltd has told the Supreme Court that its tweaked bid for the bankrupt Jaiprakash Associates Ltd was rejected despite being better than Adani Group's offer. In its petition challenging the lenders' decision to accept Adani's takeover offer, Vedanta contended that its addendum bid is about Rs 3,400 crore higher in gross value terms and roughly Rs 500 crore more in net present value compared to the Adani Group's offer. In the bid challenge process and final resolution plan submitted on October 14, 2025, Vedanta offered Rs 3,770 in upfront payment and Rs 3,100 crore at the end of the 365th day from the effective date to secured financial creditors. It also offered an equity infusion of Rs 400 crore into Jaypee. Thereafter, on November 8, 2025, Vedanta submitted an addendum via email, offering to raise the upfront cash payout to Rs 6,563 crore and equity infusion to Rs 800 crore while keeping the overall bid value at Rs 12,505.85 crore. The committee of creditors (CoC) accepted Adani's bid because it offered around Rs 6,000 crore upfront cash payment and faster payments for the remaining amount within two years, compared to Vedanta's longer payment timeline of up to five years. Live Events According to sources, Vedanta, in its petition before the Supreme Court, has alleged that lenders acted "arbitrarily" while rejecting its bid to acquire Jaiprakash Associates Ltd (JAL) and also questioned the role of the resolution professional in the ongoing insolvency process. Vedanta Ltd has also mentioned that the National Company Law Tribunal (NCLT) erred in appreciating that the commercial wisdom of lenders is not 'absolute' and therefore, the same can be set aside in cases of 'arbitrariness, perverseness or capricious exercise' of power. In November last year, the CoC of JAL, which went into insolvency in June 2024, approved the Rs 14,535 crore resolution plan of Adani Enterprises Ltd to acquire the debt-ridden Jaypee Group's flagship firm that has a presence in many sectors, including cement, hospitality, power and real estate, among others. The grand total of Vedanta's bid was Rs 17,926.21 crore, which included a Rs 1,200 crore payment towards settlement for sports city dues. Earlier this month, the NCLT approved the Adani bid. Vedanta moved the appellate tribunal NCLAT, which declined to stay the implementation of Adani's bid. This forced Vedanta to approach the apex court the next day. In the petition, Vedanta Ltd has requested the apex court to pass an ex parte ad interim order staying the operation, implementation and effect of the order passed by the National Company Law Appellate Tribunal (NCLAT). In its petition, Vedanta Group has said Adani's financial bid is substantially lower in value compared to its bid, which defeats the primary objective of value maximisation under the Insolvency & Bankruptcy Code. Vedanta group contended that the Allahabad bench of NCLT "erred in characterising the net present value differential" of Rs 500 crore as a "slightly higher amount" and the gross value differential of Rs 3,400 crore as capable of being overridden by subjective qualitative parameters. It further said the Evaluation Matrix, RFRP and Process Note relied on by the NCLT are instruments designed to achieve value maximisation and must be read harmoniously with the objectives of the Code. The NCLT has erred in not appreciating that the lack of transparency in the challenge process, particularly the failure to disclose the two identified criteria as per the Process Note, which vitiated the entire process, the mining conglomerate said. Moreover, the NCLT's finding that there is no legislative intent for recording reasons by the CoC while approving or rejecting a resolution plan is erroneous and contrary to the settled law, the petitioner said. It further said CoC's decision-making process lacked the requisite deliberation and reasoning in as much as the lenders abdicated their entire decision-making responsibility to an external consultant. The Vedanta group had also said that the appellate tribunal NCLAT has failed to appreciate that permitting the implementation of the resolution plan would result in 'irreversible' consequences. This includes the acquisition of shares of JAL by Adani Enterprises, transfer of management of the company, handover of key assets, and operational takeover, which will make its appeal 'infructuous'. Moreover, the NCLAT has also failed to appreciate that the implementation of Adani's resolution plan during the pendency of its appeal would lead to "creation of third-party rights", including disbursement of upfront payments to creditors, which cannot be unwound. Besides, the NCLAT failed to appreciate that once the approved resolution plan is implemented, execution of next steps, such as acquisition of shares of JAL by Adani, payment to creditors, grant of statutory approvals, and assumption of control over the Corporate Debtor's business and assets, would create a fait accompli, effectively reducing its appeal to a mere academic exercise. Moreover, the NCLAT failed to consider that the approved resolution plan of Adani Enterprises has provisions for time-bound implementation, and there is a real, well-founded apprehension that the successful bidder shall take "irreversible steps" towards the implementation that would render Vedanta's appeal practically infructuous. Vedanta also said that the Resolution Professional of JAL 'exceeded his neutral role' by offering an opinion on the addendum and characterising it as violative of the Process Note, without providing the CoC with a proper opportunity for independent evaluation. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
India’s cement leaders are set to hike prices in April to offset a massive spike in fuel and packaging costs driven by the war in West Asia. While the increases aim to protect margins, they threaten to raise construction costs. View More
UltraTech Cement has settled its arbitration with Jaiprakash Associates Ltd concerning the Dalla Super unit and associated mines. The company will redeem preference shares valued at Rs 1,000 crore. This resolution concludes a long-standing dispute. The settlement also aids in monetizing Jaiprakash Associates' assets during its insolvency process. Adani Group is the successful bidder in that process. View More
Leading cement maker UltraTech Cement on Thursday said it has settled with Jaiprakash Associates Ltd (JAL) in the ongoing arbitration over the Dalla Super unit and associated mines. In a regulatory filing, UltraTech Cements said it will redeem 1,00,000 Series A Preference Shares of face value Rs 1,00,000 each totalling Rs 1,000 crore. This settlement will also help in monetisation of the assets of JAL in its ongoing Corporate Insolvency Resolution Process (CIRP), in which rival Adani Group has emerged as the successful resolution applicant (bidder). With this, a long-standing dispute between UltraTech and debt-ridden JAL, which is currently going through insolvency resolution, has come to an end. "Subsequent to the Parties reaching a settlement in respect of the arbitration and the Arbitral Tribunal passing a final award today viz. 26th March, 2026, all rights and interests in the Dalla Super unit and mines have fully vested in the company, and all claims/proceeds and liabilities relating to the Series A RPS stand fully discharged," the UltraTech filing noted. Live Events Dalla Super unit and associated mines were acquired by UltraTech in 2017, pursuant to a scheme of arrangement sanctioned by the National Company Law Tribunal (NCLT) bench at Mumbai on 15.02.2017 and NCLT bench at Allahabad on 02.03.2017. The scheme was made effective from 29.06.2017 by the resolutions passed at the meeting of the Board of Directors of UltraTech and JAL held on 29.06.2017, respectively. UltraTech had issued "escrow 1,00,000 Series A Redeemable Preference Shares of face value Rs 1,00,000 each in June 2017, which were to be released upon satisfaction of conditions relating to the Dalla Super unit and mines situated in Uttar Pradesh . However, due to certain disputes between the Parties, the matter was referred to arbitration. JAL had acquired the Dalla assets along with its captive mines in 2007, through the sale of assets of Uttar Pradesh State Cement Corporation Limited (UPSCCL), which was being liquidated by the High Court of Allahabad. JAL, with a bid of Rs 459 crore, was declared the highest bidder for bids invited for the sale of assets of the cement plants of UPSCCL located at Dalla, Churk & Gurma in District Sonebhadra and Chunar in District Mirzapur through a global tender. It has six mines, namely Kajrahat, Ningha, Gurma, Julgul, Bhalua, and Bari. JAL had increased the clinker capacity of the acquired plant from 0.50 to 2.0 MTPA by installing a new clinkrisation unit. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
A polypropylene shortage triggered by West Asia supply shifts is squeezing cement bag makers, raising packaging costs and threatening dispatches just as fuel inflation hits margins. View More
UltraTech Cement has finally settled a lengthy arbitration dispute with Jaiprakash Associates, paving the way for a fresh financial landscape. Under the newly minted agreement, ?1,000 crore worth of preference shares tied to the Dalla Super cement project will be redeemed. This resolution is strategically aligned with the Adani Group’s recent acquisition, potentially easing their initial cash burden. View More
UltraTech Cement has settled a long-running arbitration with Jaiprakash Associates (JAL), agreeing to redeem ₹1,000 crore of preference shares tied to the Dalla Super cement asset , people familiar with the matter told ET. The resolution helps in monetising Jaypee assets after a bankruptcy court recently allowed Adani Group to take over JAL. Adani Group has offered to pay ₹14,535 crore to buy the bankrupt JAL in the insolvency process , even as the group is yet to fully complete payments to creditors. The settlement with the Aditya Birla Group cement flagship UltraTech for plant located in north-central India is expected to reduce Adani's upfront cash outgo under the resolution plan, with proceeds flowing directly to lenders. The dispute had arisen after UltraTech deferred redemption of preference shares issued in 2017, citing pending regulatory approvals linked to the asset. JAL had contested the delay, triggering arbitration. The matter has now been resolved out of court, with both sides agreeing to close the issue. Spokesperson of UltraTech did not respond to a request for comment immediately. This payout of ₹1,000 crore will be routed via an escrow mechanism, ensuring that funds are ring-fenced for lenders. "Any monetisation will flow directly to creditors, with regulatory oversight in place," one source said. Live Events Last week, the National Company Law Tribunal (NCLT) had approved the acquisition of Jaiprakash Associates by Adani Enterprises. The approval has allowed Adani Enterprises to take control of the debt-laden infrastructure and cement company. Under the arrangement, even if documentation is executed before full completion of Adani's payment obligations, which has 90 days to pay lenders post the plan approval by NCLT, proceeds from such asset-level settlements or sales will be earmarked for lenders, aligning with insolvency norms. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Consumers face rising costs for cleaning supplies, tires, and animal feed. European chemical firms like BASF and Lanxess are increasing prices significantly. View More
Consumers are set to start feeling the impact of the Iran war beyond filling up their cars, with price jumps on ingredients for everyday cleaning products, tires and animal feed. Europe’s chemical makers BASF SE and Lanxess AG are among companies raising prices significantly due to shortages and higher expenses for chemical feedstocks. The ingredients go into a broad range of home and industrial detergents, coatings as well as car tires. Lanxess said it’ll hike prices on inputs for tires by 50% and more, to account for higher energy and raw material costs as well as logistics. The Middle East conflict has driven up oil and gas prices — key feedstocks for the chemical industry as well as major energy sources. Combined with disruptions to global shipping routes, the war is set to deepen challenges for an already struggling sector, Germany’s chemical industry association VCI and union IGBCE warned last week. Evonik Industries AG, a chemical company making more than 9,000 products, said it’s seeking to pass on price increases . For methionine, used in animal nutrition, the firm raised prices by 10% this month, before declaring force majeure on one of its plants in Singapore. Live Events The increases are likely to find their way to breeders of chickens and cows globally. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 “Other chemical companies in Europe will also increase their prices,” said Philip Geurts, chemicals associate at BloombergNEF. “Asia is on the verge of a severe supply shortage that hasn’t fully materialized yet, as earlier shipments are only now running out about 18 days into the war.” The impact has been more immediate in Asia, where chemical plants depend heavily on base ingredients from the Middle East. Disruptions are now starting to reach Europe as well. Production at Agrofert’s ammonia plants has been reduced to a technical minimum of 85% across Europe, affecting major fertilizer producers in countries such as Germany and Slovakia. Apart from chemical makers, other producers like Heidelberg Materials AG plan to lift prices to mitigate surging costs. “On the transport side we do see some cost inflation — that’s why we also need to warn our customers that prices are going to rise,” Chief Executive Officer Dominik von Achten said in an interview with Bloomberg Television. The German building materials maker of cement and other products will add temporary surcharges, for now, rather than general prices increases. “If this goes on for longer, you know, things mount up,” von Achten said. “We have learned from the crisis of the past and need to act fast.” .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
Meta is scaling back its metaverse focus, cutting studios and head count at Reality Labs to prioritize artificial intelligence. View More
In this articleMETAFollow your favorite stocksCREATE FREE ACCOUNT The Meta Horizon Worlds logo is displayed on a smartphone screen, and the Meta logo is in the background in Chania, Greece, on Aug. 9, 2024.Nikolas Kokovlis | Nurphoto | Getty Images Meta announced Tuesday that it is shutting down Horizon Worlds, the virtual reality social network for Quest VR headsets that was once a key piece of the pivot to the metaverse.In a community blog, Meta announced that the Horizon Worlds app will be taken off the Quest store at the end of March, and fully removed from VR on June 15. After that date, it will only be available on a standalone mobile app."We are separating the two platforms so each can grow with greater focus, and the Horizon Worlds platform will become a mobile-only experience," the company said in announcing the change.The shift for Horizon Worlds, which was once a central part of the company's push into virtual reality, comes weeks after Meta cut over 1,000 employees from Reality Labs, the unit responsible for the metaverse.The January cuts in Reality Labs also hit studios that were working on VR titles, including Ouro Interactive, an in-house studio that debuted in 2023 to build first-party content for Horizon Worlds.When Meta changed its name from Facebook in October 2021 to cement the pivot to the metaverse, CEO Mark Zuckerberg called it "the next frontier.""Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers," Zuckerberg wrote at the time when announcing the change. Read more CNBC tech newsMicron rides memory price spike into earnings with stock up 62%, drubbing peersMeta is shutting down VR social platform Horizon Worlds in further pivot away from the metaverseJensen Huang says Nvidia has received orders from China and is 'restarting our manufacturing'Tesla to buy $4.3 billion of LG Energy battery cells from disbanded GM plant Horizon Worlds struggled to find users as the general public remained skeptical of virtual reality. The social platform has never drawn more than a couple hundred thousand active users a month, CNBC previously reported.The virtual 3D social network where avatars could interact and play games with other users officially launched in late 2021. It operated exclusively on the Quest VR platform until Meta launched a mobile app version in September 2023.The mobile version of Horizon Worlds was built to provide an entry point for users without VR headsets, functioning similarly to Roblox.The metaverse has proved to be a costly bet. The Reality Labs unit posted billions in losses each quarter after its launch. In fourth-quarter earnings posted in January, the unit reported an operating loss of $6.02 billion.Meta has since shifted toward advancing artificial intelligence, scaling back its once-prominent focus on virtual reality. Meta announced it would restructure its VR efforts last month.In a February blog post announcing the change, Reality Labs Vice President of Content Samantha Ryan said that Meta would be "doubling down on the VR developer ecosystem while shifting the focus of Worlds to be almost exclusively mobile.""By breaking things down into two distinct platforms, we'll be better able to clearly focus on each," Ryan said. watch nowVIDEO5:0905:09VR has been 'pretty big disappointment' for Meta, says Mizuho's Lloyd WalmsleyClosing Bell: Overtime Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The National Company Law Tribunal has officially sanctioned Adani Enterprises' acquisition of Jaiprakash Associates, marking a historic moment in India’s insolvency landscape. Secured in November 2025, this takeover allows Adani Enterprises to take the helm of the struggling cement and infrastructure firm, setting the stage for a transformative era for Jaiprakash Associates. View More
Mumbai: The National Company Law Tribunal (NCLT) has approved the acquisition of Jaiprakash Associates Ltd (JAL) by Adani Enterprises, clearing the way for one of the most high-profile resolutions under India's insolvency framework. The approval will allow Adani Enterprises to take control of the debt-laden infrastructure and cement company. The Adani Group had emerged as the winning bidder in November 2025, offering an upfront payment of around Rs 14,535 crore, surpassing competing bids from Vedanta and Dalmia Bharat. The company today informed the stock exchanges that NCLT has orally pronounced an order today approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises. The resolution plan will be implemented by AEL, its promoter group, or Adani entities, or through any special purpose vehicle including one or more special purpose vehicles held by any Adani entity or any entity identified by AEL, in accordance with the terms of the resolution plan, Adani said. Jaiprakash Associates, the flagship of the Jaypee Group, has a portfolio which spans across cement, power, engineering, hospitality, real estate, and sports infrastructure. In the first round, some bids hinged on the outcome of a legal dispute over its 1,000-hectare Sports City project in Greater Noida, but lenders later sought unconditional offers. NCLT Allahabad Bench, on June 3, 2024, admitted JAL into the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC) following petitions from ICICI Bank and SBI. Lenders sold their debt to the bad bank in March 2025. The National Asset Reconstruction Company Ltd (NARCL), which controls over 90% of JAL's debt, had earlier acquired about Rs 55,000 crore of loans for Rs 12,000 crore in a mix of cash and security receipts. Other creditors include Arcil, overseas branches of State Bank of India and Bank of Baroda, and thousands of homebuyers. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)