Ramsurya Mamidenna

Mumbai-based Ramsurya writes on the big business houses and a host of sectors

Articles by Ramsurya Mamidenna

More support for Mistry after Indian Hotels episode? Tatas cautious

The battle for control of the Tata empire is likely to intensify in the coming weeks as the group braces to face the possibility of more support for ousted chairman Cyrus Mistry from the boards of key group companies, similar to the way independent directors of Indian Hotels endorsed him last week.

In this 2012 file photo, Ratan Tata and Cyrus Mistry attend the launch of a new website for tech superstore Croma, in Mumbai.(Reuters)
In this 2012 file photo, Ratan Tata and Cyrus Mistry attend the launch of a new website for tech superstore Croma, in Mumbai.(Reuters)
Updated on Nov 07, 2016 12:53 PM IST
Hindustan Times | By, Mumbai

Ratan Tata looking for early resolution in DoCoMo case

The Tata Group, under the leadership of interim chairman Ratan Tata, is exploring options of an early resolution to the legal dispute with erstwhile telecom joint venture partner NTT DoCoMo, which could include a consent decree, according to people connected with the development.

Tata Docomo gallery.(HT Archive)
Tata Docomo gallery.(HT Archive)
Updated on Nov 04, 2016 11:10 AM IST
Hindustan Times | By, Mumbai

Tata, Mistry may look at settlement options to avoid legal, financial wrangle

The boardroom battle at the Tata Group will likely see both sides search for common ground to avoid strong confrontations, which could lead to legal tangles such as class action lawsuits or erosion in stock values.

File photo of Ratan Tata with ousted chairman Cyrus Mistry.(PTI)
File photo of Ratan Tata with ousted chairman Cyrus Mistry.(PTI)
Updated on Nov 03, 2016 11:24 AM IST
Hindustan Times | By, Mumbai

Now, Tatas and Cyrus Mistry spar over DoCoMo case

Ousted Tata Sons chairman Cyrus Mistry on Tuesday gave a new turn to the ongoing boardroom battle at the Tata Group by specifying the legal dispute with Japan’s NTT DoCoMo, and reiterating that the board of Tata Sons and representatives of Tata Trusts were duly informed about the litigation.

File photo of Ratan Tata with ousted chairman Cyrus Mistry.(PTI)
File photo of Ratan Tata with ousted chairman Cyrus Mistry.(PTI)
Updated on Nov 02, 2016 10:07 AM IST
Hindustan Times | By, Mumbai

Even as they spar, for both Ratan Tata and Cyrus Mistry, it’s digital first

Even as sparks fly in the boardroom of Tata group’s holding company, Tata Sons, there is one area that ousted chairman Cyrus Mistry and interim chairman Ratan Tata seem to agree on – the importance of the digital business in the group’s future plans.

Updated on Nov 02, 2016 10:09 AM IST
Hindustan Times | By, Mumbai

Auditors deny Cyrus Mistry’s charge of lapses at Tata Motors

Ousted Tata Sons chairman Cyrus Mistry told the directors of Tata Sons in his email that stringent risk-evaluation processes were not followed by Tata Motors Finance, which led to bad loans of more than ₹4,000 crore. Accounting practices, which offset expenses incurred on account of product development, led to the bad loans, Mistry had said.

File photo of the launch of Tata Nano at the 9th Auto Expo in New Delhi on January 10, 2008.(HT Archive)
File photo of the launch of Tata Nano at the 9th Auto Expo in New Delhi on January 10, 2008.(HT Archive)
Updated on Nov 01, 2016 11:05 AM IST
Hindustan Times | ByRamsurya Mamidenna and Nachiket Kelkar, Mumbai

Ratan Tata in charge: New game plan for Tata Steel Europe

Tata Steel has signed agreements that will see the Canadian government pick up equity stake in an iron ore project to help supplies of the key raw material for Tatas’ European steel business.

One of the blast furnaces of the Tata Steel plant is seen at sunset in Port Talbot, South Wales.(Reuters)
One of the blast furnaces of the Tata Steel plant is seen at sunset in Port Talbot, South Wales.(Reuters)
Updated on Oct 28, 2016 12:45 PM IST
Hindustan Times | By, Mumbai

‘Unsubstantiated claims, malicious allegations’: Tatas hit back at Cyrus Mistry

The Tata empire struck back as one at Cyrus Mistry on Thursday, using strong words to say the ousted chairman had departed from the “culture and ethos of the group” and made “unsubstantiated claims” and “malicious allegations” now that he was out.

Tata Group’s former chairman Cyrus P Mistry.(PTI Photo)
Tata Group’s former chairman Cyrus P Mistry.(PTI Photo)
Updated on Oct 28, 2016 10:33 AM IST
Hindustan Times | BySuveen Sinha and Ramsurya Mamidenna, Mumbai

Boardroom battle brings brand Tata in focus

The boardroom battle between ousted Tata Sons chairman Cyrus Mistry and interim chairman Ratan Tata could likely dent the Tata brand which has for long displayed attributes including trust and reliability that have seen it retaining the No 1 spot in various brand rankings over the years.

Cyrus Mistry’s ouster and mail has already hit the Tata Group firms’ market cap but what will be the dent on brand Tata?(AP)
Cyrus Mistry’s ouster and mail has already hit the Tata Group firms’ market cap but what will be the dent on brand Tata?(AP)
Updated on Oct 28, 2016 08:09 AM IST
Hindustan Times | ByRamsurya Mamidenna and Nachiket Kelkar, Mumbai

Gloves off as Cyrus Mistry slams Ratan Tata in email, Sebi wades in

A fierce fight appeared to be brewing for control of the $103-billion Tata group with details of ousted chairman Cyrus Mistry’s email to the Tata Sons board tumbling out on Wednesday.

Cyrus Mistry was removed as the chairman of Tata Sons.(Reuters File Photo)
Cyrus Mistry was removed as the chairman of Tata Sons.(Reuters File Photo)
Updated on Oct 27, 2016 01:08 PM IST
Hindustan Times | ByRamsurya Mamidenna and Suveen Sinha, Mumbai

Business as usual, Ratan Tata tells staff as company prepares for legal battle

The Tata group filed multiple petitions on Tuesday to pre-empt any one-sided court order against the sacking of chairman Cyrus Mistry, even as patriarch Ratan Tata told the conglomerate’s senior CEOs to carry on work as usual.

Tata Sons chairman Ratan Tata (C) arrives in his office after attending a meeting at the company's head office in Mumbai.(REUTERS)
Tata Sons chairman Ratan Tata (C) arrives in his office after attending a meeting at the company's head office in Mumbai.(REUTERS)
Updated on Oct 26, 2016 01:05 AM IST
Hindustan Times | ByRamsurya Mamidenna and Suchetana Ray, Mumbai And New Delhi

Ratan Tata tells group his role temporary, ‘permanent leadership’ coming

Tata Sons interim chairperson Ratan Tata on Tuesday sought to address concerns by asking group companies to focus on their businesses and not get distracted by the developments on the change in leadership.

Tata Sons Chairman Ratan Tata (C) arrives in his office after attending a meeting at the company's head office in Mumbai, India, October 25, 2016.(REUTERS)
Tata Sons Chairman Ratan Tata (C) arrives in his office after attending a meeting at the company's head office in Mumbai, India, October 25, 2016.(REUTERS)
Updated on Oct 25, 2016 08:46 PM IST
Hindustan Times | By, Mumbai

Has Tata Group already found a replacement for Cyrus Mistry?

The Tata Sons move to mandate a selection panel to find a new chairman for the group in the relatively short period of four months, has led to speculation that the $108 billion, Mumbai-based conglomerate may have already decided on the next chairman.

With Cyrus Mistry’s ouster, the focus at Bombay House is now on finding a successor.(Hindustan Times)
With Cyrus Mistry’s ouster, the focus at Bombay House is now on finding a successor.(Hindustan Times)
Updated on Oct 25, 2016 08:47 PM IST
Hindustan Times | By, Mumbai

Debt-hit firms selling assets, but Jaypee shows how loans remain

The move to cut bad loans that have been impacting profitability of India’s top banks has pushed many debt-ridden companies to sell assets over the past three years.

Manoj Gaur, executive chairman and CEO of Jaypee Group.(Mint File)
Manoj Gaur, executive chairman and CEO of Jaypee Group.(Mint File)
Published on Oct 21, 2016 11:31 AM IST
Hindustan Times | ByBeena Parmar and Ramsurya Mamidenna, Mumbai

Business ownership in India: Not all in the family

Emergence of governance issues and the active role played by shareholder groups are leading to the change.

Uday Kotak, chairman of the Kotak Mahindra group, and one of the country’s veteran bankers says business ownership in India is undergoing a radical change.(Hemant Mishra/Mint)
Uday Kotak, chairman of the Kotak Mahindra group, and one of the country’s veteran bankers says business ownership in India is undergoing a radical change.(Hemant Mishra/Mint)
Updated on Oct 17, 2016 10:56 AM IST
Hindustan Times | By

How Essar, Rosneft are trying to avoid Vodafone’s tax fate

Both sides involved in the $12.9-billion (₹86,400-crore) Essar Oil sale to the consortium of Rosneft, Trafigura and United Capital Partners are working overtime to avoid a Vodafone-like retrospective tax demand, according to sources involved in the negotiations.

An oil refinery of Essar Oil, which runs India's second biggest private sector refinery, is pictured in Vadinar in Gujarat.(REUTERS)
An oil refinery of Essar Oil, which runs India's second biggest private sector refinery, is pictured in Vadinar in Gujarat.(REUTERS)
Updated on Oct 17, 2016 10:37 AM IST
Hindustan Times | ByRamsurya Mamidenna and Suchetana Ray, Mumbai/delhi

Deal to help banks clean up books, but Essar has many debts to pay

The Essar Group will use the proceeds of the Essar Oil stake sale to halve its overall debt to about ₹44,000 crore, bringing relief to its leading creditors SBI and ICICI Bank.

Updated on Oct 17, 2016 12:56 PM IST
Hindustan Times | BySuchetana Ray, Beena Parmar and Ramsurya Mamidenna, Mumbai/delhi

How bankers drove the deal, to clean up their loan books

The Essar Group will use the proceeds of the $12.9-billion (Rs 86,400 crore) sale of Essar Oil to halve its overall debt to about Rs 42,000 crore, bringing relief to leading bankers SBI and ICICI which have lent heavily in the past

An employee walks inside the premises of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, in Vadinar in Gujarat.(Reuters File Photo)
An employee walks inside the premises of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, in Vadinar in Gujarat.(Reuters File Photo)
Updated on Oct 16, 2016 10:31 PM IST
Hindustan Times | BySuchetana Ray, Beena Parmar and Ramsurya Mamidenna, Mumbai/delhi

Essar-Rosneft deal: Focus now on rights of minority shareholders

HT Image
HT Image
Published on Oct 16, 2016 07:16 AM IST

Essar-Rosneft deal: Focus now on rights of minority shareholders

The about $13-billion deal is likely to trigger questions on whether minority shareholders can be paid the difference in valuation, after completion of the delisting process, if the acquisition price by the Rosneft-Trafigura-United Capital Partners combine is higher.

(L-R) Andrei Kostin, chief executive of Russia's bank VTB, Igor Sechin, chief executive of Russia's top oil producer Rosneft, and Ravi Ruia, vice-chairman of Essar Group, attend an exchange of agreements event after the India-Russia annual summit in Benaulim in Goa on Saturday.(Reuters)
(L-R) Andrei Kostin, chief executive of Russia's bank VTB, Igor Sechin, chief executive of Russia's top oil producer Rosneft, and Ravi Ruia, vice-chairman of Essar Group, attend an exchange of agreements event after the India-Russia annual summit in Benaulim in Goa on Saturday.(Reuters)
Updated on Oct 16, 2016 01:27 AM IST
Hindustan Times | By, Mumbai

Global firms head to India to train future corporate leaders

HT Image
HT Image
Published on Oct 11, 2016 05:59 AM IST

RBI cuts interest rate, raises hopes of cheaper home loans, EMIs

A newly minted monetary policy committee delivered a surprise 25-basis-point cut in the repo rate to 6.25% on Tuesday, as Reserve Bank of India Governor Urjit Patel presided over his first policy review since his appointment last month.

Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference in Mumbai.(Reuters)
Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference in Mumbai.(Reuters)
Updated on Oct 05, 2016 01:17 AM IST
Hindustan Times | By, Mumbai

Telcos connect with Jio, but fear impact on balance sheets

It’s part III in Reliance Jio’s war with telcos. After raising the issue of non-cooperation by existing operators following the launch of commercial services on September 5, Mukesh Ambani-led Reliance Jio has managed support on interconnection from Airtel, Vodafone and Idea, but irritants still simmer as the industry fears sharp loss in margins due to Jio.

A Reliance employee demonstrates Jio LYF phone at their headquarters on the outskirts of Mumbai.(Reuters)
A Reliance employee demonstrates Jio LYF phone at their headquarters on the outskirts of Mumbai.(Reuters)
Updated on Sep 19, 2016 04:08 PM IST
Hindustan Times | By, Mumbai

‘You see the same companies defaulting on loans in 1990s and 2000s. We have not learned’

Veteran banker Uday Kotak seems to have taken to history. Kotak Mahindra Bank chief’s hour-long chat with HT was peppered with historical incidents. He spoke about the group’s 31-year track record: on how the firm studiously didn’t make trades that were too good to be true, on the importance of being prepared for the worst-case scenario on oil prices, and how Indian firms would soon see more institutional ownership as bad loans are tackled.

Uday Kotak, MD Kotak Mahindra Bank.(Arijit Sen/HT PHOTO)
Uday Kotak, MD Kotak Mahindra Bank.(Arijit Sen/HT PHOTO)
Updated on Sep 12, 2016 11:50 AM IST
Hindustan Times | ByBeena Parmar and Ramsurya Mamidenna, Mumbai

West Asian funds flooding high-end Indian real estate

HT Image
HT Image
Published on Aug 31, 2016 07:10 AM IST

Welspun tasks EY to review supply chain, but future uncertain

HT Image
HT Image
Published on Aug 27, 2016 10:25 AM IST
ByNachiket Kelkar and Ramsurya Mamidenna

RBI’s new chief a low-key, publicity-averse reformer

HT Image
HT Image
Published on Aug 22, 2016 08:01 AM IST
ByBeena Parmar and Ramsurya Mamidenna

Urjit Patel: The man behind the new RBI governor

For a Kenya born and one who has been educated in the UK and US, Urjit Patel has strong views on RBI’s contribution to India’s growth. “Don’t try and put us into buckets. We are doing what is necessary for the economy. The primary focus is not the investors, not the markets, it is the consumer. How do we bring inflation down to the Indian consumer so that their welfare is improved?” Patel had said in the January 2014 monetary policy review.

The new RBI chief attends a news conference after the bi-monthly monetary policy review in Mumbai, India, on February 2, 2016.(Reuters)
The new RBI chief attends a news conference after the bi-monthly monetary policy review in Mumbai, India, on February 2, 2016.(Reuters)
Updated on Aug 22, 2016 12:55 AM IST
Hindustan Times | ByBeena Parmar and Ramsurya Mamidenna, Mumbai

Industry leaders welcome appointment of Urjit Patel as next RBI governor

Industry leaders went all out in welcoming the news of appointment of Urjit Patel, current deputy governor of the Reserve Bank of India, as the next central bank chief on Saturday.

Reserve Bank of India deputy governor Urjit Patel, who will be the new head of the central bank, attends a news conference after the bi-monthly monetary policy review in Mumbai.(REUTERS)
Reserve Bank of India deputy governor Urjit Patel, who will be the new head of the central bank, attends a news conference after the bi-monthly monetary policy review in Mumbai.(REUTERS)
Updated on Aug 20, 2016 09:22 PM IST
Hindustan Times | By, Mumbai

Trump Vs Hillary: Who should India vote for?

The biggest fear in India from the uncertainty stemming from the US elections, is a breakdown of the known global order. Apprehensions about a global economic power, like the US, adopting protectionist measures, is the new fear that has aligned with concerns over stricter immigration and tight trade flows.

Updated on Aug 18, 2016 12:36 PM IST
Hindustan Times | By, Mumbai
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