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EquityPandit

EquityPandit
BUSINESS

IRCTC Resumes Food Service For All Trains

The Indian Railway Catering and Tourism Corporation(IRCTC )is all set to resume the services of cooked food in passenger trains of Indian Railways from today, which were suspended due to the Covid-19 pandemic in the country.

” Cooked food has already been restored in 428 trains. Of the total number of trains, cooked food had already been restored in 30 per cent by December 2021, 80 per cent by January 2022, and the remaining 20 per cent shall be restored by February 14, 2022,” the official communication by the railways said.

“Cooked food on premium trains (Rajdhani, Shatabdi, Duronto) had already been restored in December 2021. Ready to eat meals would also continue,” the official communique read.

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BUSINESS

Zee Entertainment Takes a Breath as NCLAT Dismisses IDBI Bank’s Plea

Ali Waghbakriwala

Zee Entertainment Enterprises Limited (ZEEL) won a major victory when the National Business Law Appellate Tribunal (NCLAT) denied an insolvency appeal that IDBI Bank had filed against the business. NCLAT maintained the National Company Law Tribunal’s (NCLT) ruling by dismissing IDBI’s plea.

The NCLAT has allowed IDBI Bank to enter a new plea if needed, according to the Bar and Bench.

On 19 May 2023, the NCLT’s Mumbai bench dismissed the bank’s bankruptcy case against media group Zee Entertainment, citing Section 10A of the Insolvency and Bankruptcy Code.

According to the NCLT bench’s order, ZEEL, the corporate guarantor for the loan taken out by Siti Networks, IDBI Bank’s primary borrower, has defaulted.

However, the default took place within the time range specified in IBC section 10A.

Section 10A states that no financial or operational creditor may file an application to initiate the corporate insolvency resolution process (CIRP) against any debtor for any default occurring on or after 25 March 2020 for a period of one year.

The government included this special clause in the IBC to support firms when the economy had gradually recovered from the lockdown.

The NCLT ruled that Section 10A forbids the filing of any application under Sections 7, 9, and 10 of the Code for defaults made on or after 25 March 2020 until 25 March 2021.

Siti Networks has secured a Rs 150 crore loan for operating capital, and the arrangement requires them to keep a Debt Service Reserve Account (DSRA).

Under DSRA, Siti Networks was required to maintain a credit balance equal to two-quarters of working capital interest until it was repaid.  However, there was a default.

On 5 March 2021, IDBI Bank invoked ZEEL’s guarantee and demanded Rs 61.97 crore plus interest beginning 18 February 2021. It claimed Rs 149.60 crore for default.

ZEEL disputed this, arguing that its guarantee limits the guarantor’s liability and prevents them from being held accountable for the full amount owed in the event that the borrower defaults at Siti Bank.

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BUSINESS

Ashok Leyland Invests Rs 500 Crore in Subsidiary 

Ali Waghbakriwala

Hinduja Group’s commercial vehicle manufacturer, Ashok Leyland, has completed an investment of GBP 45 million (approximately Rs 500 crore) into its UK subsidiary, Optare Plc, which is the holding company of Switch Mobility. This transaction increased Ashok Leyland’s stake in the Yorkshire-based bus manufacturer by 0.41%, bringing its total ownership to 93%. The company informed stock exchanges on 2 April.

In its filing, the company said that the Board of Directors of Optare Plc, at their meeting on 1 April 2025, approved the allotment of 64,963,55,352 ordinary shares of £0.001 each at an issue price of £0.006927 per share (including a premium of £0.005927 per share) to the company.

Previously, Ashok Leyland had announced its intention to invest Rs 500 crore into Optare to meet capital expenditure requirements. Optare serves as the parent entity for both Switch UK and Switch India, with a portion of the investment expected to be allocated to the Indian arm.

Shenu Agarwal, Managing Director and CEO of Ashok Leyland, said that as this investment is directed into Optare, part of it will be utilized by Switch UK, while some may flow into Switch India for capex needs. The funds are intended to reduce Switch UK’s interest burden and support its capital expansion plans.

Switch UK has been grappling with low sales volumes, leading to revenue fluctuations. In response, Ashok Leyland recently announced the closure of one of its manufacturing and assembly operations at the Sherburn facility in the UK.

According to Agarwal, inconsistent order inflow is a major challenge for Switch UK, causing periods of both underutilization and overcapacity at its factory.

As of February 2025, electric buses, including battery-electric and plug-in hybrid models, account for 15.9% of new bus sales in the European Union, while diesel-powered buses dominate at over 62%. Overall, electric vehicles make up just 1.9% of the EU’s total bus fleet, according to data from the European Automobile Manufacturers’ Association (ACEA). The sluggish demand in the public transport sector, where Switch UK operates, is primarily attributed to high upfront costs, range anxiety, and inadequate charging infrastructure.

Buses and coaches handle only about 7.3% of passenger transport on EU roads, ACEA reported. “EV market is still kind of very, very subdued in UK against our expectations 2-3 years ago. So, we are evaluating the options for Switch UK because there we are making losses,” Agarwal stated in February 2025.

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BUSINESS

United Spirits Sells Malabar Hill Property for Rs 172 Crore

Dhruva Kulkarni

United Spirits has approved the sale of its Malabar Hill property in Mumbai for Rs 172 crore, including furniture and fittings.

The buyers, Ajaykumar Dineshkumar Vaghani and Manisha Ajay Vaghani have no links to the company’s promoters or group companies and will bear all applicable stamp duty, registration fees, and taxes.

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The agreement does not grant any special rights, such as appointing directors or influencing the capital structure.

The transaction was conducted at arm’s length and does not qualify as a related party transaction. United Spirits disclosed the deal under SEBI’s Listing Regulations, 2015, as per Regulation 30.

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BUSINESS

Govt Approves Rs 62,700 Cr Deal for 156 Light Combat Helicopters from HAL

Dhruva Kulkarni

The government has approved a record Rs 62,700 crore deal to procure 156 Light Combat Helicopters (LCH) from Hindustan Aeronautics Ltd (HAL), strengthening the Indian Army and Indian Air Force (IAF).

These helicopters will be manufactured at HAL’s Bengaluru and Tumkur plants, creating jobs and enhancing India’s aerospace sector.

Under the agreement, 90 helicopters will be delivered to the Army and 66 to the IAF for deployment along the China and Pakistan borders.

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The LCH, known as Prachand, is the world’s only attack helicopter capable of operating at 5,000 meters, making it ideal for high-altitude warfare in Siachen Glacier and Eastern Ladakh. Armed with air-to-ground and air-to-air missiles, it can effectively neutralise enemy air defence systems.

HAL received the tender in June 2024, and the Cabinet Committee on Security (CCS) approval paved the way for the mass production of these advanced helicopters.

Additionally, the CCS has sanctioned a Rs 7,000 crore deal for 307 Advanced Towed Artillery Gun Systems (ATAGS), with orders shared between Bharat Forge and Tata Group, further advancing India’s indigenous defence manufacturing.

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BUSINESS

Haldiram’s Signs Agreement with Singapore’s Temasek

Dhruva Kulkarni

Haldirams has partnered with Singapore-based investment firm Temasek, which will acquire an equity stake to support the brand’s expansion in India and globally.

PwC Investment Banking acted as the exclusive financial advisor, while Khaitan & Co provided legal counsel for the deal. The transaction is subject to regulatory approvals and is expected to close soon.

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A Haldirams spokesperson welcomed Temasek’s investment, emphasising its expertise in the consumer sector.

PwC India Chairperson Sanjeev Krishan called the deal a milestone, highlighting PwC’s long-term advisory role and noting that it is India’s largest private equity consumer deal, reflecting the global rise of domestic businesses.

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