COMPANIES, P4 EFE, P7 INTERNATIONAL, P8 NEW FUNDS FOR INVESTMENT SUSTAINABILITY GOALS ‘COMMITTED TO HANDING OFF REINS’ Resumed talks with lenders for fundraise, says Voda Idea CEO Why green tech has become a business imperative today Elon Musk says he may lead Twitter for almost another year MUMBAI, THURSDAY, FEBRUARY 16, 2023 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. LXIII NO. 39, 26 PAGES, `10.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 61,275.09 ▲ 242.83 NIFTY: 18,015.85 ▲ 86 NIKKEI 225: 27,501.86 ▼ 100.91 HANG SENG: 20,812.17 ▼ 301.59 `/$: 82.80 ▼ 0.04 `/€: 88.82 ▼ 0.26 BRENT: $84.76 ▼ $0.82 GOLD: `56,248 ▼ `711 SBI ON WEDNESDAY increased MCLR by 10 basis points across tenures, reports fe Bureau. With this, SBI's one-year MCLR rates stands at 8.50% ■ PAGE 9 Vedanta cuts FY23 net debt by $2 bn VEDANTA RESOURCES HAS cut its net debt by $2 billion in FY23 so far, ahead of its deadline, to allay market concerns, reports Rajesh Kurup. ■ PAGE 4 Srei resolution: CoC nod to NARCL plan CREDITORS TO THE two Srei firms have approved NARCL’s resolution plan with the highest voting among bidders, reports Mithun Dasgupta. ■ PAGE 9 EXPLAINER Behind the push to merge BSNL and MTNL ■ PAGE 22 Imports contract too in January, reflect slowing domestic demand FE BUREAU New Delhi, Februry 15 REFLECTING THE SLUMP in global trade and a moderation in domestic investment and consumption demands, the country’s merchandiseexportsandimportsshrankby6.59% and3.63%,respectively,indollartermsinJanuary,showedofficialdatareleasedonWednesday. While both outward and inward shipments shrank for the second straight month,exports contraction was also the third in four months.The INSIDE dip in exports,largely driOpen to ven by sharp falls in shipinclusion of mentsfromlabour-intenpetroleum sive sectors like textiles, items under gems&jewelleryandengiGST: FM neering goods could dent ■ PAGE 2 India’s economic growth prospectsifitlastsforlong, besides furtheraggravating the jobs scenario. Merchandise trade deficit,however,dipped to a 12-month lowof $17.75 billion in January. Lowergoodstradedeficit,alongwiththestrong surpluses in net balance under services and robustremittances,isexpectedtoallaytheconcerns overthe current account deficit (CAD). Finance minister Nirmala Sitharaman on Wednesday cautioned that slowing economies abroadaregoingtoposeachallenge.“Exporters RAGHAVENDRA KAMATH Mumbai, February 15 GOODS TRADE Trade deficit ($ bn), LHS Exports Imports (RHS) (% rise, y-o-y) 62.1 80 30 27.9 24 18 -3.63 12 6 0 60 40 20 0 -6.59 2022 Source: Commerce ministry releases -20 -40 2023 willhavetobefarmorereceptiveofwhatishappening there (export markets) or even foresee how that will pan out for them and keep constantlyengagingwiththegovernment,”Sitharaman said at an eventorganisedbyAssocham. Continued on Page 2 ■ Last year, with Ashwin Seth group, it sold Viviana Mall to Lake Shore India Advisory for over GIC floated a NIRMALA SITHARAMAN FINANCE MINISTER 36 GIC top bidder for SP-Allianz asset Quotes `2,200 cr to buy BIG BETS back Waverock complex ■ In November 2022, Indian exporters will have to be far more receptive of what is happening abroad or even foresee how that will pan out for them. 30 28 25.7 26.9 22.6 23.8 17.7 .75 17.75 SBI hikes lending rates by 10 bps Exports in slow lane, down 6.6% 17 19.9 18.5 20.1 24.3 26.2 THE CENTRE COULD consider reducing taxes on some items such as maize and fuel in response to the RBI's suggestions to help rein in retail inflation, reports Reuters. However, a decision will only be taken after the release of February inflation data. ■ PAGE 2 SLOWDOWN ABROAD A CHALLENGE: FM Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan IN THE NEWS Tax cuts on fuel, other items likely SINGAPOREAN SOVEREIGN FUND GIC has emerged as the highest bidder for 'Waverock’ office complex in Hyderabad by quoting `2,200 crore,a source said. GIC has outbid investors such as Singapore’sMapletreeandCanadianinvestor CPPIB,whowere alsoin the raceto buythe 2.4-million-sq-ft property. The property is owned by a joint venture between Shapoorji Pallonji Investment Advisors (SPIA), the real estate investment arm of Shapoorji Pallonji group, and Allianz Real Estate, an arm of German insurerAllianz group. Incidentally, in 2019, GIC and its JV $600-million JV with ESR Group to acquire industrial and logistics assets in country ■ In June 2021, it partnered with mall developer Phoenix Mills to establish a $733-million investment platform partner Tishman Speyer sold the same propertytoSPREFII,whichisaJVbetween Allianz and Shapoorji Pallonji for $250 million (about `1,780 crore). Emails sent to Shapoorji Pallonji InvestmentAdvisors and GIC did not elicit any response. Though the JVpartners tried to sell the assetearlierthisyear,itdidnotgothrough `1,900 crore ■ It also has joint ventures with DLF for residential and office developments with it due to the buyer-seller mismatch in expectations,sources said. Completed in 2017, Waverock comprises four office towers and is located in the Gachibowli financial district, a highgrowth IT hub. Continued on Page 2 Adani's deal to buy DB Power expires RAJESH KURUP Mumbai, February 15 BILLIONAIRE GAUTAM ADANI-LED Adani Powersaid onWednesdayan agreement signed last year to acquire DB Power, which operates a thermal power plant in Chhattisgarh, for an enterprise value of `7,017 crore, has expired. The date to complete the process was extended four times after the initial deal was signed in August 2022. “We wish to inform that the long stop date under the memorandum of understanding(MoU)datedAugust18,2022,has expired,” Adani Power said in a stock exchange notice on Wednesday, but did not provide details as to whether the ANOTHER SETBACK ■ Date to finish the `7,017-cr agreement with DB Power was signed last year deal was extended four times from initial deal signing in August 2022 ■ DB Power owns a 2X6,000 MW thermal power unit in Chhattisgarh datewillbeextendedortheagreementwill be renegotiated.Sources close to the developmentsaidthatthedealislikelytoberene- INSIDE Brokers stop offering margin trading on select Adani scrips PAGE 9 Adani to refrain from new projects for now due to market volatility PAGE 4 gotiated but declinedto provide details. DB Power owns and operates a 2X6000 MWthermal powerplant at Janjgir Champa district in Chhattisgarh. The initial term of the MoU was till October 31, 2022, which was extended by mutual agreement. Continued on Page 2