BACK PAGE, P22 COMPANIES, P4 INTERNATIONAL, P8 MAKING IT BIG BANKING ON CLEAN ENERGY FOCUS ON INFRA, TECH OPS How Uday Shankar is helping Ambani build a media empire Renewables now a viable option to meet peak power demand: ReNew CEO Toshiba set to cut 5,000 jobs in fresh turnaround bid LUCKNOW, THURSDAY, APRIL 18, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 17 NO. 114, 26 PAGES, `12.00 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 SAMSUNG SAID IT is targeting a turnover of `10,000 crore from its TV business in India this year, driven by growth in sales of mid-to-premium segment models, reports Ayanti Bera. ■ PAGE 9 EXPLAINER How India-Mauritius DTAA is set to slash investors’ tax gains ■ PAGE 7 1,50,000 FY25 (likely) SAMSUNG EYES `10K-CR TURNOVER FROM TV BUSINESS CAPITAL SUPPORT (` crore) 1,30,000 AMBUJA CEMENTS ON Wednesday said the Adani family, its promoter, has fully subscribed to the warrants programme in the company by further infusing `8,339 crore, thereby taking the total to `20,000 crore. ■ PAGE 9 THE CENTRE IS likely to top up the 50-year interest-free capex loans to states by 15% to `1.5 trillion in 2024-25 from `1.3 trillion provided in the interim Budget.This is because of the increased demand from states for the liberalloanfacilityaimed atboosting economic activity across the country. Sources told FE that the additional amount is expected to be part of the reform-linked component of the loans as the Centre embarks on next-generation reforms. Accordingly, the reform-tied loans would rise to `95,000 crore from `75,000 crore earmarked in the interim Budget for FY25. To strengthen the hands of the states, the schemeforprovidingfinancialassistancetothe states for capital expenditure introduced in Covid-hit FY21 has been extended to FY25 as well with an outlay of `1.3 trillion. Of this,`55,000 crore in untied capex loans hasbeenrolledoutfromApril1.Thereform/project-linked `75,000 crore,which will likely be increased to `95,000 crore, will be rolled out afterthe newgovernment is formed in June. Besidesreformstouchingoneachofthefactorsofproduction,theModigovernmentwould likely extend investment and legislative support to key sectors. The Centrewill alsoworkwith state governments to encourage them to create a modern set of legislations,by-laws and urban planning processes using technology. It could support long-term infrastructure projectswith Centre- FY25 (interim) ADANIS INFUSE `8,339 CR MORE IN AMBUJA CEMENTS PRASANTA SAHU New Delhi, April 17 1,09,500 AFTER THE BSE’S stellar gains in the future and options market over the past year, the National Stock Exchange (NSE) has begun making changes in its strategies to counter the unexpected challenge, reports Vivek Kumar M. ■ PAGE 5 FY24 AFTER BSE GAINS MARKET SHARE, NSE UPS ITS GAME States may get 15% more soft loans for capex 81,195 NEWS TOTAL KITTY MAY SWELL TO `1.5 TRN FY23 IN THE ■ For FY25, `55,000 crore in untied capex loans already rolled out ■ Reform/ project-linked `75,000 cr to be rolled out after new govt is formed ■ States may also be incentivised to reduce compliances for small traders and MSMEs state-city partnerships with a vision to revitalise urban landscapes. The states are also likely to be incentivised to reduce compliances for small traders and MSMEs to enhance their ease of living and doing business. Continued on Page 8 May need more support from govt: Voda Idea CEO JATIN GROVER & RISHI RAJ New Delhi, April 17 VODAFONE IDEA MAY need further support from the government once the current moratorium on the adjusted gross revenue (AGR) and spectrum dues ends in September INSIDE 2025,chief executive officer (CEO) GQG, Fidelity Akshaya Moondra invest big told FE on Wednesin FPO day. The company ■ PAGE 5 may either seek further deferral on the payments or urge the government to convert the dues into equity,he said. “Afterone-and-a-halfyears,wewill be in a position to seewhat supportwe need from the government. Initially, we may need some support and it’s the govern- PENDING PAYMENTS Post-moratorium payment burden (Oct 2025): `29,100 `43,000 crore crore FY27 for FY26 till FY31 Total dues: `2 trillion Of this: `1.96 trillion is towards AGR & spectrum dues ■ `1.3 trillion is in spectrum dues ■ `65,000 crore isAGR liability Bank debt: `4,400 crore AKSHAYA MOONDRA, CEO, VODAFONE IDEA FUNDRAISE WILL ENABLE US TO START PARTICIPATING IN INDUSTRY GROWTH. ment which will have the right to choose eitherto convert ordeferthe dues.That is their choice every time,”Moondra said. Vodafone Idea’s total dues stand at around `2 trillion, of which 98% — `1.96 trillion — is owed to the government in AGR and spectrum dues. The bank debt is only of `4,400 crore. Continued on Page 8 Musk may unveil $3-bn Apple, CleanMax ink India investment plan JV for solar projects TESLA CHIEF ELON MUSK is set to announce an investment inIndiaof$2-3billion,mainlyforbuildinganewfactory,when he visits New Delhi next week to meet Prime Minister Narendra Modi,two sources familiarwith the discussions told Reuters. Musk will meet Modi on Monday during his India trip, when the billionaire is expected to unveil his plans to entertheworld’s third-largest auto market. Musk’s visit comes as Tesla battles slowing sales in the major markets of the US and China, and has this week announced layoffs affecting 10% of its workforce. Details of Musk’s India visit are closely guarded,with the CEO only publicly confirming on his social media platform X that he will meet Modi in India. ■ REPORT ON PAGE 4 APPLE HAS FORMED a joint venture with renewable energy provider CleanMaxtoinvestinsixrooftopsolar projects with total capacity of 14.4 MW,reportsfeBureau.Besidesacceleratingthedevelopmentofrenewable energyprojectsacrossIndia,theJVwill help provide clean power to Apple’s offices and the two retail stores in the country.The accruing benefits from the projects will also help Apple address the emissions associatedwithitscorporateoperationsinIndia.TheUStechgiantfirst achieved 100% renewable energyforits global corporate operationsin2018.Atpresent,over18GWofcleanelectricitypower Apple’sglobaloperationsandmanufacturingsupplychain, the tech giant said in a post inApple Newsroom. ■ REPORT ON PAGE 4 Lucknow
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