Skip to content
Search

Latest Stories

UK’s Boustead Bids For Debt-Ridden India-Based RTIL

UK firm Boustead Plc has become the second company which expressed its interest in bidding for debt-ridden Reid & Taylor (India) Ltd (RTIL) after SPGP Holdings (Hong Kong) Ltd expressed its interest to purchase the company.

Earlier, Boustead had communicated the Interim Resolution Professional (IRP) of its interest to bid bankrupt company. The IRP informed the matter to the Mumbai bench of the National Company Law Tribunal (NCLT).


The British investor was on its way to file a resolution plan after the end of the holiday period, Indian business daily The Hindu Business Line reported citing the sources familiar with the development.

The NCLT had asked the IRP to remain in contact with the new investor and exchange necessary information as under the insolvency and bankruptcy code (IBC). This is if the investor satisfies eligibility criteria.

The IRP on Thursday (10) informed the NCLT that the British investor’s interest was conditional as it was interested in the plant and machinery of the India-based company. Further, the firm aims to transfer the operations to Sri Lanka and not aimed to provide a complete resolution plan as required under the IBC.

IRP informed the tribunal that it obtained necessary documents from SPGP Holdings on January 10. The NCLT has scheduled January 14 as the next date for the hearing.

The list of banks to RTIL include Finquest Financial Solution, Union Bank of India, Punjab National Bank, IL&FS Financial Services, IDBI Bank and L&T Finance.

Edelweiss Asset Reconstruction Company had moved to NCLT against RTIL, with the tribunal accepting the case under IBC, last year.

RTIL, a superior clothing firm that sells under the international brand ‘Reid & Taylor’ in India. It is struggling to repay its Rs 38billion. The firm still runs a factory in Southern Indian city, Mysuru with about 30-40 per cent production capacity.

More For You

Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

Keep ReadingShow less
NatWest-Reuters

The bank has set a new performance target, aiming for a return on tangible equity of 15-16 per cent in 2025 and above 15 per cent by 2027. (Photo: Reuters)

What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

Keep ReadingShow less
London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less
Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less