Vivek Chand Sehgal’s Motherson Group is in an advanced stage of talks to acquire Italian auto component maker Marelli, owned by private equity firm KKR, in what would be the Indian company’s biggest ever acquisition, people familiar with the matter said. .
People, speaking on condition of anonymity, said a deal is likely to be announced in late May or early June. He did not disclose any possible financial terms or how Motherson Group will fund the deal.
If the acquisition is completed, India’s largest automobile component maker will propel the conglomerate to break into the global top ten in this segment.
Emails to Motherson Group and Marelli seeking comment did not receive a response as of press time on Monday.
Marelli posted revenue of more than $11 billion in 2021, roughly the same as Motherson Group.
The acquisitions have contributed significantly to the growth of Motherson Group. It has made 29 acquisitions so far, five of them, including China, Mexico and Turkey, since the start of the pandemic. According to people, talks are on for the acquisition of six more companies. The deals are part of its plan to take the group’s business to $36 billion by 2025.
Marelli was created in 2019, when KKR merged Calsonic Kansei, which it acquired from Nissan in 2017 for $7.1 billion, with Magneti Marelli.
In March 2022, the company, with total liabilities of $8.2 billion, went for a debt restructuring and settlement. This is not the first time Motherson Group has bid for a big company. Many of the deals were for financially struggling companies, which it acquired and then turned around.
Motherson Group had a long relationship with Magneti Marelli and Calsonic Kansei as joint ventures with both to produce suspension, automotive lighting and HVAC systems in India.
Motherson Group has restructured and created verticals under Wiring Business and Automotive Lighting Business. It is also diversifying into non-automotive businesses including aerospace, logistics and healthcare, from which it aims to generate $9 billion in revenue by 2025.
Of the six other companies it is in talks with, the auto parts maker is very close to acquiring a tooling company, people said. It is also planning to set up a new entity for polymer business.
The group missed its five-year target of achieving $19 billion in revenue in 2020.
“We have taken a step back considering the situation and we are hopeful that we will be able to get some part of it in the current five-year plan,” Sehgal told ET.
Teams of BJP and Congress comprising senior party leaders will soon visit various districts of Karnataka to assess the political situation and prepare the respective roadmap of each party for the assembly elections to be held in more than a year.
The BJP has formed three teams under the leadership of general secretary in-charge Arun Singh, state unit president Nalin Kumar Kateel and chief minister Basavaraj Bommai to review the political situation and plan the campaign. Meanwhile, former chief ministers Siddaramaiah, Randeep Surjewala and DK Shivakumar will begin their Karnataka tour for the Congress on Tuesday. They are planning to visit all the areas of the state in the next 25 days.
A senior BJP leader said his party’s teams would reach out to constituency-level office-bearers, hold district-level meetings and collect feedback from grassroot workers. While controversial religious issues – a ban on the hijab in educational institutions, a boycott of Muslim vendors by Hindu groups and regulating loudspeakers in mosques – have dominated the political discourse for a few months, the BJP leadership shifted from the state unit to welfare and development. asked to perform. Governance model for elections. Former CM BS Yediyurappa has also been included in the team. According to a party functionary, senior leaders like Prahlad Joshi, Jagadish Shettar and KS Eshwarappa will also visit different districts.
Congress’s Rahul Gandhi, who is monitoring Karnataka’s development with the help of ‘political strategist’ Sunil Kanungo, asked leaders not to engage in one-sided talks but to ensure workers’ response to plan elections for each assembly seat. Said. He said, “That is why every leader of our party who is a decision maker is himself visiting different divisions. We first announced it, after which the BJP followed it up with the district review plan. With this exercise We want to ensure that our workers are heard outside,” said a Congress functionary.
The BJP teams will visit for 10 days from Wednesday and prepare a roadmap for the preliminary work and identify the seats where BJP faced a bigger challenge from Congress or JDS in 2018. There are leaders like Govind Kaljor in Arun Singh’s team. , R Ashok and CT Ravi while Kateel is led by Yeddyurappa, Ashwath Narayan and V Somanna. Singh is likely to start the tour with a visit to Belagavi on Wednesday. Bommai will lead the team to Mangalore, Shivamogga and Kalaburagi and Kateel’s team will travel to Dharwad and Bellary.
Victoria’s Secret Is Taking Its TransformationSeriously try.
Earlier this month, the lingerie and beauty retailer quietly released its firstThe Environmental, Social and Corporate Governance, or ESG, report, among other things, outlines never-before-seen data on a company’s gender and ethnic makeup.
Victoria’s Secret released its first ESG report.
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“This first ESG report for our company is not about declaring that we have understood it all – quite the opposite,”Martin Waters, Chief Executive OfficerThe Victoria’s Secret & Company report said. “It is an acceptance of the work that lies ahead of us, a transparent look at where we are today and where we are headed.
“In 2021, we set out to transform our business and embark on a journey of:a new, stand-alone public company,” she continued. “In doing so, we knew we had to prove that we could be a viable and profitable company and that we could once again be a standard-setter in our industry. We believe that this will require not only the growth of our business, but a revolution driven by the vision of applying the lessons we have taken to heart in recent years to become the world’s leading advocate for women. Will be ,
Victoria’s Secret’s Spring 2022 campaign.
Courtesy Photo Lachlan Bailey
At a glance, the report shows that the majority of associates at all levels of the company are women, including 87 percent company-wide.e and86 percent of the board.wooShagun also makes up 59 percent of director and above roles, 95 percent of in-store associates and 57 percent of distribution center associates.
The report also outlined the number of people of color in the company (60 percent of the total). People of color also make up 65 percent and 71 percent of most in-store and distribution center associates, respectively.
While people of color make up nearly half of board members (43 percent), the number is lagging behind in positions at the level of directors and above. Only 16 percent of the company’s employees at the level of directors and above are people of color. Women of color occupy only 8 percent of these leadership positions.
“To strengthen our workforce and better reflect and serve our customers, it is critical that we have diverse voices at the table,” the report said. “We are committed to retaining more diverse partners, attracting more diverse talent and empowering growth”Advancement of all our associates. We believe we have an opportunityIncreasing our diverse workforce and leadership representation, particularly by closing the gap in our Home Office and Director and above roles.
How the company plans to do this is unclear. But Waters said in the report that, “It has been, and will continue to be, an ongoing process of listening, learning and challenging ourselves to build trust and improve trust with our stakeholders, starting with our inspiring customers and dedicated associates committed to serving them every day.
Visuals from Victoria’s Secret’s Spring 2022 campaign.
Courtesy Photo Zoey Grossman
The report also noted that according to its “Internal Review of 2021,” Victoria’s Secret, in partnership with the nonprofit Fair Pay Workplace, found that 99 percent of its employees were paid equitably. “For the remaining 1 percent, we have made adjustments to procedures and compensation to address discrepancies.”
Other recent updates include enhanced governance for Victoria’s SecretsGlobal Ethics and Compliance Program, which includes modified photo-shoot procedures in an effort to protect models and other on-set workers. The retailer also created a Diversity, Equity and Inclusion Council, led by Chief Diversity Officer Lydia Smith and Chief Human Resources Officer Laura Miller, which sets the company’s DEI strategy and goals. Additional employee benefits include increased maternity leave, child care services and fertility services.
On the durability front, Victoria’s Secret reports sourcing 24 percent of its polyester and 11 percent of polyamide from recycled materials. The company aims to use only chemicals that are 100 percent certifiedCreation of a banned substance list for its main lingerie and apparel suppliers by 2030.
Victoria’s Secret Beauties Bombshell Sundrenched Eau de Parfum.
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In the beauty division, Victoria’s Secret said it continues to oppose animal testing and that no branded products, formulations or ingredients are tested on animals.
Victoria’s Secret is also investing in its community. The Victoria’s Secret & Company Foundation last year pledged $10 million to causes likeStella McCartney Cares Foundationresearch group Pelotonia and Victoria’s Secret’s Global Fund for Women’s Cancers andpink with purposeScholarship. The company plans to contribute approximately $50 million over the next five years to charities promoting women’s health and leadership. Recently, Victoria’s Secretinvested $7 millionIn businesses founded and led by women.
“While I am proud of our progress as a public company in a relatively short period of time, we know we are just getting started,” Waters said in the report. “We are doing this work consciously and focusing our efforts on how we can best support our partners, customers, shareholders and the planet. Above all, the one thing you can expect from me—and all of us at Victoria’s Secret & Co.—is radical transparency and a commitment to always do better.”
Congratulations to Jennifer Lopez and Ben Affleck, who recently announced their engagement.
Lopez revealed the news on her newsletter, On the JLo, which was accompanied by a video showing her new ring, which was a green stone on a silver band. She notes that the color is special to her because it’s her favorite.
“I always say green is my lucky color. Maybe you remember a certain green dress,” Lopez said, referring to her now-iconic green Versace dress from the 2000 Grammys. “I felt There are moments in my life when wonderful things happened while I was wearing green.”
Lopez and Affleck rekindled their relationship in April 2021, shortly after Lopez ended her engagement to former MLB star Alex Rodriguez.
The couple rocked social media when they made their official red carpet debut during the Venice Film Festival last September. Lopez wore a Georges Hobeika Couture dress from her Fall 2021 collection and topped the look with a diamond bracelet, earrings, and ring from Cartier and metallic silver Jimmy Choo platform heels.
Prior to this, they kept their relationship relatively private, except for a few birthday photos that Lopez uploaded to her official Instagram account.
This is the second time the couple has got engaged. The two were together from 2002 to 2004 and Augs were one of the busiest couples of the era, with tabloids calling them “Bennifer”. They were engaged in 2002 and the wedding date was set for September 2003, but was eventually postponed due to high media attention. In January 2004, the couple called off the engagement.
Lopez and Affleck’s relationship rekindled was symbolic of the resurgence of Y2K trends in fashion, as well as other aspects of popular culture within the past year.
Since last September, Lopez and Affleck have taken to several star-studded events together, including their own movie premieres and sporting events.
Click through the gallery above to see Jennifer Lopez and Ben Affleck’s most stylish moments from the past few years.
Read more here:
Get a closer look at Jennifer Lopez’s full white look at ‘Marry Me’
A closer look at Jennifer Lopez’s Venice Film Festival red carpet look
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Banks have told the finance ministry that most of the public sector power units, including state distribution companies, would be ineligible for bank finance under the additional prudential lending guidelines suggested by the power ministry.
A government official told ET that the issue was raised during last month’s talks between officials of various departments, including the finance ministry, and bank officials.
Banks have been asked to suggest alternatives without changing the guidelines.
The inability to access bank funds may adversely affect these power utilities, already facing high power demand.
“There is concern that if additional rules are in place, it could also impact existing exposures and make those accounts stressed,” he said.
The power ministry had last year warned banks about the financial position of distribution companies and urged them to be cautious while sanctioning loans as it could adversely affect the banking system.
Under pressure from the power ministry, state-run Power Finance Corp (PFC) and REC had approved more stringent prudential lending norms, which linked finance to power distribution companies for greater operational and financial efficiency.
Union Power Secretary Alok Kumar had then written to various financial institutions asking state power distribution utilities to adhere to additional prudential norms introduced by PFC and REC Ltd before sanctioning loans.
possible options
A senior bank executive aware of the developments said that there are around 10 parameters specified in the additional guidelines for mandatory implementation.
“Most of the state power utilities are not adhering to all the norms, thus making them ineligible for any credit,” he said.
Banks say these additional guidelines may be considered while doing due diligence along with other relevant factors such as availability of government guarantees, but suggest that power distribution companies meet these additional criteria to take credit exposure. Should not be mandatory.
A banker said if the utility firm is not able to meet all the prescribed criteria, factors such as external ratings and repayment track record may be taken into account.
Another banker said there could be some protection for commercial lenders if banks are also allowed to set up an escrow mechanism for PFCs.
Dues of distribution companies to power generation companies rose over 23% to Rs 1.03 lakh crore at the end of March, as against Rs 83,709 crore a year ago.
Washington DC (USA), Apr 11 (ANI): Defense Minister Rajnath Singh and US Defense Secretary Lloyd J Austin III Austin held delegation-level talks at the Pentagon ahead of the 2+2 talks on April 11. The fourth edition of the India-US 2+2 Ministerial Dialogue is set to be held in Washington DC. The 2+2 Ministerial Dialogue is the highest level institutional mechanism between the two countries. Earlier, US Defense Secretary Lloyd J Austin III welcomed Defense Minister Rajnath Singh in an enhanced felicitation ceremony
After the BSP supremo’s rebuke to Rahul Gandhi, the Congress leadership on Sunday reiterated that it had approached Mayawati with a proposal for an alliance for the Uttar Pradesh assembly elections under her leadership and she did not respond.
This time, the AICC has fielded Leader of Opposition in Rajya Sabha Mallikarjun Kharge, who hails from the Dalit community, to answer the BSP chief. “Congress fought the Uttar Pradesh election with all its might under the leadership of Priyanka Gandhi. Congress wanted the BJP, which, in the midst of power, has been atrocities on common people, especially women, dalits, minorities. Weaker sections were stopped. Go and the party made all efforts for that. Congress had requested Mayawati ji to form an alliance with Congress and lead the alliance against BJP. But she could not do so due to any reason. Rahul Gandhi ji only on Saturday Said this fact,” he said.
The AICC ensured that Kharge did not face an interactive press conference, but gave his remarks in the form of a video statement to a news agency from a prepared text, which was later circulated by the party to the media.
Kharge, who could not host the traditional floor coordination meetings of the LoP with leaders of other opposition parties during the budget session of Parliament due to a major rift in the opposition, said: “People are now struggling because of inflation and unemployment. Constitutional institutions are being taken over by RSS. In these circumstances, what will happen to our democracy and Babasaheb’s constitution? All opposition parties should come together in this fight against BJP.”
