City Chennai Financial News

The wicketkeeper-batsman was sold for a price of Rs 14 crore, outdoing the previous bid of Rs 13.75 crore by Chennai Super Kings. Former Lucknow Super Giants captain KL Rahul became a part of the Indian Premier League (IPL) mega auction with a base price of Rs 2 crore, having been released by Lucknow Super Giants, owned by Sanjiv Goenka.

Having entered the season with a wallet of Rs 55 crore, all eyes are on the team management and Stevan Flemming, as to who will accompany the marquee players for the next season. CSK have retained Ruturaj Gaikwad and Ravindra Jadeja for Rs 18 crore each, Matheesha Pathirana for Rs 13 crore, World Cup star Shivam Dube for Rs 12 crore and MS Dhoni for Rs 4 crore as an uncapped player.

Mohammed Shami was sold to Sunrisers Hyderabad for Rs 10 crore in the IPL 2025 mega auction on Sunday at Jeddah. Kolkata Knight Riders and Chennai Super Kings were in the initial fight for the pacer. CSK pulled out at Rs 8 crore and Lucknow Super Giants entered the bid Rs 8.50 crore. However, when the bidding stopped at Rs 9.75 crore, SRH made their bid and the player was sold for Rs 10 crore. Shami represented Gujarat Titans in 2023, where he was the purple cap holder. The right-arm pacer missed the 2024 IPL season as he was recovering from an ankle injury sustained during the ICC ODI World Cup 2023. Despite his recent setbacks, Shami remains a formidable force, having bagged 127 wickets in 110 IPL matches at an economy of 8.43 runs per over..

AR Rahman’s ex-wife, Saira Banu, has issued a statement urging the media and public to stop tarnishing his reputation. This comes five days after the couple publicly announced their separation via social media and requested privacy during this time. In her statement, Saira expressed her love and respect for Rahman and called him the “best man in the world”. She further appealed to YouTubers and media outlets to avoid making hurtful remarks about him or their family. Saira Banu has been living in Mumbai for several months for medical treatment. In an audio statement, she mentioned that her health issues had necessitated her temporary move away from Chennai. She emphasised that this distance was a personal choice related to her health and not indicative of any discord between her and Rahman. She also mentioned that her health was the “reason” why she wanted to “take a break from AR.” She further urged the media and YouTubers to not say anything bad against him.

Arshdeep Singh was sold to Punjab Kings for Rs 18 crore in the IPL 2025 auction on Sunday at Jeddah. He was the first player to be sold at the mega event. PBKS used the Right to Match card for the player. Chennai Super Kings opened the bidding at Rs 2 crore and was in a battle with Delhi Capitals. GT entered the bidding at Rs 7.75 crore after CSK stopped at Rs 7.50 crore. Royal Challengers Bengaluru entered the bidding much later with a bid of Rs 10 crore. However while RCB was contemplating a Rs 11 crore bid, it was Rajasthan Royals who bid for the amount. Sunrisers Hyderabad had the final bid for Rs 15.5 crore. However, Punjab Kings matched the bid and SRH rose the amount to Rs 18 crore to which PBKS agreed.

bad loan aggregator National Asset Reconstruction Co (NARCL) is set to take over the distressed textile company Sri Govindaraja Mills after its ₹270 crore offer to lenders did not receive competing bids. Chennai-based Sri Govindaraja has been a non-performing asset for five years and owes creditors led by Canara Bank more than ₹750 crore. The ₹270 crore offer from NARCL equates to a 36% recovery for lenders. NARCL will pay banks through a mix of 15% cash upfront and 85% security receipts which can be redeemed later. This is the second asset NARCL has been selected as the winning bidder. Last month its ₹300 crore offer for ₹1,773 crore loans in Bareilly Highways Project received no counterbids during a Swiss challenge auction.

Hyundai Motor India Ltd (HMIL) on Thursday said it will set up two renewable energy plants at its vehicle manufacturing unit in Tamil Nadu as part of the company's move to transition to 100 per cent renewable electricity across manufacturing operations by 2025. The company has signed a power purchase and shareholder agreement with Fourth Partner Energy Ltd (FPEL) for the purpose of setting up of a 75 MW solar plant and a 43 MW wind power plant to cater to its renewable energy requirements, Hyundai Motor India Ltd (HMIL) said in a statement. These facilities will operate under a group captive mode with a special purpose vehicle (SPV) formed for engineering, procurement, construction, operations and maintenance. HMIL will hold 26 per cent and FPEL will hold 74 per cent equity stake in the project, it added. This long-term agreement will ensure a 25-year supply of renewable energy to HMIL, the company said.

direct mutual fund distributors like Groww grab market share, traditional offline financial distributors are increasingly searching for their own technology stack to remain relevant and grow. Chennai-based AssetPlus and Gurugram’s ZFunds are tapping into that opportunity. They are working with these offline agents, providing them with a technology stack to help them offer the best investment advice and products to their clients. Venture funds are opening up to backing them too. According to two people in the know, ZFunds is in talks with Elevation Capital to lead a Rs 25 crore equity funding round, which will be its first institutional funding round.

This new direct service between Chennai and Penang, caters to the growing demand for travel between the two cities, offering both business and leisure travelers a convenient and affordable option, IndiGo said in a statement.

The Cabinet had in August, approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs 28,602 crore spanning across 10 states. “These industrial smart cities, represent the next generation of connected, self-sustaining hubs that will support local communities and elevate India’s global standing,” the Department for Promotion of Industry and Internal Trade (DPIIT) said in a statement on the eighth anniversary of four industrial corridors namely Amritsar-Kolkata Industrial Corridor (AKIC), Chennai-Bengaluru Industrial Corridor (CBIC), East Coast Economic Corridor (ECEC), and Bengaluru-Mumbai Industrial Corridor (BMIC).

Faf du Plessis, who led the Royal Challengers Bengaluru (RCB) for three IPL seasons from 2022 to 2024, was not retained by the franchise for the upcoming league. This places du Plessis alongside Shreyas Iyer, Rishabh Pant, and KL Rahul in the pool for the IPL mega auctions. Andy Flower, RCB's head coach, acknowledged du Plessis's contributions. «Last year, Faf's captaincy and leadership — in what was a really tough season, particularly in the first half — was sensational,» Flower said. «He led the revival that took us into the finals.»

Subscribe to enjoy similar stories. RMZ Digital Infrastructure Partners (RDIP), part of real estate firm RMZ, has entered into a joint venture with Colt Data Centre Services (Colt DCS), a global hyperscale data centre operator, to jointly invest $1.7 billion to develop data centres across cities in India. The equal partnership between RMZ and UK-headquartered Colt DCS plans to build data centres with a combined capacity of 250MW over the next 3-5 years.

Subscribe to enjoy similar stories. A decade ago in Chennai, bars were the exclusive prerogative of five-star hotels as they needed to sell rooms to serve liquor. Gradually, stand-alone cafés, restaurants and bars opened around town.

Chennai-Vladivostok maritime corridor, which is likely to boost maritime ties between India and Russia, is operational now, and container ships carrying crude oil, metal and textile have started coming to Indian ports, Union Minister Sarbananda Sonowal said on Monday. The Chennai-Vladivostok sea route will cover a distance of about 5,600 nautical miles. «The Eastern Maritime Corridor between Vladivostok and Chennai is operational now. Container ships carrying crude oil, metal and textile have started coming to Indian ports,» Sonowal told reporters here. The Eastern Maritime Corridor is estimated to reduce the time required to transport cargo between the Indian and Russian Ports of the Far East Region by up to 16 days. The time taken will come down to 24 days compared to more than 40 that it currently takes to transport goods from India to Far East Russia via Europe.

Samunnati announced a partnership with Northern Farmers Mega FPO on Monday, aiming to strengthen sustainable farming practices and improve market access for farmers across northern India. The partnership will connect over 50 Farmer Producer Organizations (FPOs) with enhanced access to inputs, technology services, credit, and investment opportunities, it said in a statement. A key initiative under the collaboration focuses on converting paddy straw waste into clean energy alternatives, including compressed biogas and biomass pellets, addressing the region's persistent stubble-burning pollution issues. «This collaboration is a step toward building a sustainable and economically viable ecosystem for farmers,» Chennai-based Samunnati Founder and CEO Anil Kumar SG said.

Foxconn has ordered the hiring agents that help recruit iPhone assembly workers in India to remove age, gender and marital criteria as well as the manufacturer's name in job advertisements, according to three people familiar with the matter and almost a dozen ads reviewed by Reuters. The moves follow a Reuters investigation published June 25, which found that Foxconn excluded married women from jobs at its main India iPhone assembly plant, though it relaxed the practice during high-production periods. Foxconn, which employs thousands of women at the iPhone factory at Sriperumbudur, near Chennai, outsources recruitment of assembly-line workers to third-party vendors. These agents scout for and screen candidates, who ultimately are interviewed and selected by Foxconn.

Piyush Arora, Managing Director & CEO of Skoda Auto Volkswagen India told ET. Arora’s statements come amid media reports of a potential equity partnership between the Volkswagen Group with Mahindra & Mahindra (M&M). Several auto companies such as Ford, General Motors, MAN Trucks and two-wheelers such as UM Motorcycles, Harley Davidson have exited India, amid low volumes which made it difficult to sustain operations viably in the country. Ford, which only recently announced plans to restart manufacturing operations at its plant in Chennai for global markets, had pulled the plug on India ops after a possible joint venture with Mahindra fell through. Harley Davidson, meanwhile rebooted India ops through a sales, manufacturing tie-up with Hero MotoCorp.

Subscribe to enjoy similar stories. Chennai: It was early June 2021. Businesses were reopening after the deadly covid-19 pandemic’s second wave.

Prestige Estates Projects Ltd plans to launch housing projects worth Rs 52,000 crore by March next year to encash surge in demand for residential properties. In its latest investors presentation, Prestige Estates has mentioned that the company plans to launch multiple projects in Bengaluru, Hyderabad, Chennai, Goa, and Delhi-NCR comprising more than 53 million sq ft area with a total sales bookings value of Rs 52,114 crore. According to a transcript of conference call with analysts, Prestige Estates CMD Irfan Razack expressed confidence that the company will be able to meet its sales bookings guidance for this fiscal year at Rs 24,000 crore. During the 2023-24 fiscal year, Prestige Estates clocked record sales booking of Rs 21,040 crore.