Gold
L&T Finance holdings unifies entities
L&T Finance Holdings (LTFH), the non-bank lending arm of Larsen & Toubro (L&T), a diversified engineering-to-IT conglomerate, has successfully integrated all its financial services entities, forming a unified lending entity. This strategic move consolidates lending companies, namely L&T Finance, L&T Infra Credit, and asset manager L&T Mutual Fund Trustee, into LTFH.
To align with its widely recognised market identity, the company plans to seek approval from the Reserve Bank of India (RBI) for a name change to L&T Finance, as confirmed by CFO Sachinn Joshi.<..
L&T Finance Holdings' Merger: Cost Reduction and Rs 3000 Cr Fund Release
L&T Finance Holdings is set to undergo a strategic merger aimed at optimizing operational efficiency and unlocking significant financial resources. The consolidation is poised to streamline various aspects of the organization, resulting in substantial cost reductions. The move is not only expected to enhance overall financial performance but also to free up an impressive Rs 3000 Crores for future strategic initiatives. This merger aligns with the company's commitment to adapt to evolving market dynamics and reinforce its financial prowess. The comprehensive restructuring encompasses key areas,..
L&T Finance sells real estate loans to Phoenix ARC
According to persons with knowledge of the event, L&T Finance, a division of the publicly traded L&T Finance Holdings, sold a stressed portfolio with a total loan value of 718000 million to the Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) during an auction last week.
According to the sources, six real estate accounts from the portfolio were sold for a total of 710,750 million, representing a 60% profit for L&T Finance. A notice posted by the financing company on its website at the beginning of last month stated that the company was seeking pr..
IL&FS Requests New MMRDA Nod for Mumbai HQ Transfer
IL&FS has sought renewed approval from the Mumbai Metropolitan Region Development Authority (MMRDA) to transfer its headquarters within Mumbai. This move indicates IL&FS's commitment to navigating regulatory requirements amid ongoing restructuring efforts.
IL&FS's request for new approval underscores its determination to ensure compliance with all necessary regulations and expedite the headquarters transfer process. It reflects the company's efforts to streamline its operations and address administrative challenges as part of its restructuring endeavours.
The need for fresh appro..
Malaysian Carbon Credit Auction Begins July
In a significant move towards environmental sustainability, Malaysia's carbon exchange will host its first local carbon credit auction in July. This event marks a pivotal step in the nation's commitment to reducing carbon emissions and fostering a green economy.
The Malaysian carbon exchange aims to provide a structured marketplace for carbon credits, where companies can buy and sell these credits to offset their carbon footprints. This initiative aligns with global efforts to mitigate climate change by encouraging businesses to adopt more sustainable practices.
The auction w..
