UPPCL denies favouritism, calls allegations ‘baseless'
The Uttar Pradesh Power Corporation Ltd (UPPCL) and its employees' union are locked in a fresh face-off over the selection of Grant Thornton as a consultant for power sector reforms, with the management dismissing allegations of irregularities as 'misleading and baseless'.
While the UPPCL said no decision had yet been taken on a separate September 2024 tender aimed at improving financial accounting standards at the division level, the Vidyut Karmachari Sanyukt Sangharsh Samiti alleged that the process was deliberately delayed to favour Grant Thornton.
It was alleged that despite no final decision, the firm had advertised accountant positions in December 2024, mentioning work locations across multiple U.P. discoms.
The committee alleged a 'major scam' in the name of privatisation and demanded the sacking of UPPCL director (finance) SK Narang, accusing him of colluding with private firms. It also questioned why the September 2024 tender, in which Grant Thornton reportedly emerged L1 in technical bidding, was kept on hold for months.
Responding to the charges, Narang, in a written statement, said the tender in question was unrelated to the reforms consultancy and aimed purely at improving accounting quality under Ind-AS norms. 'Both tenders serve distinct purposes and no decision has been taken yet. All actions are in line with due process,' he said.
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Time of India
2 days ago
- Time of India
RBI guidelines for project finance, CRE: A smaller provisions hike's no big worry for banks, NBFCs
MUMBAI: Central bank guidelines on provisions for project finance and commercial real estate (CRE) might have only a small and negligible profitability impact on both banks and NBFCs , as the increase in immediate liabilities is less than a percentage point from those existing rules - even in the worst-case scenario. Financial and banking stocks surged on Friday. Bankers and analysts, who had pencilled in up to a 150-basis point impact on return on assets (RoAs) for lenders, now expect no new provisioning requirements as NBFCs are already on the more stringent Ind-AS accounting norms while for banks the impact is small. One basis point is 0.01 percentage point. Karthik Srinivasan , group head, financial sector ratings at ICRA said with no retrospective provisions and peak provisions much below the 5% proposed in the draft guidelines, there will be a minimal impact on lenders. "Although we are yet to create a hypothesis and do a study on the impact, it is nothing like the 150 basis points on RoA basis we had predicted earlier. We do not expect any real impact on banks or NBFCs," Srinivasan said. ICRA had earlier expected the annual impact on RoA at 100-150 bps for lenders, with funding costs going up by 20-40 bps. Both these issues will not arise as in the final guidelines general provisions required for CRE, CRE-RH (CRE-Residential Housing) and other infrastructure projects have been reduced to between 1% and 1.25% in the construction phase from a peak of 5% in the draft guidelines. Live Events Financials Surge The Nifty financial index surged 1.3%, and financial stocks were at the forefront of the stellar Nifty 50 rebound Friday from a sharp sell-off Thursday. HDFC Bank , the biggest lender by market value, climbed 1.44%, while Bajaj Housing Finance too climbed 1.4%. Provisions for projects in the operational phase have also been reduced to between 0.40% and 1%, with operational infrastructure project provisions kept at 0.40%, the same as it is currently. The new guidelines will come into force from October 1. Rajkiran Rai , managing director at infrastructure financier NaBFID, said the final guidelines limit his firm's provision increase to just 5 basis points. "If we were pricing a loan at 8%, now we will price it at 8.05%. This would have increased to 9.50% if the original guidelines had remained, so this is a big relief. The new norms also have clauses saying at least 50% to 75% of the land must be acquired for the loan to be sanctioned. This could delay loan sanctions but it will bring uniformity in application since different projects were so far treated differently on land acquisition," Rai said. For loans on infrastructure projects which have been delayed beyond three years from the date of commencement of commercial operations (DCCO), lenders have to make an additional provision of 0.375% and a 0.5625% provision on non-infrastructure project loans (including CRE and CRE-RH), for each quarter of deferment, over and above the applicable standard asset provision. "Provisioning requirement for projects beyond DCCO up to two years will go up to 4% vis-a-vis original guidelines where provision was only 0.4%," said an analyst. "Now, within DCCO, the first quarter itself will attract higher provision."
Time of India
3 days ago
- Time of India
UK sees record 23 pc surge in number of Indian-owned businesses; revenue hits GBP 72.14 billion
The combined revenues reported by Indian-owned companies in the UK increased to GBP 72.14 billion from GBP 68.09 billion in 2024, showed the latest annual 'India Meets Britain Tracker', an analysis by global financial advisory firm Grant Thornton in collaboration with industry body CII (Confederation of Indian Industry). Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads LONDON: The number of Indian-owned companies operating in the UK has increased 23 per cent year-on-year to reach 1,197 this year, recording the steepest pace of annual growth, according to an combined revenues reported by Indian-owned companies in the UK increased to GBP 72.14 billion from GBP 68.09 billion in 2024, showed the latest annual 'India Meets Britain Tracker', an analysis by global financial advisory firm Grant Thornton in collaboration with industry body CII (Confederation of Indian Industry).There are now 1,197 Indian-owned companies operating in the UK, more than 23 per cent compared to the figures of 2024, said the 12th edition of the latest annual Tracker was launched during the UK-India Week at the India Global Forum (IGF) in London on Wednesday by Commerce and Industry Minister Piyush Goyal and UK Business and Trade Secretary Jonathan Reynolds Goyal is here on a two-day official visit to discuss the implementation of the India-UK free trade agreement (FTA) and ways to boost bilateral trade and investment."As the recent milestone UK-India Free Trade Agreement highlighted, there is a distinct economic commonality between the UK and India and a mutual desire to trade and invest more with one another," said Anuj Chande, Partner and Head of the South Asia Business Group at Grant findings of this year's 'India Meets Britain Tracker' stand testimony to the deep and historic relationship between these two great nations. It is evident that India continues to see the UK as a key investment hub, and a country in which Indian firms can flourish, he year's analysis showed that the combined revenues reported by Indian-owned companies in the UK increased to GBP 72.14 billion from GBP 68.09 billion in businesses employ 126,720 people across the UK and have added over 8,000 new jobs in the past 2025 Tracker companies achieved an average growth rate of 42 per cent and a combined turnover of GBP 32.6 billion. These firms also paid GBP 67.3 million in corporation tax and created more than 56,000 jobs."This year's India Meets Britain Tracker underlines just how engaged Indian businesses are with the UK as a key trading partner and investment hub," said IGF chairman Manoj Ladwa."As the UK and India enter a new era shaped by the free trade agreement, India Global Forum's UK-India Future Forum is becoming a vital modern platform, serving as a gateway to this next chapter of collaboration. It's encouraging to see Indian investment in the UK not only rising but thriving," he IT Services UK Societas tops the growth rankings in the 2025 Tracker, with a 448 per cent revenue surge, followed by a new entrant, IT management firm Zoho corporation Limited, which posted 197 per cent total, 20 companies joined the Tracker for the first time in 2025, while 41 companies stayed on the Tracker from last terms of location, London remains the destination of choice, with 47 per cent of all Tracker companies headquartered in the UK capital. The analysis also found an increase in the proportion of female directors to 24 per cent from last year's 21 per CII stated: "Coming at such a significant time in the ongoing development of the strong trade links between India and the UK, this year's report highlights the true value of the symbiotic impact of Indian foreign direct investment in the UK."The recent announcement of the conclusion of the Free Trade Agreement negotiations will turbo-charge this relationship further and lead us into a golden era of India-UK trade, which we can all look forward to."
Mint
3 days ago
- Mint
Indian firms proliferate in UK as trade ties deepen
New Delhi: The number of Indian-owned companies in the UK has touched a record high—a sign of growing investor confidence following the conclusion of talks on the India–UK free trade agreement (FTA). A total of 1,197 Indian companies are currently active in the UK, up more than 23% from 971 firms recorded in 2024, according to the latest edition of the 'India Meets Britain Tracker'. This is the highest number since the tracker began monitoring company presence in 2017 and represents the steepest year-on-year increase. The report does not mention the number of companies operating in 2017. The sharp rise comes as the two countries prepare to usher in a new phase of economic cooperation under a comprehensive trade deal. Union commerce minister Piyush Goyal is currently in the UK, where he held discussions with his opposite number Jonathan Reynolds. Goyal also participated in the plenary session of the India Global Forum and launched the tracker report, signalling stronger policy and business alignment in the run-up to the FTA's implementation. The tracker—a joint research initiative by Grant Thornton and the Confederation of Indian Industry (CII), with new support this year from India Global Forum—identifies the fastest-growing Indian firms in the UK, top employers and sectoral shifts, while mapping their performance and regional spread. This year's edition comes just over a month after the India–UK FTA was finalized, a deal expected to significantly boost bilateral trade and accelerate investments from both sides. Indian businesses in the UK reported a combined revenue of £72.14 billion in 2025, compared with £68.09 billion in the previous year, as per the report. These companies employ 126,720 people across the UK and generated over 8,000 new jobs in the past year. The share of women on company boards has risen to 24% from 21% in 2024. 'This surge in Indian business activity in the UK reflects the evolving economic convergence between the two nations. With the FTA in place, Indian companies are set to gain even greater market access and operational certainty,' an Indian government official said when asked to comment on the report. Notably, this year's tracker identifies 74 companies that recorded revenue growth of over 10%, with an average growth rate of 42% and a combined revenue of £32.6 billion. These high-growth firms paid £67.3 million in corporation tax. This year, 14 Indian-owned businesses in the UK each employed over 1,000 people, up from 11 such companies last year. Together, these firms account for 88,693 jobs—around 70% of the total workforce employed by Indian companies in the UK. Of these, eight companies reported an increase in their workforce, while six saw a decline. Airtel Africa Plc recorded the highest employee growth over the past year, with a 23% rise in staff, followed by Essar Oil (UK) Ltd, which saw a 20% increase. Notably, Essar Oil (UK) and Barnagore Jute Factory Plc made their debut on this year's list of top Indian employers in the UK. Essar's entry is attributed to its major investments in decarbonization projects that align with the UK's energy transition goals and have contributed to new job creation. IT major Wipro's UK subsidiary led the rankings with a staggering 448% growth, followed by corporate tech services firm Zoho Corporation Ltd, which posted 197% growth. Twenty firms debuted in the tracker this year, while 41 from last year retained their positions. London remains the hub for Indian investment in the UK, hosting 47% of tracker firms, followed by South England (24.3%). The technology, media, and telecom (TMT) sector continues to dominate, accounting for 31% of all companies on the list, while pharmaceuticals and chemicals account for 22%. Financial services, now comprising 9.5% of firms, have seen notable growth amid the strategic expansion of Indian banks and financial institutions in London. Anuj Chande, Partner and Head of the South Asia Business Group at Grant Thornton, said the tracker reflects the strong and growing bilateral synergy. 'It is evident that India continues to see the UK as a key investment hub. As the recent milestone UK–India free trade agreement highlighted, there is a distinct economic commonality and a mutual desire to trade and invest more with one another.' The UK government estimates the FTA will boost annual bilateral trade by £25.5 billion by 2040, giving UK firms enhanced access to India's fast-growing economy and a consumer base of over 300 million middle-class citizens. India Global Forum founder and CEO Manoj Ladwa said that Indian reforms over the last decade have enabled companies to look outward with greater ambition. 'As the UK and India enter a new era shaped by the free trade agreement, India Global Forum's UK–India Future Forum is becoming a vital modern platform to facilitate this next chapter of collaboration.' The FTA, which eliminates or reduces duties on a broad range of goods and services and eases regulatory hurdles, is expected to come into force later this year. Indian negotiators see it as a model agreement balancing traditional trade concerns with new-age economic priorities, particularly in digital trade and services. India's exports to the UK stood at $14.55 billion in FY25, while imports were valued at $8.61 billion. In FY24, exports were $12.98 billion and imports amounted to $8.41 billion. Trade between the two countries rose to $23.16 billion in FY25, up from $21.39 billion in FY24, as per the commerce ministry data.
