Latest news with #HimanshuShah
Time of India
11 hours ago
- Business
- Time of India
Emeren Group to go private in $103 million deal
Renewable energy firm Emeren Group said on Thursday it will go private in a $102.6-million deal with a company backed by its chairman, Himanshu Shah . Shurya Vitra , a company incorporated in the British Virgin Islands, will buy Emeren for $2 per American Depositary Share in cash. Shah has committed to providing the funding needed for the acquisition through an equity investment in Shurya Vitra. An uncertain economic environment and elevated capital costs have pushed some small- and mid-cap firms to go private, which allows them the flexibility to navigate the difficulties without the pressure of public markets . Shurya Vitra's offer is priced at a 12.4 per cent premium to Emeren's last close, and a 23.5 per cent premium to its share price in March before it disclosed it had formed a special committee to evaluate a buyout proposal received earlier that month. The deal is expected to close in the third quarter.
Time of India
12-05-2025
- Business
- Time of India
Arecanut, raisin prices increase by 30% due to heatwave, high demand in Bengaluru
Bengaluru: The sharp, nutty bite of arecanuts and the mellow sweetness of raisins might be a treat for the palate. However, the prices of both have surged by nearly 30%, leaving consumers with a bitter aftertaste. The price hike is primarily because of extreme heat hitting production, with the marriage season also driving up city gets its supply of arecanut from districts such as Dakshina Kannada, Uttara Kannada, Udupi, Shivamogga, Chikkamagaluru, Chitradurga, and Davanagere. Karnataka alone cultivates nearly 7 lakh hectares, producing 11 lakh tonnes annually, making it one of the top producers of arecanut in the a trader from Banashankari, said, "Prices have gone up by Rs 10-15, with the new variety now at Rs 470 per kg, because imports were stopped and local production is down by almost 30%. Supply reduced, and demand is up — just like during the Covid period, when we saw prices rise by nearly Rs 100."Mahesh Puchhappady, president of All India Arecanut Growers' Association, said, "Due to heat and less rainfall, production dropped by 50%, especially in regions like Mangaluru, where we haven't seen such losses in at least 50 years. The heat affected fruit setting and led to its drop. Smaller fruits have taken over, and with the marriage season adding to demand, prices jumped to Rs 465 per kg for the new variety and Rs 510 for the old — compared to last year's Rs 420-430 and Rs 475-485, respectively."Four-fold rise for raisins Raisins have also become significantly more expensive. The state ranks second in grape cultivation after Maharashtra, and over 70% of its raisin growers hail from Vijayapura alone. But the price of raisins has surged fourfold, thanks to reduced supply.A trader from Rajajinagar said, "Prices have touched Rs 495 per kg because the availability in the market is low. Besides, the marriage season pushed up demand." Himanshu Shah, a trader from KR Market, said, "Raisin prices have gone up because of a sharp drop in crop yield — nearly 50% less this year — especially in regions like Nasik, Sangli, and Tasgaon, driving the prices up."Mohammed Idrees Choudhury, a raisin trader from Russell Market, said, "Two months ago, raisins were selling at Rs 280 per kg wholesale. Today, it's around Rs 400, and the long variety has touched Rs 480. The demand is strong, but supply drastically fell."Other dry fruits have not spared consumers' pockets either, with cashews, dates and almonds becoming costly over the past two months. Himanshu Shah added, "Dry fruits like cashew have gone up in prices because of import issues. Most cashews are sourced locally and from countries like Benin in Africa. Dates come from Dubai, and almonds have seen a small rise because of low rainfall in California. The price per kilo has gone up by 20% for all dry fruits."
Hindustan Times
03-05-2025
- Hindustan Times
Three arrested for defrauding diamond merchant of ₹22.75 crore
MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police has arrested three individuals for allegedly defrauding a diamond manufacturer and exporter of ₹22.75 crore under the pretext of supplying gems to international clients. According to the EOW, the accused—Sameer Sanghani, 53, Himanshu Shah, 48, and Ashish Mane, 35—posed as diamond brokers and operated under the name 'Riddhesh Diamonds' from a store on Linking Road, Bandra West. They lured the complainant, veteran diamond trader Shreyas Zaveri, 67, into supplying high-value diamonds on credit terms, promising payment within 60 to 90 days. Zaveri, a Malabar Hill resident who co-runs 'A Rajeev and Company' with his wife from the Bharat Diamond Bourse in BKC, had met Sanghani in May 2022 after showcasing his collection at the NESCO exhibition in Goregaon. Claiming to represent clients in Kuwait and Qatar, the accused initially made token payments in cash to win the trader's trust. Between June 2022 and January 2023, Zaveri supplied 4,290 carats of high-quality diamonds valued at ₹24 crore across 42 transactions. However, he received only ₹1.25 crore in return. As the outstanding dues mounted, the trio continued to offer excuses, insisting that payments from international buyers were delayed. 'Eventually, the complainant discovered that the names and details of the foreign clients cited by the accused were fabricated,' an EOW officer said. Zaveri then lodged a complaint, leading to the registration of an FIR under IPC sections 409 (criminal breach of trust), 420 (cheating), 419 (impersonation), and 34 (common intention). The arrests were made by a team led by inspectors Nitin Patil, Vishal Gaikwad, and Rupesh Mane. Sanghani was picked up from Panchgani, Shah from Vile Parle, and Mane from Jaipur. Police also revealed that Himanshu Shah has six previous cases of cheating registered against him at the Marine Drive and Khar police stations. The trio often operated by taking commercial properties on rent and duping suppliers. The accused were produced before court and have been remanded to police custody till May 10.
