SEPTEMBER 20248CIL TO PURSUE SECURING LITHIUM FROM LOCAL &OVERSEAS VENDORSTATA CAPITAL APPEALS TO CCI TO PERMIT MERGER WITH TATA MOTORS FINANCECoal India (CIL) announced on Wednesday that it is actively pursuing the acquisition of critical minerals such as lithium, both within India and internationally, as part of its strategy to reduce the country's dependence on imports of these essential resources. Critical minerals, including lithium and cobalt, are key components in the production of clean energy technologies, especially in batteries for electric vehicles.CIL Chairman P M Prasad stated during the company's 50th Annual General Meeting that the company aims to secure these mineral assets to support India's shift towards sustainable energy. Additionally, CIL will continue participating in the e-auction of critical mineral blocks offered by the Ministry of Mines.CIL recently took a significant step into non-coal mining by emerging as the preferred bidder for the Khattali Chotti graphite block in Madhya Pradesh during a tranche-II auction held by the Ministry of Mines on July 9. This marks CIL's first venture into mining non-coal minerals.Prasad emphasized CIL's commitment to ensuring sufficient coal supply for the country while also working towards greater self-reliance in fuel and mineral resources. Tata Capital (TCL) has submitted a proposal to the Competition Commission of India (CCI) seeking approval for the merger of Tata Motors Finance (TMFL) into TCL. According to a filing made with the antitrust regulator, the proposed transaction involves TMFL merging into TCL, with TCL remaining as the surviving entity. This merger will be executed through a scheme of arrangement that will be submitted to the National Company Law Tribunal (NCLT).Tata Motors Finance, the vehicle financing arm of Tata Motors, specializes in providing financing options to support the sales of Tata vehicles. In June, the boards of both companies approved the merger. Under the terms of the agreement, TCL will issue equity shares to TMFL's shareholders, leading to Tata Motors holding a 4.7 percent stake in the merged entity.This move is part of Tata Motors' broader strategy to exit non-core businesses and refocus on emerging technologies and innovative products. TOP STORIES
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