No other corporate house in India is in a better position than Tata group for the takeover of debt-laden airline Air India, former deputy chairman of erstwhile Planning Commission Montek Singh Ahluwalia said on Thursday. Tata Sons has emerged as the top bidder for the takeover of the state-run airline but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah. "You can't have a better corporate, with a better position than the Tatas, we can hand it (state-run airline Air India) over," he said while replying to a question in a virtual event.
A fracture of interstate relations could be India's biggest risk coming out of the pandemic. This topped a list of critical risks for India over the next two years, according to Geneva-based World Economic Forum's Executive Opinion Survey (EOS), whose results were released on Tuesday. Other top risks include a debt crisis in large economies, widespread youth disillusionment, failure of technology governance and digital inequality.
Sources involved in the bidding process confirmed that the entity had submitted a bid but expressed doubt over its acceptance
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
Volkswagen faces paying out billions of dollars in fines and compensation after it admitted rigging tests on some of its diesel cars to make them appear cleaner.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
'Our sensors allow the missile to locate and identify the target even if it's on the move.'
These sweeping financial sanctions follow the action earlier this week to cut off Russia's frozen funds in the United States to make debt payments.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
The Reserve Bank on Friday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB). "Taking into account the time required for completion of various activities involved in the process...the validity of the ...Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review," the RBI said in a notification.
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
Even as Finance Minister P Chidambaram said that a final decision on expiry of tax benefits to export-oriented units and Software Technology Parks of India had not been taken yet, government sources indicated that an extension of the concessions was unlikely.
The Natural History Museum's annual competition and exhibition, Wildlife Photographer of the Year has been the longest-running and most prestigious nature and wildlife photography competition that has been recognising the world's best nature photography every year since 1965.
Kirloskar Oil Engines files EoI for PSIDC stake in Punjab Tractors
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
Fitch Ratings on Monday said uncertainty over the bidder consortiums and process complexity, including valuation, may lead to potential delays in privatisation of India's second-largest fuel retailer, Bharat Petroleum Corporation Ltd (BPCL). Affirming BPCL's rating at 'BBB-' with a negative outlook, Fitch said it continues to treat the potential divestment of the company by the Indian government as an event risk. "Bidders are conducting due diligence, but uncertainty over the bidder consortiums and process complexity, including valuation, may lead to potential delays.
Road construction witnessed a near 60 per cent year-on-year jump in the first two months of financial year 2021-22 (FY22), despite restrictions being imposed in the wake of the second wave of Covid-19. Around 1,470 km of roads were constructed during the first two months of the current fiscal, as against 847 km in the corresponding period last year, according to official figures. However, these are provisional numbers as the state public works departments of Maharashtra and Goa are yet to provide data.
The Royal Observatory Greenwich has announced the shortlisted images of the 2022 Astronomy Photographer of the Year!
This would provide a major boost to the indigenous design and construction capability of submarines in India.
Defence ministry incompetence hobbles development of battle-taxis for the Indian Army.
In another development, SBI Capital Markets, which had issued the expressions of interest on April 8, extended the deadline for submission of initial bids to April 12.
According to officials, more clarity might be required with regard to foreign fund managers in the context of Air India divestment.
Eicher Ltd has decided to file an Expression of Interest in response to the Preliminary Information Memorandum issued by KPMG for divestment of PSIDC stake in Punjab Tractors.
Thursday's launch is the last one of 2020 for ISRO.
When the third round of bids was opened, Oaktree's offer was the highest, but with several riders. While Piramal offered higher upfront cash and offered to merge its financial business with DHFL, Adani was ranked third in the race, reports Dev Chatterjee.
Experts say a large part of the expenditure in April was spent on heads such as creating infrastructure for testing capacity and procuring testing kits, among other things.
"There are five Indian and six foreign companies which have submitted expression of interest (EoI) for buying stake in the gas transportation company (RGTIL)," a source privy to the development said.
The government is planning to liberalise the terms and conditions for the sale of the national carrier. The Centre is still pursuing the option of selling the airline's subsidiaries before the airline itself, in order to deal with an outstanding debt of around Rs 27,000 crore.
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
JSW will pay at least Rs 4,000 crore Rs 40 billlion.
Nikon, Sony, Canon: We tested them all!
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
An employees' consortium has demanded that the Committee of Creditors should look at providing one month's salary as an interim financial assistance.
The state police recently floated tenders for purchasing 50 PBLGs and two RoVs with water jet disruptors and weapon mounts for their use in security situation.
Vedanta Aluminium is sourcing half of its bauxite requirement from Bharat Aluminium Company's mines.
Failure to sell Air India, IDBI may have prompted a change in strategy.
Tata Motors recently cut the sales forecast of its luxury car brand, JLR, due to chip shortages, scaling down its production numbers from the earlier 120,000 units to 60,000-65,000 units by September, and leading to an almost 10 per cent fall in the company's stock. In May this year, Bosch India, too, had stated that chip shortfalls would impact its production, as supply chains were getting disrupted.
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
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