The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
According to the bid document, as part of the strategic disinvestment Air India would also sell 100 per cent stake in low cost airline Air India Express and 50 per cent shareholding in joint venture AISATS. The management control of the airline would also be transferred to the successful bidder.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
It is Mumbai's favourite festival and is celebrated each year with fervour and frenzy. But when the city welcomes "Ganpati Bappa" this Friday, the celebrations will be low key. With a cap on the size of idols, ban on processions and restrictions on devotees visiting pandals, celebrations are toned down for the second year in a row. Festival budgets have shrunk and as a result, corporate sponsorships have dried out.
According to government data, the Centre procured only 35,179 ventilators out of the 50,000 originally ordered.
Scooters India Limited (SIL), a public sector automotive company, is mulling foray into the electric two-wheeler segment and is presently evaluating the expressions of interest (EoIs) by some domestic companies for a possible collaboration. The Lucknow-based company aims to augment its product range from passenger three-wheelers to include green two-wheelers.
The Export Oriented Unit status of Reliance Industries' Jamnagar refinery in Gujarat has ended, allowing the company to sell petrol and diesel locally including through its 1,432 now-closed petrol pumps.
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
The most popular list among the shutterbugs this year.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
The PPP model for CIL was first mooted by the Planning Commission.
The government proposes to divest 76 per cent of Air India, along with its shareholding in Air India Express and its ground-handling subsidiary, AISATS.
In a big relief for thousands of stranded Indian professionals in America due to the coronavirus pandemic, the US government has decided to allow applications by H-1B visa holders for an extended stay in the country. The US department of homeland security in a new notification has said it recognises that there are immigration-related challenges as a direct result of the coronavirus pandemic.
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
To provide a 'data lake' solution, the markets regulator had issued a notice in May, inviting expression of interest (EoI) from interested parties. The selected company will be responsible for designing, implementing and supporting a big data solution with analytical capabilities.
Air India buyer has to take over interest-bearing debt of Rs 16,500 crore a large portion of which is aircraft related, meaning they are backed by aircraft value
16 Indians were missing after the incident that happened at Seela Ceramic Factory in Bahri area in Khartoum, the national capital, on Tuesday.
Government believes privatisation would increase the airline's efficiency and make it profitable, enriching the value of the remaining stake with it.
It also comes ahead of a possible visit by President Donald Trump to India later this month. Trump is set to visit India on a two-day trip between February 23 and 26 and both sides are in the process of fine-tuning his schedule, according to sources in New Delhi.
The turnaround of SAIL from several quarters of losses was one of the most challenging experience, said Anil Kumar Chaudhary, the outgoing chairman of the country's largest steel maker. The chairman said he also wants to see SAIL paying back at least 50 per cent of its debt in the near future. Chaudhary who had joined SAIL as a junior manager in 1984 would be superannuating from the top post on December 31, 2020 after serving the company for almost 36 years in various roles.
The last date to submit bids is March 17 but the deadline could be extended if there are requests from potential bidders.
Ernst & Young LLP India has been appointed as transaction adviser for the strategic divestment process.
A person in the know of the PIM details said an entity can put in bid for Air India on the "strength of its parent", which was not there before. A consortium can participate in the disinvestment process, provided each partner has at least 10 per cent stake as well as 10 per cent of the Rs 3,500 crore net worth requirement, according to the bid document. The lead member of a consortium should have at least 26 per cent stake. Individuals are allowed to bid as part of consortium.
For what it does, the RX10 is an incredibly good choice regardless of your requirements
This is not an exhaustive list of best DSLRs; there are several others, which also hold their ground in their respective segments.
Decades of military rule kept the country closed to foreign investors.
Ashok Khemka, the whistleblower IAS officer, was in news for a different reason on Friday with the Punjab and Haryana high court issuing notice of contempt against two HUDA officials over his plea alleging that he was wrongly denied plot under service quota.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
The successor to the popular 5D Mark II is out. Swapnil Mathur of ThinkDigit tells you if it's worth the money.
An interview with Annush Ramasamy, programme director, South Asia, Global Student Entrepreneur Awards (GSEA).
The only fuel that showed growth was LPG as the government dole of free cooking gas cylinders to poor households fired up consumption by 21 per cent during April 1 to 15.
The Gupta family has relocated to Dubai amid corruption charges against them in South Africa.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
Reliance Infrastructure (R-Infra), an Anil Dhirubhai Ambani Group company, is on the warpath with the state electricity regulator. Stung by the Maharashtra Electricity Regulatory Commission's (MERC's) decision to invite expressions of interest (EoIs) for the distribution of power to Mumbai's suburbs, R-Infra is examining the possibility of legal action.
Expressing serious concerns over the DTC Bill, SEZ entrepreneurs on Tuesday said the proposed tax provisions would hit employment and drive away investors from the special economic zones.
Fujifilm leaps ahead of mirrorless camera competition by launching its GFX 100, a 102MP medium format CMOS sensor camera and two new Fujinon large format cinema zoom lenses named the Premista series.
These 7 blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas.
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