The possible date for bidders to submit a resolution plan to the adjudicating authority -- National Company Law Tribunal (NCLT) -- is September 27.
Etihad said it declined to lodge an EoI to reinvest in Jet Airways because of unresolved issues concerning the airline's liabilities.
The current fleet of BMP-2/2Ks was first inducted into the Army in 1985 and it has been the mainstay of the mechanised infantry since then.
The changes are in view of the requests received from interested bidders and the prevailing situation arising out of COVID-19.
The defence ministry has lost sight of what it intended to achieve -- which was to nurture private defence firms that would compete on equal terms with the 9 defence PSUs and the 41 Ordnance Factory Board factories.
The central government has for the first time allowed a private company, Bajaj Healthcare, to process opium to extract alkaloids used to make pain-killers, cough syrups, and even cancer drugs. Two government factories in Ghazipur, Uttar Pradesh, and Neemuch, Madhya Pradesh, do the work yet, processing some 800 tonnes of opium gum annually to extract alkaloids. The government on Tuesday gave Thane-based Bajaj Healthcare an initial contract to process 500 tonnes of opium gum annually and wants production to be at 800 tonnes per annum (tpa) in the next five years, indicating the state's exit from the highly-regulated sector.
Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in BPCL is expected to be valued around Rs 6,117 crore.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Inching closer to resolving the Punjab and Maharashtra Cooperative (PMC) Bank issue, the Reserve Bank on Monday came out with a draft scheme for takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB). The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, the RBI said. In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
Kirloskar Oil Engines files EoI for PSIDC stake in Punjab Tractors
Sources involved in the bidding process confirmed that the entity had submitted a bid but expressed doubt over its acceptance
A technical advisory group of the World Health Organisation was on Tuesday reviewing data on Covaxin for the emergency use listing of India's indigenously-made vaccine and it could pronounce its decision within the next 24 hours or so, a spokesperson said.
The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
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.
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.
The 2022-23 Budget has projected a disinvestment target of Rs 65,000 crore for next financial year. This is significantly lower than the estimated Rs 1.75 lakh crore budgeted for 2021-22. In the revised estimates, the target for 2021-22 has been cut to Rs 78,000 crore.
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.
The technical advisory group will now meet on November 3 for a final assessment.
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.
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.
The World Health Organisation's technical advisory group will meet on October 26 to consider the Emergency Use Listing (EUL) of Covaxin, a vaccine developed by Hyderabad-based Bharat Biotech protecting against COVID-19, the global health agency's chief scientist said.
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.
The global health agency also emphasized that it must evaluate a vaccine thoroughly to make sure it is "safe and effective".
Defence ministry incompetence hobbles development of battle-taxis for the Indian Army.
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.
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.
This would provide a major boost to the indigenous design and construction capability of submarines in India.
According to officials, more clarity might be required with regard to foreign fund managers in the context of Air India divestment.
"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.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
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.
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.
JSW will pay at least Rs 4,000 crore Rs 40 billlion.
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.
Vedanta Aluminium is sourcing half of its bauxite requirement from Bharat Aluminium Company's mines.
"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 sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
Australia's medicines and medical devices regulator on Monday formally recognised India's Covaxin, a vaccine against the coronavirus as the country's border was reopened for the first time in nearly 20 months.
An employees' consortium has demanded that the Committee of Creditors should look at providing one month's salary as an interim financial assistance.
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