The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.
Sun Pharma profit down 30% over compliance costs, lower sales.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
Others in the top 10 include Uday Kotak at the 6th place with a wealth of Rs 94,100 crore, Cyrus S Poonawalla at 7th position with Rs 88,800 crore assets, Cyrus Pallonji Mistry at 8th spot with a wealth of Rs 76,800 crore, Shapoor Pallonji at 9th position with a net worth of Rs 76,800 crore and Dilip Shanghvi at 10th slot with Rs 71,500-crore wealth.
Sun Pharma's market capitalisation stood at Rs 100,050 crore on December 5, with its share price closing at Rs 417 a piece - lowest since March 2013.
Last August, RBI gave in-principle approval to 11 applicants.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
The total wealth of India's top five billionaires, which stands at a whopping $83.7 billion, is more than the cost of 1,230 Mars Orbiter 'Mangalyaan' Missions and is more than 18 times the cost of hosting the 2016 Rio Olympics
Top ten billionaires in India.
No business delegation has been cleared yet for Prime Minister Narendra Modi 's visit to America from Friday.
In 2014, Sun Pharma agreed to buy Ranbaxy -- which was then controlled by Daiichi.
Of the 23 Indian billionaires mentioned in the Bloomberg Billionaires Index, only one saw a reduction in net worth, with the companies owned by most of them outperforming the Nifty 50 index by a big margin.
Mukesh Ambani remains the country's wealthiest promoter as his stake in Reliance is now worth Rs 3.25 trillion!
But splitting management bandwidth by investing in non-core businesses will not be appreciated by the market in the long run.
Sun Pharmaceutical's acquisition of Ranbaxy has received final approvals.
The joint entity will have a market share of nine per cent in India. Analysts tracking the company said one of the key outcomes of the merger would be to create a single brand entity of Sun and the Ranbaxy brand would eventually dissolve.
The Ranbaxy experience has made multinational corporations more cautious about Indian acquisitions in general
The 20 richest people on the planet are worth a staggering USD 1.2 trillion, a sum roughly equivalent to the annual economic output of Mexico.
Who is to take their place? Will a new generation of entrepreneurs start up with better business sense, or at least better luck? But the so-called unicorns are mostly copy-cat entrepreneurs whose cash flow is funded by overseas (including Chinese) money, notes T N Ninan.
India Inc is ready to diversify into unchartered areas.
Netanyahu will cap his hectic schedule by attending the 'Shalom Bollywood' event.
As record stock market rally continues, the value of shares directly owned by next-generation business leaders at 20 major corporate houses has soared over 18 per cent to Rs 17,000 crore.
Amazon committed a fresh investment of $3 billion, in addition to the $2 billion it announced in 2014.
Sensex ended up 41 points at 29,136 and Nifty gained 4 pts to 8,809.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
Sources indicated defence and national security initiatives.
Dilip S Shanghvi reminisces about Anji Reddy.
Few top honchos of India Inc did very well in 2014.
Five stocks - Havells, NCC, Suzlon, Blue Star and Crompton Greaves look most attractive after the recent course correction.
FDA allows Teva to launch Nexium generic; Cipla, which supplies formulation, to gain
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
How Chanda Kochhar and her husband Deepak Kochhar find themselves in a huge controversy.
For the four new players, the spike in wealth is 126 per cent.
After building a subscriber base of nearly 50 million in about eight chequered years, it finally gave up as it saw itself up against a 600-pound gorilla that breezed through double that many subscribers in a fraction of that time, says N Sundaresha Subramanian.
Globally, just 8 billionaires have same amount of wealth as the poorest 50% of the world population.
A glance back at some of the important ups and down Indian Inc faced in 2018.
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