While the deal would help reduce debt at Jindal Steel, it would also be a boon for State Bank of India, which has been trying to broker an agreement between the companies
With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
To safeguard investors of firms listed on non-operational bourses, market regulator Sebi on Monday allowed such companies to raise capital through preferential allotment route to meet listing requirements.
This is under the accounting norms of the Securities and Exchange Commission of the United States. The company has said it would use its share premium account of Rs 8,600 crore (Rs 86 billion) for this write-off.
The India-Japan 2+2 dialogue added strategic heft to the special relationship in the wake of growing Chinese assertiveness on regional affairs, points out Dr Rajaram Panda.
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The anger against land acquisition is not only among landowners.
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
Ratifying the convention would help Indian carriers save over $200 million in aircraft acquisition costs in the short term and over $1 billion in the long term.
The Act provides that companies with assets of over Rs 1,000 crore (Rs 10 billion) and a turnover exceeding Rs 3,000 crore (Rs 30 billion) will have to obtain approval from the CCI for a merger, acquisition or amalgamation within 30 days of the deal. Smaller companies will have to seek permission if their parent company's assets exceed Rs 4,000 crore (Rs 40 billion) and the turnover Rs 12,000 crore (Rs 120 billion).
In the largest acquisition of a global energy utility by an Indian company, GMR Infrastructure has bought 50 per cent in the Netherlands-based power generation company, InterGen NV for $1.1 billion (approximately Rs 4,694 crore).
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
Videocon Industries, the oil-to-consumer durables company, has joined the race for the acquisition of the London-based Burren Energy, which recently rejected several approaches including one worth $3.5 billion (Rs 14,000 crore) from the Italian major ENI.
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
General M M Naravane attended the Army Day parade for the first time as the Army chief. The Army Day is celebrated on January 15 every year to mark Lieutenant General K M Cariappa taking over as commander-in-chief of the Indian Army in 1949 from General Francis Butcher, the last British commander-in-chief of India.
After acquiring Grama Vidiyal Microfinance last year, IDFC Bank is looking for opportunities to strengthen its retail capabilities, says Rajiv Lall, its chief,
Hutch's migration to the Vodafone brand became complete on Wednesday, but the pug that made the mobile company ever so popular with the masses will remain.
Diversified company GHCL, part of the Dalmia Group, said on Monday its step down subsidiary Best Textiles International in USA has acquired assets of Best Manufacturing Group LLC for $35 million.
Oil and Natural Gas Corporation mulls investing $3 billion in the initial public offering of Russia's Rosneft, the Moscow-based firm has warned potential investors that they face numerous risks, including uncertain tax laws and economic instability.
Mayer, a former high-profile Google executive, was brought in as Yahoo's CEO in 2012 to architect a turnaround that has largely failed to materialise
After a string of foreign deals in the last few years, including Tata Motors' purchase of Land Rover and Jaguar brands from Ford for $2.3 billion this year, attempts by Indian companies to acquire assets abroad are increasingly hitting roadblocks. At least, the recent attempts by Indian companies suggest so.
Ahmedabad-based Dishman Pharmaceuticals and Chemicals Ltd said on Wednesday it will acquire the pharmaceutical services business of US-based Solutia Inc for $74.5 million.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
Moody's expects macroeconomic policies to contribute to sustained robust growth.
While the M1 Group, which holds 9.8 per cent in MTN, today backed Bharti's bid, Singapore Telecommunications said it has no objection to the acquisition.
Trai suggested steps to ease regulatory norms for mergers and said that there should be no cap on the number of mobile operators in India.
The move will help telcos, including Reliance Jio, Vodafone, and Idea Cellular
One of the leading contenders in the Indian e-commerce space, Snapdeal has seen its fortunes falling amid strong competition from Amazon and Flipkart.
RIL has also appointed McKinsey senior advisor Adil Zainulbhai as independent director and Network 18 Media & Investments (NW18) former promoter Raghav Bhel as a non-executive director on the NW18 Board.
The company has partnered with Lux Cozi and plans to take its team's apparel to the masses.
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Faced with over Rs 11,200 crore (Rs 112 billion) tax liability, Vodafone India chief Analjit Singh on Thursday met Finance Minister P Chidambaram for the second time this week and expressed the hope that there will be clarity soon on the proposal to settle the dispute through conciliation.
This deal will make Music Broadcast, which currently operates 39 channels, the largest private FM Channel operator.
The guidelines would also enable the proposed merger of national carriers Air-India and Indian.\n
Wipro said recently it was expecting its revenue growth to drop 2.33 per cent or stay flat between $2,015 and $2065 million.
Ending months long speculations on the chances of Indian companies in the bidding race for the world's third largest generic drug business
Nobex, after running out of money last year, had filed for bankruptcy.
How unbranded hotels are hitching a ride on branded ones for growth. Overall, India's hospitality market has seen close to 7,133 hotel rooms being converted into organised, branded space over the last 36 months, said Jain.
Challenges notwithstanding, there are handful of players who continue to stand tall and scale-up their business. Many of these are taking inspiration from hyper-local grocery and food-delivery business to go full stack, says Sangeeta Tanwar.
