The government on Thursday approved the merger of Indian Oil Blending Limited with the Indian Oil Corporation saying the merged entity is likely to achieve higher long-term financial returns than could be achieved by the companies individually.\n\n
Roger Federer called on Wednesday for a merger between the men's ATP Tour and the WTA, which runs the women's circuit, as tennis wades through a lengthy coronavirus shutdown with lower-level professionals in deep financial crisis. The tennis season was suspended in March due to the COVID-19 pandemic and the hiatus will continue at least until mid-July, depriving lower-level players, who depend solely on tournament winnings, of the chance to earn a living.
Jain Irrigation Systems Ltd okayed merger of Jain Processed Foods Pvt Ltd with the company.
Himachal Futuristic Communications Ltd holders approved the merger of HFCL Trade-Invest Ltd with the company.
A crucial meeting of the Telangana Rastra Samithi to decide the political future of Telangana will be held on Tuesday at Hyderabad. Sources say that the popular mood in the party is that they should not merge with the Congress. Vicky Nanjappa reports.
FMC has been asked to go ahead with the appointment of 20 experts, which the commission had sought earlier.
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The proposed merger of Federal Bank and Catholic Syrian Bank may be delayed, following the announcement of dates for general elections. All major political parties, especially the Congress, seem to be sympathising with the Thrissur Arch Diocese of the Catholic church, which is vehemently opposing the merger move. Since the church has quite an influence in parliamentary constituencies such as Thrissur, Chalakudy, all political parties are supporting the anti-merger move.
RJD President Lalu Prasad Yadav said on Sunday that the merger of six Janata Parivar parties to counter the BJP has already "happened".
Finance Minister Arun Jaitley will take a final call on whether to break the tradition of presenting a separate Rail Budget, by merging it with the General Budget.
HDFC chairman Deepak Parekh on Friday exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday. As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with HDFC Bank's core strengths -- its sales engine, execution capabilities at scale and deep insights on consumer behaviour. The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
We have to ensure that mergers do not substantially reduce competition and consumer choice, says Indian Finance Minister P Chidambaram.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
Both parties will discuss the issues and there will be a meeting again on May 28, he said.
The merger between the RIL and RPL would enhance value for shareholders of both the companies, RIL Chairman Mukesh Ambani said in Mumbai on Monday.
Country's biggest lender State Bank of India had proposed merger of five associate banks.
Aviation watchdog Directorate General of Civil Aviation (DGCA) has asked Vistara to submit a daily report on flight cancellations and delays as the Tata group airline cancelled more than 50 flights for the second straight day on Tuesday amid non-availability of pilots.
Beleaguered retail chain Subhiksha on Friday said Kotak Mahindra Bank, which had lent Rs 40 crore (Rs 400 million) to it, on Friday objected to merger of the company with city-based Blue Green Constructions and Investments Ltd.
The board of HDFC Bank has approved the appointment of Keki Mistry and Renu Karnad as the additional non-executive directors of the bank, and V Srinivasa Ranjan as its executive director. Mistry was the chief executive officer and vice chairman of HDFC, which merged with the bank today (1 July 2023). Karnad has been the managing director of HDFC since 2010. Ranjan was the executive director and chief financial officer of HDFC.
HDFC Bank's January-March quarter result, which came in-line with expectations, failed to enthuse investors. The reason? The management's decision to abstain from providing any specific growth guidance, and analysts' expectations of an arduous road to recovery. Analysts believe the path to normalisation of several growth metrics is unlikely to be a straightforward one, and the road to balance sheet realignment may be long.
Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
The National Company Law Tribunal's (NCLT's) declaration that Zee Entertainment is bankrupt adds a new measure of uncertainty to the proposed merger with Sony. Three entities -- Aditya Birla Finance, IndusInd Bank and YES Bank -- have filed appeals in the NCLT for recoveries of Rs 130 crore, Rs 90 crore and Rs 540 crore, respectively. The money was borrowed by a related party - Siti cable - and not returned. Zee was a corporate guarantor.
The government has approved the merger of fuel retailer IBP Co Ltd with IOC in an amalgamation that would provide the state-run refiner improve profits and allow the new entity to compete against private firms and multinationals.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
Could address the concerns over Companies Act provision on the issue
While boards of both the banks had approved the merger plan, bank employees went on one-day strike protesting the move.
The Congress believes the Telangana Rashtra Samithi will decide in favour of a merger as the decision on statehood has deprived the regional party of its chief electoral plank and an issue that defined its identity. Anita Katyal reports
Lanco Industries Ltd approved the merger of the company with Lanco Kalahasthi Castings Ltd. Ernst & Young Private Ltd has been commissioned to recommend the swap ratio.
While Airtel may be pushed to to No 3, Jio will find it mighty difficult to beat the new entity.
Ambani said, in the telecom space, the focus will be on debt reduction, and the virtual merger did away with the need for major capex and will help towards this
Party sources indicated that there were "some ticklish issues" that were to be addressed by both groups, but declined to elaborate further.
There are several discussions going around in the e-health sector for consolidation with key players being PharmEasy, 1mg, Medlife and Netmeds. According to reports, Reliance Jio is in talks with Netmeds to acquire the latter.
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