The government is considering allowing intra-circle merger and acquisitions in the telecom sector, subject to the presence of minimum three service operators in a particular circle.
This will be second such merger of State Bank of India's associate banks.
Strategic deals like the one involving the HDFC twins accounted for a bulk $126 billion of the overall quantum, while transactions involving private equity funds stood at $37 billion, the report by Deloitte, a consultancy firm, said. Despite global headwinds like rising interest rates and elevated inflation levels leading to increased margin pressures for companies, the firm expects the overall activity to remain "strong" in the ongoing 2023.
Nicholas Piramal India Ltd said Bombay High Court approved its merger with Global Bulk Drugs & Fine Chemicals Pvt Ltd.
The group is looking into a new role for Ranbaxy CEO and MD Arun Sawhney.
Bharatiya Janata Party on Thursday dubbed the coming together of Janata Dal- United and Rashtriya Janata Dal as an alliance of "defeated people."
"Though the management has agreed to pay the pending arrears to ACEU, the other unions have not been paid yet," said a union member.
Indian telecom equipment maker GTL Ltd and the Singapore-based Redington Group said on Thursday that they would not proceed with their proposed merger.
General Motors Corp and Chrysler LLC have reopened merger talks, as Chrysler owner Cerberus Capital Management LP has signalled its willingness to give away part of its ownership in the auto maker, a media report said today, citing people familiar with the goings-on.
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
Hyderabad-based Four Soft and Chennai-headquartered Take Solutions, providers of IT products and solutions in the supply chain management (SCM) space, today announced their intent to merge. The combination will create a global, comprehensive company offering one of the largest SCM products.
After the revival of its ailing subsidiary IISCO, Steel Authority of India Ltd has sought the Centre's approval to merge it with itself.
The Times School of Business invites applications for teh October 2008 batch of its 6-month part-time 'Certificate course in Mergers & Acquisitions' in collaboration with the Jamnalal Bajaj Institute of Management Studies.
The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor.
SBICI, with two branches, is a wholly owned subsidiary of State Bank of India and functions as a private sector bank offering an array of financial products and services.
NSE Indices on Wednesday changed the methodology for handling schemes of demerger involving index constituents. The index provider said a company undergoing demerger would now be retained in its indices. The move comes ahead of the proposed demerger of Reliance Industries' (RIL's) financial services arm. Under the rules prevailing thus far, RIL -- which has the highest weighting among the 50 Nifty components -- would have been required to be removed from the index, resulting in a churn by funds tracking the Nifty index.
Indian Oil Corporation on Wednesday decided to merge its subsidiary IBP with itself.
American Airlines announced the plan to combine with US Airways last month, a deal that also requires regulatory approval.
A panel said BSNL can claim tax breaks if it merges with a loss-making ITI and suggested BSNL can also merge MTNL with itself.
The OPS camp believes Sasikala's family still calls the shot in the EPS camp.
Chairman of Indian Oil Corporation, M S Ramachandran, said on Wednesday that the possibility of merging its subsidiary IBP & Co Ltd with the parent company cannot be ruled out.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
Full service carrier Vistara expects to add a total of 10 planes as well as hire more than 1,000 people in the current financial year and has shelved plans to fly to the US, according to a top executive. Currently, Vistara, which is set to be merged with Air India, has a fleet of 61 aircraft and a staff strength of over 5,200. During an interaction in Istanbul this week, Vistara CEO Vinod Kannan said there has been a ready pool of talent, especially pilots and cabin crew members, with the collapse of Go First.
A day after the merger approval of Reliance Capital with RCVL, Anil Ambani-controlled Reliance Energy Ltd on Tuesday approved the merger of Reliance Energy Ventures
The information and technology (IT) sector, which has been going through a rough patch lately, was among the top draws for equity mutual funds (MFs) in July. MF schemes together invested a net of Rs 1,800 crores in IT stocks last month after pulling out around Rs 700 crore from the sector in June, according to a report by ICICI Securities.
The CrPC (Identification) Bill empowers the police to obtain physical and biological samples of convicts and those accused of crimes while the DMC (Amendment) Bill, 2022 seeks to unify the three civic bodies in the national capital.
UPL, the country's largest agrochemical company, had a weak July-September quarter (Q2), reporting a sharp fall in revenues across geographies. Overall, the revenues were down 19 per cent on the back of lower agrochemical prices and inventory destocking. While the overall volumes were down 7 per cent, prices fell by 15 per cent. Volume decline in the European market was on the back of high channel inventory and product bans while in India the fall by 27 per cent was on account of muted demand for segments such as cotton and pulses.
State Bank of Saurashtra first to merge with SBI
With combined accumulated losses of around Rs 2,000 crore (Rs 20 billion), the new entity created by the merger of unlisted Kingfisher Airlines with Deccan Aviation will have many strengths, but its balance sheet will not be one of them.
Sony India and Zee Entertainment Enterprises (ZEEL) have agreed to sell three Hindi channels--Big Magic, Zee Action and Zee Classic--to address anti-competition concerns arising out of their proposed merger. The broadcasters submitted their proposal to the Competition Commission of India (CCI), which gave a conditional approval on October 4. On Wednesday, the CCI made public its detailed 58-page order, specifying the channels that would be dropped.
An apex committee under DoT Secretary R Chandraskehar has been set up to oversee the required policy decisions and institutional framework for an alliance between the two public sector undertakings which have been incurring losses.
Market concentration in the country's telecom sector continues to scale new heights despite government bailouts of public-sector Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL), and private-sector Vodafone Idea. The combined revenue (or net sales) share of the country's top two telecom operators - Bharti Airtel and Reliance Jio - in the sector's total reached an all-time high of nearly 72 per cent in FY23 from 70.4 per cent in FY22 and around 60 per cent in FY20. The net sales of Reliance Jio and Bharti Airtel India were Rs 1.67 trillion in FY23, up 18.6 per cent from the Rs 1.4 trillion a year earlier.
The world's largest independent telecom masts player GTL Infrastructure on Wednesday said its expects to complete the merger of Reliance Infratel's tower operations with itself by the middle of next month.
Besides, some foreign MNCs -- possibly enticed by the world's second fastest growing economy -- sought to enter India by acquiring into local companies, mostly in telecom, steel and pharma sectors.
Corporation Bank has stopped proceedings for the merger of Chikmagalur Kodagu Grameena Bank with itself.
The Ministry of Corporate Affairs (MCA) is contemplating an increase to the existing strength of the National Company Law Tribunal (NCLT) benches to handle the growing case load. The ministry is currently analysing the time taken by each bench to dispose of matters and the total number of cases being handled by each bench. "We need to first determine our requirement, given that the NCLT handles both Company Act and insolvency and bankruptcy matters. "The latter constitutes the majority of the case burden.
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