Indiabulls expect RBI nod for merger with Lakshmi Vilas Bank by October
MUMBAI: Exuding confidence of getting the regulatory nod for merger with Lakshmi Vilas Bank in two months and the merged entity to be operational by next March, Indiabulls Housing Finance Tuesday said it will turn itself into an SME-focused bank if the merger goes through. The promoters exiting the real estate business or at least […]
Coffee tycoon Siddhartha repaid all loans, had no dues: Tata Capital
NEW DELHI: Amid talk of financial stress driving founder V G Siddhartha to allegedly end his life, the coffee tycoon had repaid all the loans taken from Tata Capital Financial Services (TCFS) and has no outstanding dues to the entity. According to TCFS, it had a maximum exposure of Rs 165 crore to Caf Coffee […]
Over Rs 9,500 crore can be recovered from Amrapali: Forensic auditors to Supreme Court
NEW DELHI: Forensic auditors on Thursday told the Supreme Court that Rs 9,590 crore could be recovered from the embattled Amrapali group, which had diverted Rs 3,523 crore of home buyers’ money. Of the money diverted, as much as Rs 455 crore could be recovered from persons, including directors of the realty firm, their family […]
25 US lawmakers urge Trump admin not to cancel GSP trade benefits to India
WASHINGTON: A group of 25 influential American lawmakers has urged the US Trade Representative not to terminate the GSP programme with India after the expiry of the 60-day notice on Friday, saying the country’s companies seeking to expand their exports to India could be affected. The Generalized System of Preference (GSP) is the largest and […]
PNB Housing to raise $1 billion from foreign markets in one or more tranches
NEW DELHI: PNB Housing Finance on Thursday said it will raise up to USD 1 billion (around Rs 6,954 crore) from foreign markets, and additional Rs 10,000 crore by issuing bonds. The board meeting scheduled for May 9 will consider approval of “fund raising by way of external commercial borrowings up to USD 1 billion […]
Global Q1 gold demand grew by 7 per cent at 1,053.3 ton: WGC
NEW DELHI: Global gold demand grew 7 per cent to 1,053.3 tonne in the first quarter of 2019, against the year-ago period, mainly driven by higher purchase by the central banks and growth in gold-backed exchange-traded funds (ETFs), according to a World Gold Council (WGC) report. The overall demand stood at 984.2 tonne in the […]
MEA will help textiles ministry to promote silk in global markets
NEW DELHI: External Affairs Minister Sushma Swaraj on Saturday assured that the textiles ministry to provide all support for promoting silk in global markets. Swaraj said that silk is a strong commodity and there is huge demand for it in the international markets. “I assure you that the ministry of external affairs will become a […]
India mulling farm package ahead of 2019 general polls
NEW DELHI: Under attack for the agrarian crisis, the government is contemplating several incentives, including a big financial package, to woo farmers ahead of the 2019 Lok Sabha elections, according to sources. The government’s likely announcement of incentives to boost rural income will come following feedback given by BJP leaders and MPs, besides other stakeholders, […]
Indigo signs codeshare agreement with Turkish Airlines
NEW DELHI: To expand its international footprint, IndiGo announced Friday that it has entered into its first codeshare agreement with Turkish Airlines, allowing either of the airlines to book seats for its passengers on each other’s flight. Moreover, Indigo — which is the largest airline in India by market share — also signed a “mutual […]
7th pay commission: Retired BSNL, MTNL staff hold strike for pension revision
NEW DELHI: Retired employees of state-run telecom firms BSNL and MTNL on Thursday held a one-day hunger strike to protest against non-revision of their pension as per the 7th pay commission, the organisers said. “BSNL and MTNL pensioners who were absorbed from Department of Telecom under the banner of Committee of BSNL and MTNL Pensioners’ […]
Reliance Industries to buy majority stakes in Den Networks, Hathway Cable for Rs 5,230 crore
NEW DELHI: Mukesh Ambani-helmed Reliance Industries on Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore. The company has announced the following strategic investments: a) Primary investment of Rs. 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs. […]
Shapoorji Pallonji to launch 35 million sq ft of projects in FY19
NEW DELHI: Diversified firm Shapoorji Pallonji’s real estate arm has planned to launch nearly 35 million sq ft of projects across its existing markets this fiscal, a senior company official said. The company plans to launch three projects in Delhi- NCR this fiscal, which will mark its foray into the market, its Group CEO Venkatesh […]
Bids invited for debt-ridden Videocon under insolvency resolution process
NEW DELHI: Resolution professional of debt-ridden Videocon Industries on Tuesday invited bids from prospective buyers to take control of the firm, which has interest ranging from consumer electronics to oil and gas. The corporate insolvency resolution process (CIRP) of Videocon Industries Ltd (VIL), which has debt of around RS 20,000 crore, was commenced under the […]
DLF to utilise sales proceeds worth Rs 14,000 crore to fund new projects: CEO
NEW DELHI: Realty major DLF is working towards making its housing business debt free by March next year and the cash flow from sales of completed inventories worth around Rs 14,000 crore would be utilised to fund new projects, its CEO Rajeev Talwar said. In an interview to , he reiterated that the company would […]