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News Podcast: Amazon plans to invest $700 mn in the Future Group

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Amazon plans to invest $700 mn in the Future Group

Jeff Bezos-led Amazon in India has begun formal negotiations with Kishore Biyani's Future Group to invest around $600-700 million for a 12 to 15 per cent stake in the retail major as reported by the Business Standard. The two entities have signed a term sheet to take the talks further, sources said. This denotes the two sides have officially entered a pact. If the deal materialises it will most likely be a combination of cash and stocks.
Warren Buffet in talks to invest in Paytm parent firm

In what might be the first direct investment in India by legendary investor Warren Buffet, his Birkshire Hathaway is in talks to invest about Rs 2500 cr in Paytm parent One97 Communications. If the transaction takes place, it would value Paytm at over $10 bn. The firm is already backed by China's Alibaba Group Holdings and Japan's Soft Bank. One of Berkshire's key fund managers, Todd Combs, who is also a potential chief investment officer at the company, is leading the transaction, according to the Economic Times.
Govt says Google, Facebook must plough back profits

Minister for Information Technology Ravi Shankar Prasad has made a strong pitch for profit generated by digital platforms such as Google, FaceBook and Twitter, from big markets such as India, being ploughed back to create more jobs in these countries. The minister told the G20 conference at Salta in Argentina that the largest and most dynamic markets for digital services are in Asia, Latin America and Africa with India having one of the largest footprints of several popular social media and other digital platforms. Several other countries like Saudi Arabia, Russia, Indonesia and Japan expressed a keen desire to work with India in a range of IT and cyber related fields.
Rafale row: Anil Ambani files Rs 5000-crore defamation lawsuit against National Herald

Anil Ambani's Reliance Group companies have filed a Rs 5,000 crore defamation suit against Congress-owned National Herald, claiming an article published in the newspaper regarding the Rafale fighter jet deal was "libellous and derogatory". They also filed a second, similar suit against Gujarat Congress leader Shaktisinh Gohil seeking Rs 5,000 crore in damages for defamation.
RBI deadline for banks to resolve Rs 3.8 lakh cr bad loans ends today

The six-month deadline set by RBI to finalise resolution plans for around 70 large stressed accounts worth over Rs 3.8 lakh crore comes to a close on Monday with banks making a last mile dash to avoid bankruptcy proceedings against these defaulters who are mostly in the power and highways sectors. The RBI circular asks banks to identify projects with even a day's default as stressed assets, and conclude resolution proceedings in 180 days. If no resolution is reached by today, these accounts, which also include some telecom companies, will have to be referred to NCLT to initiate bankruptcy proceedings, the RBI had said.
Indian Railways to revise flexi-fare scheme, introduce discounts next month

The railways is all set to come up with a revised flexi-fare scheme next month to bring in some relief for passengers, who, in some sectors pay as much as airfares for the premium trains, sources said. They said the ministry is planning to suspend the scheme temporarily as an experiment during lean months in some identified trains as they are seeing occupancy as low as 30 per cent.
Vijay Mallya listed to appear before special court under new fugitive law today

Beleaguered businessman Vijay Mallya is listed to appear before a special court here today as part of the first action initiated against an absconding accused under the newly enacted fugitive economic offenders law.
Official sources said while it is certain that Mallya may not appear in person as he is contesting an Indian extradition case in London, it is expected that his authorised legal representative may submit a reply to the court as part of his official response to the notice.
Anil Ambani steps down as director of Reliance Naval and Engineering

Reliance Naval and Engineering Ltd (RNAVAL) has said Anil D Ambani has resigned as director of the company with immediate effect. Ambani has resigned in compliance with provisions of Section 165 of the Companies Act, 2013, prescribing the limit on directorships to only 10 public companies, RNAVAL said in a regulatory filing.