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Reliance Industries may bid for Anil's RCom in bankruptcy

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Lenders plan to call bids for Jet Airways' asset sale by July 20

The lenders to the bankrupt Jet Airways, who met here Tuesday for the first time since the carrier was sent to the NCLT, are understood to have decided to call for expressions of interest to sell the meager assets of the airline by Saturday. The insolvency resolution professional for the airline Ashish Chhawchharia and the lenders led by State Bank will be laying down the bidding criteria, a source told PTI.

Mukesh Ambani's Reliance Industries may bid for Anil's RCom in bankruptcy


Billionaire Mukesh Ambani-controlled Reliance Industries (RIL), India's largest company by market capitalisation, may become the first company to throw its hat into the ring for bankrupt firm, Reliance Communications (RCom), which was the flagship company of his younger brother Anil Ambani's group. According to highly placed sources, Reliance Jio plans to submit the bid for the assets of RCom that will come up for sale during the insolvency process.

Christine Lagarde resigns as IMF chief

International Monetary Fund chief Christine Lagarde submitted her resignation from the global crisis lender on Tuesday, citing more clarity about her nomination to lead the European Central Bank as European legislators approved a new top bureaucrat. She said her resignation would expedite the selection for the next head of the IMF. Lagarde's resignation, first reported by Reuters, came two weeks after her nomination on July 2 for the ECB's top job.

Air India to save Rs 20 lakh on every US flight after Pakistan opens airspace

State-owned carrier Air India has said operation costs for US-bound flights are likely to come down by Rs 20 lakh as Pakistan opened its airspace for all commercial airlines on Tuesday. The flight operation cost for Europe bound flights will also come down by Rs 5 lakh, according to an official statement.

DGCA suspends flying licences of SpiceJet pilots for six months

Aviation regulator DGCA Tuesday suspended flying licences of two SpiceJet pilots for six months after an aircraft operated by them damaged runway edge lights during landing at Kolkata airport, a senior official said. The incident happened on July 2 when the plane was operating Pune-Kolkata flight.In recent weeks, the watchdog has been taking strict action against individuals and entities for various violations.

Azim Premji writes last letter to shareholders, unveils Wipro's 4 big bets to drive future growth

A day ahead of the first-quarter earnings numbers of Wipro, the chairman and managing director Azim Premji in a letter to shareholders said the company would increase focus on four technologies - digital, cloud, engineering services and cybersecurity. In his final letter to shareholders, Premji, who turns 74 next week, said the company will continually transform to scale new heights as the world changes while remaining firmly committed to its values.