Flood hit Kerala seeks hike in borrowing limit to 4.5% to raise Rs 10,500 crore
its worst flood in nearly a century, Kerala is planning to raise an
additional Rs 10,500 crore debt for rehabilitation and rebuilding. To
achieve this, the Chief Minister Pinarayi Vijayan today said that his
government will ask Centre to raise the ceiling on borrowing for the
state to 4.5 per cent of the GDP. The borrowing limit is currently
capped at 3 per cent.
GSK seeks mid-September bids for $4 billion Indian Horlicks unit
is seeking initial bids by mid-September for its India-focused Horlicks
health nutrition business, which is expected to fetch more than $4
billion as reported by Reuters. The British drugmaker started a review
of Horlicks and some smaller products, after buying Novartis out of
their consumer healthcare venture for $13 billion in March. Potential
acquirers are likely to include major food and consumer products groups,
such as Nestle, Pepsico and Reckitt Benckiser, the sources said.
Promoter holding in 15 Tata companies valued at $100 bn; Ambani family's wealth at $53 bn
aggregate value of promoter holdings in 15 top Tata group companies has
crossed $100 billion (Rs 7.03 lakh cr), thanks to the recent surge in
TCS and Titan stocks and the depreciation witnessed in the Indian
rupee. TCS value by Monday's closing stood at Rs 7.7 lakh crore, as
compared to Rs 7.83 lakh crore of RIL. Titan is the second most valued
company (Rs 81,889 crore) in Tata group, followed by Tata Motors (Rs
77,828 crore) and Tata Steel (Rs 67,521 crore). RIL's share price jumped
by 2.61 per cent to Rs 1235.15 on Monday and it catapulted the wealth
of Ambani family to Rs 3.7 lakh crore ($53 billion).
Govt tells state oil firm ONGC to list overseas unit
government has asked its biggest state-owned firm Oil and Natural Gas
Corporation to list its overseas unit ONGC Videsh on the stock exchanges
as part of the push to raise more resources through disinvestment of
Department of Investment and Public Asset Management has
written a letter to ONGC stating that a listing would also help unlock
value in the unit by improving its corporate governance and efficiency.
The letter, sent last week, did not state how much of ONGC should be
offered to outside investors.
Govt plans to transfer Air India's non-core assets to special purpose vehicle
government is looking at transferring Air India's non-core assets and
"unsustainable debt" to a special purpose vehicle (SPV) as part of
measures to revive the national carrier. After the proposed strategic
disinvestment of Air India failed to take off in May, the government has
been looking at ways to bolster the carrier. Against this backdrop, the
official at the Finance Ministry said that efforts are on to sell
non-core assets of Air India.
SC says Unitech Directors' Assets To Be Sold To Repay Home Buyers
Supreme Court has directed a panel to go ahead with sale of
unencumbered assets of the directors of real estate major Unitech Ltd to
refund money to troubled home buyers. A bench headed by Chief Justice
Dipak Misra asked the panel to start with the sale of the firm's
properties in Kolkata. The bench, also comprising Justices AM Khanwilkar
and DY Chandrachud, directed the committee to disburse Rs. 25 crore to
home buyers on pro rata basis.
Paytm launches its own AI cloud for India
Communications Limited has partnered Alibaba to launch artificial
intellingence-based cloud computing platform 'Paytm AI Cloud for India'
for developers, startups and enterprises. The platform offers
business-centric apps for organisations that need high-quality solutions
for cloud computing, ready-to-use services to automate workflow, easy
to integrate payments, among others. The company said Paytm AI Cloud
processes and stores all their consumer data locally in servers located
only in India while conforming to the highest security and privacy
standards. Paytm plans to soon offer an enterprise-messaging solution in
partnership with DingTalk
Fake messages: Govt lists its wishlist for WhatsApp, company agrees to Govt demand
Government on Tuesday told WhatsApp to appoint a grievance officer, set
up a corporate entity in India and find a mechanism to check on the
origin of fake messages at the earliest. After this high level meeting
in Delhi, the Union IT Minister, Ravi Shankar Prasad informed that the
Facebook-owned company has agreed to the Government's demands. WhatsApp
CEO Chris Daniels is in India this week as the company is trying to
address concerns around fake news on its messaging platform which have
led to horrific crimes like mob-lynching. According to sources, Daniels
will be in India for 4-5 days and meet business and Government officials
during his visit.