Jaypee insolvency: NCLT to hear IDBI's deadline extension plea on May 21
Debt-ridden Jaypee Infratech's insolvency proceedings will continue for now as the Allahabad bench of NCLT has posted the matter for hearing on May 21 after lead lender IDBI sought extension of bankruptcy process beyond the deadline that expired on Monday.
Mastercard plans to invest Rs 7,000 crore in India in the next 5 years
Global payments giant Mastercard plans to invest $1 billion or around Rs 7,000 crore in India over the course of five years. Out of the total capital, Mastercard plans to spend around $350 million on a local payments processing centre, in line with RBI's mandate of storing payments data locally. This processing centre is expected to open in another 18 months, generating employment for 1,000 people
Why Ola's electric leap of faith could be a boon for auto sector
Ride-hailing major Ola on Monday announced that its electric subsidiary - Ola Electric Mobility Pvt Ltd (Ola Electric) - has received an undisclosed sum of funding from none other than Ratan Tata in his personal capacity. The company said that his investment in Ola Electric would bring his deep experience and mentorship to the company's ambitions to make electric mobility viable at scale
Indo-US meet: No mention of GSP; e-comm policy, data localisation discussed
Issues like India's draft e-commerce policy, data localisation, high import duties imposed by America on steel and aluminium figured during the meeting between visiting US Commerce Secretary Wilbur Ross and Commerce Minister Suresh Prabhu on Monday. The US companies have raised concerns over India's draft e-commerce policy and issues related with mandatory data localisation requirements.
Hero MotoCorp launches buyback scheme for scooters
The country's largest two-wheeler maker Hero MotoCorp has launched a buyback scheme for scooters with plans to cover top-10 markets of India going forward. Under the scheme, every customer buying new Hero Scooter will receive a guaranteed buyback certificate by used two-wheeler brand CREDR with fixed buyback value matrix in interval of six months over next five years.
Modi flies over cyclone-ravaged Odisha, promises millions to rebuild
Prime Minister Narendra Modi saw for himself the damage caused by powerful cyclone Fani on Monday, pledging an extra 10 billion rupees ($144 million) to the hardest-hit state of Odisha. Cyclone Fani killed at least 34 people in India, destroying houses, ripping off roofs and knocking down electricity poles. Early warnings from meteorologists helped authorities evacuate more than a million people who are now slowly returning from shelters. Modi said his officials would work closely with the state government to rebuild infrastructure.
Slowdown Blues: CMIE paints not-so-happy picture for economy; urban consumption, credit growth to remain bleak
The Indian economy is slowing down, according to the Centre for Monitoring Indian Economy (CMIE). In FY20, the CMIE expects Indian economy to grow at 7 per cent amid increase in headline inflation and reduced availability of bank credit. Private consumption in rural India could get a boost from better agricultural prospects, but the consumption in urban India is likely to remain weak due to sluggishness in employment generation, according to the think-tank.