MUMBAI: Bain Capital is in advanced talks with Axis Bank to invest between $750 million and $1 billion (Rs 4,800-6,400 crore), in what could be one of the largest private equity investments in the Indian banking sector.

India’s third-biggest private lender is in talks to raise money amidst worsening asset quality and regulatory glare.

Country's largest telecom player Bharti Airtel has announced a partnership with Celkon to offer 4G smartphone at an effective price of just Rs 1,349.

The development comes weeks after it tied up with Karbonn to offer a 4G feature phone. The partnerships are part of Airtel’s ‘Mera Pehla Smartphone’ initiative, under which it plans to collaborate with device manufacturers to bring smartphones at the price of a feature phone.

Key indices on Tuesday opened on a dull note amidst negative global cues. Asian markes witnessed a sluggish trend after Wall Street broke got back from a record high spree.

The 30-share BSE Sensex was down 33.60 points at 33,232.56 and the 50-share NSE Nifty fell 11.50 points to 10,352.20.

The State Bank of India (SBI) on Monday announced sanction of Rs 2,317-crore credit facilities to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar, and Hero Solar Energy, for executing rooftop solar projects with aggregate capacity of 575 Mw.

The sanction is towards financing grid-connected rooftop solar projects under the SBI-World Bank (WB) Programme. SBI has availed a line of credit of $625 million from World Bank for lending to viable grid-connected rooftop solar projects undertaken by photovolatic (PV) developers and end-users, an official statement said.

Anil Ambani-led Reliance Communications (RCom), which had recently said it would shut its 2G business by November, on Monday said it was asking lenders to convert part of their debt to equity for 51 per cent control of the stressed company under a “zero write-off” plan.

“Lenders will convert Rs 7,100 crore worth of debt into equity (under the strategic debt restructuring plan of the Reserve Bank of India). Post debt monetisation through sale of real estate assets, the company would have only Rs 6,000 crore of debt left,” said Puneet Garg, executive director and chief financial officer.

The apex consumer commission has asked the ICICI bank to refund over Rs two lakh to a customer who lost the amount through an ATM fraud in 2006-07.

The National Consumer Disputes Redressal Commission (NCDRC) has asked the bank to also pay a compensation of Rs 2,000 to Haryana resident Karam Singh who lost Rs 2,07,368 during November 11, 2006 and February 2, 2007.

State-owned Indian Oil Corp(IOC) has been given green nod for augmenting its Koyali-Sanganer pipeline (KSPL) capacity up to 6 million tonnes per annum (MTPA) from existing 4.6 MTPA at a cost of Rs 273.23 crore, a senior government official said today.

The company's proposal is to expand KSPL, which traverses from Koyali in Gujarat to Sanganer in Rajasthan, by augmenting the capacity of pumping stations located at Vadodara, Pali and other allied facilities.

NEW DELHI: Infosys will hold another round of outreach to shareholders over the next few weeks under the chairmanship on Nandan Nilekani and expects to have a complete report by January next year.

Nilekani, the architect of Aadhaar, had taken over the reins of the embattled Infosys in August this year following months of acrimony between the founders and the then management team of CEO Vishal Sikka and chairman R Seshasayee.

NEW DELHI: Amending rules on post office savings schemes like the National Savings Certificates (NSC) and Public Provident Fund (PPF), the government has notified that such accounts would be closed prior to maturity in case of holders changing their personal status to become non-resident Indians (NRIs).

The amended rules were notified in the official gazette earlier this month.

New Delhi: Bharti Telecom Ltd, the holding company of Bharti Airtel Ltd, will acquire up to 4.62% stake in India’s largest telco, the company informed the National Stock Exchange on Monday.

The weighted average market price for Airtel’s share trade in the last 60 days has been kept at Rs417.35 and Bharti Telecom has said that the acquisition price would not be higher by more than 25% of the price computed as per the weighted average market price of the Airtel stock.

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