To clean its books the country’s largest lender State Bank of India (SBI) is selling portfolio of 24 non-performing assets (NPAs) to asset reconstruction companies (ARCs) and finance companies. The total outstanding for 24 accounts is about Rs 3,554 crore, according to a document prepared for sale transactions.

The top accounts include Jai Balaji Industries (Rs 873 crore), MSP Metalics (Rs 554 crore) and Shiva Textfab Ltd (Rs 531 crore).

Korean automobile major Hyundai, the second-biggest carmaker in the country, is planning to bring its captive finance arm, Hyundai Capital, to India. It is learnt that the entry might happen in 2018 calendar year, before Hyundai’s another brand, Kia, begins sales in the market.

Hyundai Capital would offer financing to dealers on vehicle inventory and to individual buyers at the retail level. A feasibility study has been initiated to evaluate its business prospects in India, Hyundai’s third-biggest market globally.

The government may sell flagship carrier Air India this fiscal itself if it finds a suitable buyer, according to official sources.

The government, they said, also expects to meet its disinvestment target as there are a number of companies in the pipeline.

The corporate governance panel of the Securities and Exchange Board of India (Sebi) has recommended more checks and balances on royalty and brand payments, related-party transactions and sharing of information between management and entities not part of the board.

Among the key recommendations by the committee is one on the aspect of exchange of price-sensitive information between companies and a promoter no longer a part of the board or management.

After decline in profitability and piling debts, the telecom sector is in the middle of a large-scale layoff. Estimates suggest more than 25,000 direct employees across telcos may have been hit over the past few months and that several more thousand jobs may face the axe soon. Overall, more than 100,000 telecom jobs, including indirect employment, could be at risk.

The sector is going through a challenging phase and consolidation is a reality. Recent merger announcements include those between Reliance Communication (RCom) and MTS, Bharti Airtel and Telenor, Vodafone and Idea Cellular.

Pakistan's Inter-Services Intelligence (ISI) has allegedly launched another militant outfit named "Halal Dasta" which consists of members of the banned terror outfit Lashkar-e-Taiba (LeT). The new terror outfit literally means "Killer Squad". Halal Dasta is operating along with Pakistan Army's Border Action team or BAT, reports Zee News based on inputs from top Indian intelligence sources.

“We have the potential to create no less than a million jobs around railways if we can provide an enabling environment,” said Minister of Railways and Coal Piyush Goyal at the World Economic Forum’s India summit on Thursday.

While Railways is already one of the country’s biggest employer, the scope to create jobs is immense.

Swedish luxury car maker Volvo Cars on Thursday said it has appointed Charles Frump as the new Managing Director of Indian operations.

Frump replaces Tom von Bonsdorff who has moved to his home country Finland to pursue a new assignment within the Volvo Group after completing his tenure in India.

Mumbai: The Securities and Exchange Board of India (Sebi) has written to Raymond Ltd questioning the textile maker’s real estate agreements for JK House Ltd and a property at Alibaug used as a guest house, said three people with direct knowledge.

The regulator has also questioned whether the firm made any related-party transactions that were not reported to shareholders after Sebi’s Listing Obligation and Disclosure Requirements (LODR) norms came into force in September 2015, these people said.

The rupee declined 9 paise to 65.10 against the dollar today after economic data showed the US economy in a more positive light.

Fresh demand for the American currency came in from importers and banks.

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