InterGlobe Aviation, which runs the low-cost carrier IndiGo, has expressed an interest in acquiring the loss-making Air India. Civil aviation secretary RN Choubey said on Thursday that the company has written a letter to the ministry. The Cabinet had on Thursday has given an in-principle nod to the disinvestment of Air India. The final modalities of the divestment, including the quantum of stake sale, would be formalised by a group of ministers headed by finance minister Arun Jaitley.

MUMBAI: Essar Steel’s insolvency proceedings could turn into a test case for India’s bankruptcy framework with lenders differing on the choice of the so-called interim resolution professional (IRP), the entity that will oversee the exercise, according to two people with knowledge of with the matter. One of these is an unsecured lender and has apparently broken with the other banks and opted to pursue its case separately.

NEW DELHI: The troubles for Anil Ambani's telecom venture -Reliance Communications (RCom) -appear to be compounding. The loss-making company, which had earlier sought deferment in debt servicing obligations from banks, has approached the telecom ministry to surrender a part of its spectrum holdings in the 1,800-MHz frequency, sources said.

The company has also sought a refund of some of the payments, which have been made, the sources added.

The Sensex fell over 154 points and the Nifty went below 9,500 in the beginning on Friday as the July derivative series took off on a negative note amid anxiety ahead of GST rollout. Capital outflow by foreign funds and weak global shares only added to concerns.

Investors kept their fingers crossed ahead of the landmark tax reform Goods and Services Tax (GST), which is set for a mid-night launch on Friday.

The stage is all set for the rollout of the major indirect tax reform measure - Goods and Services Tax (GST) - in Parliament's Central Hall on Friday night amid boycott by the Congress, the Trinamool and other opposition parties even as Finance Minister Arun Jaitley urged them to reconsider their decision.

The launch will take place at the stroke of midnight after speeches by President Pranab Mukherjee and Prime Minister Narendra Modi in the presence of Vice President Hamid Ansari, MPs, Chief Ministers and state Finance Ministers besides a host of industralists and legal luminaries.

New Delhi: Top lender State Bank of India (SBI) and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT).

SBI initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory filing.

Tata Motors and the Volkswagen (VW) Group, along with its Czech brand Skoda, signed a Memorandum of Understanding at the Geneva motor show in March 2017 to explore a long-term cooperation for joint product development. The alliance was to be centred on the development of a common platform that would spawn bespoke products for the individual brands.

It was initially agreed, after much debate between the two partners, that Tata’s next-gen Advanced Modular Platform (AMP) which offers a significant cost advantage over the VW Group’s MQB-A platform, would be used as the alliance’s common platform.

National carrier Air India has warned its former employees of severe consequences such as withdrawal of post-retirement benefits if they speak out against the airline on social media. The Cabinet has given an in-principle approval for the disinvestment of debt-laden Air India (AI). Its employees, including those retired, are staring at an uncertain future. As many as seven unions have written to the government threatening mass protests if the airline is privatised.

Coal India Ltd, the world’s largest miner of the dirty fuel, will generate 1 gigawatt (GW) of renewable electricity this year as part of its plan to produce as much as 10 GW clean power in total, a federal minister said on Thursday. State companies such as Coal India and NTPC Ltd, the country’s biggest thermal power producer, are planning to aggressively spend on solar projects under Prime Minister Narendra Modi’s personal push for renewable energy.

Amidst the concerted efforts by the government and RBI to rein in the mounting bad loans issue, Sebi Chairman Ajay Tyagi today cautioned mutual fund (MF) players against letting some of such money flow into the industry by way of debt funds. Non-performing assets in the banking system should not shift to mutual funds by way of debt funds. The industry should be careful about that, Tyagi told an industry summit organised by MF lobby Amfi here this morning.

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