New York: The United States, Britain and France on Monday reaffirmed their support to India’s permanent membership of the UN Security Council as text-based negotiations to expand the most powerful wing of the world body begins in November.

During their meetings with Prime Minister Narendra Modi, the leaders of the three countries also extended support to India’s desire to become a member of the four export control regimes, including the Nuclear Suppliers Group (NSG) and Missile Technology Control Regime (MTCR).

Bengaluru: Debt-laden Lanco Infratech Ltd has postponed asset sale by at least two years due to lower valuation for power assets, L. Madhusudhan Rao, executive chairman of Lanco Infratech, told reporters on Monday at the company’s annual general meeting (AGM).

Lanco Infratech—which has engineering, procurement and construction (EPC), power, solar energy, coal mining and infrastructure businesses—has a total debt of Rs.34,000 crore.

Bengaluru: Infosys Ltd has partnered with Palo Alto-based venture capital firm Vertex Ventures US Fund I Lp to boost its access to start-ups focused on disruptive technologies.

The move by Infosys Innovation Fund, which has an outlay of $500 million, puts India’s second-largest software services exporter in the league of technology titans such as Google Inc. that (through their corporate venture arms) have partnered with VC firms across the globe to find the next big thing.

Chinese eCommerce company Alibaba Group and its payments arm Ant Financial Services Group have agreed to make an undisclosed amount of investment in Indian mobile payment & commerce platform, Paytm. Ant Financial had earlier made its initial investment in Paytm in February 2015, while Alibaba will now become a new investor in Paytm after the completion of the transaction.

The new funding will be used to invest in marketing, technology and hiring talent. Investment in Paytm will enhance the ability of Alibaba and Ant Financial to tap opportunities in Indian mobile eCommerce marketplace and digital finance industry.

Wiping off its initial losses, the benchmark BSE Sensex recovered by almost 87 points and the NSE Nifty regained the 7,800-level as rate-sensitive stocks rallied after the Reserve Bank cut interest rate by 0.5 per cent on Tuesday.

The 30-share index, which had lost over 308 points in the opening trade, rebounded by 86.54 points, or 0.33 per cent, to 25,703.38 at 1115 hrs.

NEW DELHI: An Air India aircraft flying from Chennai to Singapore on Monday suffered an engine shutdown just as it was approaching its destination. The twin-engine plane landed safely on one engine and is now grounded there.

"The pilot got an indication of low oil pressure in one of the aircraft's GE engines. To avoid damaging the engine by running it dry, which could lead to seizure, the pilot switched it off and landed in Singapore on one engine," said a source.

NEW DELHI: Engineering and construction giant Larsen & Toubro today said its IT services unit, L&T Infotech, has filed draft papers with regulator Sebi to go public.

"Larsen & Toubro Infotech Limited, a subsidiary of Larsen & Toubro Limited, has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) on September 28, 2015 in order to undertake an initial public offering of its equity shares," it said in a BSE filing.

Reliance Industries (RIL) plans to raise $1.5 billion to refinance its old loans. RIL will raise the loan in two tranches - $1.36 billion in US dollars and $140 million in Japanese yen.

The maturity of the bonds would be 43 months from the date of issue. The company will conduct road shows in Singapore on October 5, Taipei on October 7 and in Tokyo on October 9.

Maruti Suzuki is expected to sign a re-worked state support agreement with the Gujarat government after an awaited nod from its minority shareholders that will allow Japanese parent Suzuki Motor Corporation to run the upcoming plant in Hansalpur.

India's largest passenger carmaker plans to hold roadshows next month to win over investors to the decision to transfer the Gujarat project to Suzuki, according to sources. Besides, the plant may be commissioned a few months earlier than schedule.

To recover the investors’ money collected illegally by Saradha Realty, regulator Sebi has ordered attachment of 134 properties of the West Bengal-based firm and its chief Sudipta Sen to recover Rs 774.3 crore along with other dues and the applicable interest.

The properties being attached include land parcels, buildings, flats, resorts, furniture, televisions, refrigerators, generators and computers along with all other “movable assets” held by the two defaulters.

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