As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process. Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group have again submitted their EOI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL’s assets into clusters. According to an update from FRL’s Resolution Professional, the 49 players would be permitted to submit “resolution plan(s) for any/all such Clusters under Option II”.
Posts tagged Rediff
RIL, Adani and Jindal Power keen to buy Future Retail (10-04-2023)
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process. Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group have again submitted their EOI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL’s assets into clusters. According to an update from FRL’s Resolution Professional, the 49 players would be permitted to submit “resolution plan(s) for any/all such Clusters under Option II”.
Benefits of ATM cassette-swaps (10-04-2023)
The stage is set for the loading of cash into automated teller machines (ATMs) through the cassette-swap mode with an initial four-phased roll-out across 30 cities from June 1. The lockable cassette-swap will do away with the current practice of open-cash replenishment into ATMs. Cash-in-transit (CIT) firm personnel, tasked with loading cash into ATMs, will not have to touch it anymore. Cash-handling will be done by CITs at the cash centre, and the task of taking into account the amount of cash remaining from the last cassette-load will also be made simpler.
Indian start-ups may take legal route against Google (10-04-2023)
Scrutiny of Google’s code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company’s revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India’s (CCI’s) cease-and-desist order on Play Store policies.
Amid global headwinds, gold gives 16.1% returns (10-04-2023)
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
‘MSME, gold will grow faster than any other segment’ (10-04-2023)
‘The market has picked up for commercial vehicles. We are very close to pre-pandemic levels.’
How To Make Banks Treat Customers Fairly (10-04-2023)
Nobody is held accountable for lapses, no matter how badly it affects the person or business whose accounts are frozen. Nor is there compensation for losses. Most people get to know their accounts are blocked only when a cheque bounces, points out Debashis Basu.
With policy ammunition, defence stocks set to fire (10-04-2023)
A spate of recent orders under the Indigenously Designed Developed and Manufactured (IDDM) category have led to investor focus on defence stocks. Actually, the defence index has been an outperformer for a long while with public sector undertakings (PSUs) like Hindustan Aeronautics (HAL), Bharat Electronics (BEL), Bharat Dynamics (BDL), Garden Reach Shipbuilders Engineers (GRSE), Cochin Shipyard and Goa Shipyard being beneficiaries of the policy.
MFs plan distinguished new fund offerings for FY24 (10-04-2023)
Mutual funds (MFs) are lining up distinguished new fund offerings (NFOs) for the next financial year to win over investors after a lukewarm response to product launches in the 2022-23 financial year (FY23). NFOs drew a lukewarm response in FY23 as launches were mostly in the passive debt space, which has a comparatively lower popularity among retail investors. The limited launches in equity space also failed to rake in huge sums due to subdued investor sentiments in a volatile market.
IT services cos may post muted revenue growth in Q4 (10-04-2023)
IT services firms’ revenue growth in the fourth quarter will be affected by macro-driven headwinds, lower working-days, and the fact of the three-month period being low season. Analysts are expecting FY24 growth to be muted. Revenue growth will decline 600-700 basis points to 10-12 per cent for FY24, said a CRISIL Ratings report. The 10-12 per cent growth rate is a fall from the 18-20 per cent expected in FY23 and around 19 per cent growth in FY22, the highest in eight years, said the CRISIL Ratings report.