Reliance, Aramco to re-evaluate investment proposal

Reliance Industries Ltd (RIL) and Saudi Aramco have mutually decided to re-evaluate a major investment proposal concerning the Oil to Chemicals (O2C) business of RIL. The deal was estimated to be about $15 billion. The current application with the National Company Law Tribunal (NCLT) for segregating the O2C business from RIL is being withdrawn.

Both companies had signed a non-binding Letter of Intent (LoI) in August 2019 for a potential 20% stake acquisition by Saudi Aramco in the O2C business of RIL.

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Govt puts MTNL, BSNL assets worth about Rs 1,100 crore on sale

The government has listed real estate assets of state-run telecom firms MTNL and BSNL for sale at a reserve price of around Rs 1,100 crore. BSNL properties located in Hyderabad, Chandigarh, Bhavnagar, and Kolkata have been posted for sale at a reserve price of ~Rs 800 crore. The Department of Investment and Public Asset Management (DIPAM) website has listed MTNL assets located in Vasari Hill, Goregaon in Mumbai for sale at a reserve price of Rs 270 crore.

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IRB Infra shareholders pass resolution for Rs 5,347 crore capital inflow

IRB Infrastructure Developers Ltd’s shareholders have passed a resolution that will enable a capital inflow of Rs 5,347 crore into the company. This move will allow IRB Infra to issue shares worth up to Rs 5,347 crore to Cintra Global S.E. (a wholly-owned subsidiary of Spain-based Ferrovial S.A) and Bricklayers Investments (an affiliate of GIC, Singapore Sovereign wealth fund).

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Sundaram AMC gets SEBI approval for its acquisition of Principal AMC in India

Sundaram Asset Management Company (AMC) has received approval from market regulator SEBI to acquire Principal Asset Management Company in India. The company will acquire the schemes managed by Principal India and 100% of the share capital of its subsidiaries. As per regulatory requirements, there will be an ‘exit load free window’ for investors to redeem their investments. Sundaram AMC is a wholly-owned subsidiary of Sundaram Finance Ltd. 

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Prices of apparel, textiles to increase from Jan 1 as Govt raises GST from 5% to 12%

The prices of apparel, textiles, and footwear are set to increase from next year as the Central Board of Indirect Taxes (CBDT) notified an increase in the Goods & Services Tax (GST) rate from 5% to 12%. The increased GST rate on the categories will be applicable from January 1, 2022. However, GST rates on or certain synthetic fibres and yarn have been lowered from 18% to 12%, making rates uniform across the entire textile sector. 

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EPFO plans to invest 5% of annual deposits on InvITs, alternative funds

Employees’ Provident Fund Organisation (EPFO) has approved measures to invest up to 5% of its annual deposits in infrastructure investment trusts (InvITs) and other alternative funds. Under its current investment pattern, EPFO invests around 45-50% of its incremental deposits in government securities, 35-45% in debt instruments, around 5-15% in the equity market, up to 5% in short-term debt instruments, and another 5 % in short-term debt instruments. You can learn more about the operations of EPFO here.

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