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Axis Bank acquires Citi India’s retail assets for $1.6 billion Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of […]
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Tech Mahindra to acquire 100% stake in Allyis India, Green Investments Tech Mahindra Ltd has approved a proposal for the acquisition of a 100% stake in Allyis India and Green Investments. The total consideration for the acquisition is $125 million (~Rs 929 crore). Allyis offers technology consulting and managed services that help organizations reduce costs […]
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Reliance, TA’ZIZ forms joint venture for $2 billion chemical projects in Abu Dhabi Reliance Industries Ltd (RIL) has formed a strategic joint venture (JV) with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais. The joint venture, named TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, […]
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Cabinet approves Rs 30,600 crore govt guarantee for bad bank The Union Cabinet has cleared a proposal to provide a Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company Ltd (or bad bank) as part of the resolution of bad loans. NARCL will aggregate the non-performing assets (bad loans) […]
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SpiceJet seeks shareholders’ approval to hive off cargo, logistics business SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline […]
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Nitin Gadkari announces vehicle scrappage policy in Lok Sabha  Union Transport Minister Nitin Gadkari, on Thursday, announced the vehicle scrappage policy in the Lok Sabha. The policy will focus on removing vehicles older than 15-20 years from Indian roads. Owners of old vehicles will get strong incentives to scrap old and unfit vehicles. With this policy, […]
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Govt to sell entire 26.12% stake in Tata Communications The Indian government will sell its entire 26.12% shareholding in Tata Communications Limited (TCL). It will sell up to 4.59 crore equity shares (forming 16.12% shareholding) of TCL through an offer for sale (OFS) via stock exchanges. The remaining 10% stake will be sold to Tata […]

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