Read India business news headlines 13th September 2018:
– Nayara Energy, backed by Rosneft – the Russian energy giant, has chalked out massive expansion plans for India with an investment of Rs.1.5 Lakh Crore. The expansion plans include increasing the firm’s retail presence and additional investment at the captive port of Vadinar. Nayara was earlier known as Essar Oil.
– Bharat Petroleum has decided to move its LPG facility outside Mumbai. The move is to strengthen safety measures and minimise accidents at its Mumbai refinery.
– Employees Retirement System Of Texas, having more than $21 billion in assets under management, has committed to Indian fund IndoSpace Logistics Parks III to invest around $75 million. This is the third fund from IndoSpace Logistics Parks with a target corpus of $550 million.
– The government has extended the deadline for submission of initial bids for 51% stake sale in Pawan Hans to 19th September. The bidders will also have the option to buy ONGC’s stake of 49%.
– PNB has invited bids from ARCs/FIs for 21 NPA accounts to recover around ₹1,320 crore from the sale. The accounts include Moser Baer Solar, Divine Alloys & Power, Divine Vidyut, Chincholi Sugar, Birla Surya, Shri Saikrupa Sugar among others.
– NCLT has allowed two new bidders of Bharati Defence to submit plans over-riding objections from Edelweiss who were sole bidders so far.
– At the AGM of ICICI Bank, the shareholders sought more clarity from the board on the role of Chanda Kochar in Videocon loan case and also asked as to why an independent probe wasn’t launched before whistleblower complaints were filed with the bank and regulators. The board informed that the bank is cooperating with all the probing agencies.
– Supreme Court has appointed NBCC to develop stalled projects of Amrapali Group and has also directed the Debt Recovery Tribunal to sell off unencumbered commercial properties of the group to recover as much loan amount as possible.
– Union cabinet has approved a proposal for the complete electrification of Indian Railways in the next four years. The move costing the government ₹12,134 crore will reduce dependence on imported fossil fuel as also generate more profits.
– HDFC Life has elevated Vibha Padalkar, its current CFO and ED as the new MD & CEO for three years. It’s previous CEO Amitabh Chaudhry had resigned to join Axis Bank.
– London court shall give its ruling on December 10 on whether Vijay Mallya can be extradited from the UK to India to face fraud charges.
– Flipkart and Walmart employees will get a chance to switch work between the companies, an internal communication to this effect has been sent to the employees of both the companies asking their interest in switching between the companies to learn about each other’s functioning.