Multi-faceted business conglomerate Essel Group has taken another step towards its overall process of asset divestment. The group on Thursday said that it has signed an agreement with Adani Green Energy to sell 205 megawatt (mw) projects.

The operating solar assets of Essel Green Energy Pvt Ltd and Essel Infraprojects Ltd, located in Punjab, Karnataka and Uttar Pradesh, are being sold at an enterprise value of Rs 1,300 crore, the group said in a statement.

In what seems to be a sudden jolt to the sentiment in the already ailing telecom sector, dark clouds have covered the future of 5G auction in India.

The 5G auction, which was originally on the telecom ministry’s 100-day agenda, seems to be getting delayed. The companies which were already in the backfoot due to huge spectrum prices have yet another reason not to bid for 5G spectrum.

India’s path to economic recovery faces another obstacle, with Prime Minister Narendra Modi asking the state road builder to stop constructing highways after its debt ballooned almost seven-fold over the past five years.

"National Highways Authority of India totally logjammed with unplanned and excessive expansion of roads," the prime minister’s office wrote to NHAI in a letter dated August 17. "NHAI mandated to pay several times the land cost; its construction costs also shooting up. Road infrastructure has become financially unviable."

The Securities and Exchange Board of India (Sebi), in its order on Thursday, disposed of the show cause notice (SCN) issued to senior employees of the National Stock Exchange (NSE) on January 4, with respect to the co-location (colo) case. The capital markets regulator did not levy any monetary penalty.

The rupee on Friday opened 2 paise higher at 71.78 agains the US dollar amid dip in crude oil prices and rise in Asian stocks.

The domestic unit gave up most of its losses to close down by 3 paise at 71.80 on Thursday even as uncertainty over the US-China trade talks and recession fears kept investors on edge.

After Dark mode made it to WhatsApp, it appears that Microsoft too does not want to be left behind. Led by Satya Nadella, the tech giant has finally introduced the new color mode to its Office suite of apps on the mobile. It is being reported that Outlook for Android will switch to the new mode when the device is kept on Battery Saver.

Reaffirming government’s plans to go ahead with the divestment of ailing national carrier Air India, Civil Aviation Minister Hardeep S Puri said that the “government is determined to privatise Air India”. Speaking at a press conference, the minister reiterated that it is not government’s business to run airlines and hence Maharaja must go to a private player. However, the Air India brand will remain Air India, he added.

State-owned Oil and Natural Gas Corp (ONGC) on Thursday said it plans to raise up to USD 2 billion in overseas borrowings through a unique and flexible, Singapore-listed debt instrument that provides it with an option to raise funds at short notice. The funds so raised can be used to repay about Rs 15,000 crore of the company’s existing borrowings, fund acquisitions or meet project/asset expenses.

Money laundering is an offence against "society and nation", the ED told the Supreme Court Thursday and said it needed custodial interrogation of former finance minister P Chidambaram to unearth the larger conspiracy in the INX Media money case under PMLA.

The government’s move to relax FDI (foreign direct investment) rule in coal mining is expected to see new technology entering the sector in the coming years, Coal Minister Prahlad Joshi said. The opening up coal mining is one of the biggest reforms and the government already has some mines ready to offer but the details are with the senior officials and the PMO, Prahlad Joshi also told CNBC TV18 in an interview. India may need 1,000 mt of coal from captive and non-captive mines over the next two to three years, he added.

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