A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 80 billion ($1.2 billion) to buy a stake in GMR Airports Ltd.

The deal will pump Rs 10 billion into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.

The corporate battle between L&T and Mindtree entered the next phase on Tuesday with the construction-to-engineering major issuing a public statement on its open offer, which will start on May 14, while the board of the Bengaluru-headquartered firm decided to drop its buyback plan.

After its previous board meeting on March 20, the Mindtree board informed the exchanges it would constitute a committee of independent directors to evaluate the open offer proposal of L&T.

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the two notices issued by the Department of Telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment.

New Delhi: Profitability of state-owned refiners such as Indian Oil Corp (IOC) may come under pressure if the government asks them to temporarily freeze the prices of petrol, diesel and other fuels ahead of general elections, Moody's Investors Service said Tuesday.

Telecom regulator Trai will hold a consultation on spectrum allocation with state-owned firms BSNL and MTNL soon, a top official said Tuesday.

"We have received a reference from the DoT couple of days back on the allocation of spectrum for 4G services to BSNL and MTNL. We will issue a consultation paper and hold open house discussion on it," Trai Chairman R S Sharma told reporters on sidelines of an ICEA event.

Reliance Industries Ltd said on Tuesday its unit Reliance Retail Ltd (RRL) has acquired consumer goods company ITC Ltd’s menswear brand John Players.

The acquisition would strengthen RRL’s readymade garments and accessories portfolio in the fashion and lifestyle retail space, Reliance told Reuters in an email.

New Delhi: The general insurers will have to provide details about crop insurance claims to farmers in vernacular languages, apart from Hindi and English, regulator Irdai has said.

Insurance Regulatory and Development Authority of India (Irdai) said it has been receiving various complaints and suggestions in respect of crop insurance claims.

Domestic equities staged a comeback Tuesday with the BSE Sensex recovering over 77 points, while the NSE Nifty inched closer to 11,400 points driven by smart gains in oil & gas, banking and metal stocks amid positive Asian cues.

The 30-share Sensex was trading higher by 77.38 points, or 0.20 per cent, at 37,886.29 in early trade.

Larsen & Toubro’s move to scale up in IT miscomputes. The Indian engineering-to-financial services conglomerate, led by AM Naik, has initiated a hostile bid for control of Mindtree, valuing the Mumbai-listed outsourcer at 155 billion rupees ($2.2 billion). Yet the suitor’s promise to run the outfit independently, outside its existing IT businesses, undermines the whole venture.

The Reserve Bank of India (RBI) will issue guidelines for a “regulatory sandbox” in the FinTech space in the next two months, RBI governor Shaktikanta Das said on Monday, stressing that FinTech has potential to alter India’s financial services landscape. A “sandbox” is a framework set up by a regulator that allows FinTech start-ups to conduct live experiments in a controlled environment under supervision.

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