In an effort to ensure a uniform model for engaging private players in mining to boost output, the coal ministry would be coming up with a model mine development operator (MDO) agreement. Apart from Coal India Ltd (CIL), which would engage private players according to the new MDO model, this would also serve as a guideline for state government-run miners as well, for selecting private operators.

Grameen Capital India today announced that L&T Finance has acquired 26% stake in the company for an undisclosed amount.

Grameen Foundation, Citicorp Finance, Amit and Arihant Patni are the other shareholders in the company.

Volvo Buses, the bus making unit of Swedish auto maker Volvo Group, on Tuesday said it will begin this month exporting fully made buses for Europe, the first from an Asian country to its home market.

Volvo plans to utilize the existing manufacturing capacity at its unit, on Bengaluru outskirts, leverage the component supplier base and the low cost talent to offer buses at “ competitive” costs to its inter-city bus customers in Europe.

Mumbai: A fund being set up by ICICI Bank Ltd’s private-equity arm and Tata Power Co. is in advanced talks to acquire an electricity project from Avantha Power and Infrastructure Ltd, people familiar with the matter said.

The fund is in discussions to acquire Avantha’s Jhabua Power Ltd unit and could reach an agreement on deal terms in the next month, one of the people said, asking not to be identified as the talks are confidential. The purchase may value the business at as much as Rs.4,500 crore including debt, the people said.

American Express, First Direct, HSBC, Nationwide, NatWest, Royal Bank of Scotland, Santander and Ulster Bank served as Apple Pay’s launch partners.

According to Apple, the service will be available in 250,000 locations.

GMR-Megawide is in race to acquire operations of five airports worth $2.4 billion in Philippines under PPP model.

As many as six companies, including GMR-Megawide, have evinced interest in the airport projects, according to a statement issued by the Philippines government.

MUMBAI: YES Bank, India's fifth-biggest private sector lender by assets, has asked market regulator Sebi to probe the "intentions" of analysts of brokerage UBS, who, in a recent report, had painted a bleak picture of the bank's finances if its borrowers were to default.

The bank alleged that UBS' analysts did not make "full and fair disclosure" of their "interests" before publishing the report.

The UK today announced that it will ban overseas students from outside the European Union to work while they study in the country from the next month, a move that will hit students from countries like India.

UK immigration minister James Brokenshire said that from next month students from outside the European Union who come to study at publicly-funded further education (FE) colleges in Britain will lose the right to work for up to 10 hours a week.

Markets are trading lower in today’s session as the Consumer price index- (CPI) based inflation for June jumped to a four-month high of 5.4%, mainly driven by higher than expected food inflation dampening the hopes of a further rate cut.

Meanwhile, investors remain cautious ahead of the WPI numbers due to be released later during the day.

Market regulator Sebi is working on a platform for reporting securitisation deals, Reserve Bank of India deputy governor R Gandhi said on Tuesday.

Gandhi, speaking at an industry conference in Mumbai, said banks' drive to securitise priority sector loans will revive the segment.

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