News digest: Bharat-22 ETF, GST rate cut, Mallya's trial, and more

Reliance Industries, Adani Abbot Point Terminal, and Rural Electrification Corporation (REC) on Monday launched bond issues overseas worth $1.7 bn

SoftBank set to take driver's seat in Ola

Japanese investment giant SoftBank is close to acquiring an additional 10-12 per cent stake in ANI Technologies, the parent company of Ola, to increase its holding in the ride-hailing firm to around 50 per cent ahead of its planned investment in global rival Uber. SoftBank will pay between $400 million and $500 million to Tiger Global, the second-largest backer of Ola, to give the US firm a partial exit, people familiar with the development told Business Standard on condition of anonymity. Read more

Reliance Industries, Adani, REC issue $1.7-billion bonds

Reliance Industries, Adani Abbot Point Terminal, and Rural Electrification Corporation (REC) on Monday launched bond issues overseas worth $1.7 billion in order to reduce their finance costs. The bond issues follow last week’s upgrade by Moody’s of India’s sovereign rating from the lowest investment grade Baa3 to a notch higher at Baa2. The agency has also upgraded the ratings of several public sector companies such as State Bank of India, Indian Oil Corporation, Oil and Natural Gas Corporation, and NTPC as well as those of private sector lender HDFC Bank. Read more

Vijay Mallya's extradition trial confirmed from December 4

Vijay Mallya, 61, the beleaguered Indian businessman facing an extradition demand from the Indian government in a British court, will fight the attempt to drag him back to India not just on the issue of poor prison conditions in India, but on the alleged demerits of New Delhi’s argument. Read more

GST rate cuts: CBEC chief tells firms, restaurants to lower prices

Central Board of Excise and Customs (CBEC) Chariman Vanaja Sarna has written to 100 major companies including Colgate-Palmolive, Dabur, Nestle, and Hindustan Unilever, and 15 restaurants including McDonald’s, Café Coffee Day, and MTR, to pass on the benefit of reduction in goods and services tax (GST) rates to consumers. Read more

Centre gets Rs14,500 cr from Bharat-22 ETF, issue subscribed 4 times

The government’s Bharat-22 exchange traded fund (ETF) has garnered Rs 14,500 crore, officials said on Monday. With this, the Centre’s disinvestment proceeds for 2017-18 has reached Rs 52,500 crore, higher than the 2016-17 revised estimate of Rs 45,500 crore, and Rs 20,000 crore short of this year’s budgeted estimate of Rs 72,500 crore. Read more