News digest: New NPA rules, wind energy bidding, PPF account, and more

Over Rs 2.8 trillion worth of loans, where payments have remained outstanding for 60-90 days, carry the risk of slipping into the category of NPA

NPA levels of banks set to bloat with RBI's mega resolution framework

Over Rs 2.8 trillion worth of loans, where payments have remained outstanding for 60-90 days, carry the risk of slipping into the category of non-performing assets (NPAs) due to the revised framework for stressed loans. Read More

Six leading cement companies forming a 'cartel' under CCI scanner

The Competition Commission of India (CCI) in a preliminary investigation has found six leading cement companies have formed a cartel, this time in the northeastern region. Read More

Finance Ministry proposes to allow premature closure of PPF account'

The government proposes to allow premature closure of Public Provident Fund (PPF) accounts and permit opening of small savings accounts in the name of minor, the finance ministry said on Tuesday. The legislative changes proposed in the Finance Bill, 2018, are aimed at adding flexibility in operation of the account under Small Savings Schemes (SSS), it said. Read More 

Mittal steers clear of trouble, sells stake in KSS ahead of Essar Steel bid

ArcelorMittal Chairman L N Mittal has sold his 33 per cent personal holding in KazStroyService (KSS), an oil infrastructure provider company based in Kazakhstan, in an effort to put to rest questions on his eligibility to bid for stressed assets. KSS owns 100 per cent in KSS Petron, which became a non-performing asset (NPA) in 2015. Read More

Torrent Power, ReNew, Green Infra win big projects in fourth wind bidding

In the fourth bidding held by Solar Energy Corporation of India Limited, SECI to award 2,000MW wind power projects, six players won by quoting large project size and moderate tariff. ReNew Power, Green Infra (now owned by Sembcorp India), Inox Wind and Torrent Power quoted the lowest tariff of Rs 2.44/unit. Adani Green Energy and Saudi Arabian Alfanar Energy quoted Rs 2.45/unit. As the bidding follows bucket fill method all the players would get the quoted project capacity. Read More

Indian pharma firms renew focus; Dr Reddy's, Cipla eye $100-bn China market

Dr Reddy’s Laboratories (DRL) is expanding its presence in China, the world’s second-largest pharmaceutical market, where other drug manufacturers such as Cipla and Lupin are exploring opportunities. The more than $100-billion China market is dominated by local drug manufacturers and multinationals and India’s pharmaceutical exports of around $160 million are a fraction of the companies’ sales. Read More