News digest: PSB recap, Aadhaar data breach, Vodafone-Idea merger, and more

Govt seeks nod for Rs 800-billion PSB recapitalisation through bonds

The Finance Ministry sought Parliament’s approval to spend Rs 800 billion extra this fiscal year to recapitalise state-owned banks through bonds. Thursday’s move kick-starts the Rs 1.35-trillion bank recapitalisation bond programme announced by Finance Minister Arun Jaitley in October to help public sector banks come out of the spiralling non-performing asset mess. Read more

UIDAI begins probe on breach of Aadhaar database, initiates FIR

The Unique Identification Authority of India has begun investigations into a report that claimed access to its database of identity details of more than a billion citizens was being sold for just Rs 500 on social media. Read more

Idea Cellular plans to raise Rs 67.5 billion before Vodafone merger

With Idea Cellular reporting increased losses after a merger with Vodafone’s Indian subsidiary was announced in March last year, the Aditya Birla (AB) group announced a two-part plan to raise Rs 67.5 billion. The fund infusion is necessary as it will enable both firms to go ahead with the mega merger, scheduled to close by the middle of this year. Read more

Lenders plan Aircel, GTL Infrastructure merger to clear combined debt

Lenders to Aircel and GTL Infrastructure have come up with a solution to clear the combined debt of the firms. They are looking at the option to merge the firms so that the new entity gets a stable earning. Read more

As capacity addition tapers off, wind power sector loses steam

Wind power tariffs have declined to Rs 2.43 a unit and capacity addition last year was a mere 435 Mw till October despite three rounds of project auctions, forcing turbine manufacturers to rue the surge in installations during 2016-17 when close to 5,000 Mw was added. Read more