Top 10 biz headlines: Mahindra JV with Ford, falling car sales, and more

From Mahindra and Mahindra announcing a joint venture with Ford to car sales falling again, here are the top 10 business headlines on Wednesday

M&M to steer Ford's India operations, form 51:49 JV to cut risks and costs

Ford Motor’s India innings has come full circle. Two decades after the Michigan-based company ended its joint venture (JV) with Mahindra and Mahindra (M&M), the company has done a pivot — this time to hedge its risks in a market that is promising enough not to exit but where it has struggled to make deeper inroads despite a long presence.  Read More

Trai's plan to extend IUC regime will disincentivise 4G upgrade: Jio

The Telecom Regulatory Authority of India’s (Trai’s) plan to extend the interconnect user charge (IUC) regime beyond December will disincentivise the use of 4G technology and keep voice tariffs for over 73 per cent of the incumbent operators’ customer base high, depriving them of the benefit of free calls. Read More

We'll recover at least 50% of group's debt by March 2020, says IL&FS

The government-appointed management committee of the IL&FS Group says it expects at least half of the group’s debt to be resolved, recovered or restructured. And, to do a significant portion of that by March 2020. Read More

IndiGo promoter feud: Rahul Bhatia seeks arbitration against Rakesh Gangwal

IndiGo promoters — InterGlobe Enterprises and Rahul Bhatia — have sought arbitration proceedings in London against the backdrop of differences with co-promoter Rakesh Gangwal. Read More

Car sales continue to slide in Sept despite heavy discounts and offers

The latest automobile sales numbers for September show that the decline continued when compared with the corresponding period last year. In fact, the country’s largest carmaker Maruti Suzuki witnessed a 32.7 per cent fall in sales — the worst in the firm’s history. It could sell 1,22,640 units in September against 162,290 units last year same time. Read More

Sept manufacturing PMI unchanged from August; MPC may cut rates further

The manufacturing sector continued to tell a muted growth story in September. The IHS Markit purchasing managers’ index (PMI) survey showed that at 51.4, growth in manufacturing activities was unchanged from August — when it posted a 15-month low. Read More

We are forced to cut ring time to 25 seconds to counter Jio, says Airtel

Airtel on Tuesday said it has been forced to cut ring time on its network to 25 seconds to contain losses and match a similar move by rival Jio. It said there was directive from the Trai on the issue and hence the firm is left with no choice but to reduce ring time. Read More

Forever 21 debacle signals eroding power of malls, shift in consumer tastes

Forever 21, the California retailer that helped popularize fast fashion in the United States with its bustling stores and $5 tops, said on Sunday night that it would file for bankruptcy, a sign of the eroding power of shopping malls and the shifting tastes of young consumers. Read More

Budget carrier GoAir's Chief Financial Officer Sanjay Gupta resigns

GoAir’s Chief Financial Officer (CFO) Sanjay Gupta has quit the airline. Gupta, who previously worked with Emami Agrotech and Unilever in Singapore, joined the company in March. Read More

Ecomm Cos Hand Over Discount Baton to Brands

India’s top two ecommerce marketplaces, Amazon and Walmart-owned Flipkart, have steered clear of deep discounting and influencing prices of products in the biggest online sale of the year that’s currently ongoing, said several companies that sell their brands on the platforms, reports Economic Times. This follows the tightened foreign direct investment regulations that came into effect in February.