Top business headlines: Truce at Indigo, big bureaucratic reshuffle & more

From Indigo promoters reaching compromise to government approving Rs 3,050-cr fine on Airtel and Vodafone Idea, here are top 10 events and developments that made news on Wednesday

IndiGo promoters Bhatia, Gangwal reach compromise as Chairman brokers peace

An uneasy truce has been brokered between the promoters of the country’s largest Indian airline, IndiGo. Rahul Bhatia and Rakesh Gangwal, who together hold a 75 per cent stake in the company, have agreed on a board structure that gives higher representation to Bhatia’s InterGlobe Enterprises. Read more

Finance Secy S C Garg moved to Power, Atanu Chakraborty gets Eco Affairs

The Modi government on Wednesday transferred Finance Secretary Subhash Chandra Garg to the power ministry while appointing Atanu Chakraborty as economic affairs secretary. He was in charge of the Department of Investment and Public Asset Management (Dipam). Read more

Govt approves Rs 3,050-cr fine on Airtel, Voda Idea

The Digital Communications Commission (DCC) on Wednesday approved the recommendation of the Telecom Regulatory Authority of India (Trai) to levy a total penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for refusing to provide points of interconnection to Reliance Jio. Read more

Auto parts industry fears 1 million jobs could be at stake due to slowdown

Industry body ACMA on Wednesday said around 1 million jobs could be on the line if the prolonged slowdown in the automobile industry continues.

The Automotive Component Manufacturers Association of India (ACMA) sought a uniform GST of 18 per cent for the entire automobile sector. Read more

FMCGs focus on earnings growth by cutting ad spends

As the slowdown in the fast-moving consumer goods (FMCG) market gets pronounced, most companies are shifting their attention away from volume growth. Now, they are focusing on earnings growth, led by a cut in advertising spends and other expenditure. Read more

India jumps five places to 52nd rank in Global Innovation Index 

India improved its ranking in the global innovation index by five places to 52nd in 2019 from 57th position in the last year, according to a report released Wednesday.

The GII rankings are published annually by Cornell University, INSEAD and the UN World Intellectual Property Organisation (WIPO) and GII Knowledge Partners. Read more

Govt likely to go for $10-billion overseas bond sale in October: Report

The Centre is considering an option to raise $10 billion in one go from its first overseas bond sale as early as October, according to people with knowledge of the matter.

The government would prefer to sell yen or euro-denominated debt so as to offer lower yields, the people said, asking not to be identified as the plan is still under discussion. Read more

RBI may place lending restrictions on some finance companies

The Reserve Bank of India is talking tough to large finance companies on asset quality as it may place lending restrictions on some of them under a prompt corrective action (PCA), Times of India reports, citing sources.

Once placed under the PCA framework, the finance companies will not be allowed to increase their large risk exposure unless they improve financial ratios in respect of capital adequacy and NPAs.

SBI consortium gave loan to Sterling after own subsidiary flagged default

A consortium led by State Bank of India (SBI) ignored a criminal complaint filed by SBI's own subsidiary, State Bank of Mysore, to loan money to Sterling Group in 2015, according to the Indian Express.

State Bank of Mysore had filed a criminal complaint against Sterling Biotech Ltd for loan default in 2012 and declared its promoters “wilful defaulters” in 2014.

Oppo will make way for Byju's on Team India jerseys

Team India jerseys will have a new brand name on it from September. Chinese mobile-maker Oppo will make way for Byju's, the Bangalore-based educational technology and online tutorial firm, reports Times of India.