Top headlines: Govt moves on bank privatisation; Lupin to enter diagnostics

Govt will be borrowing Rs 5.03 trillion from the market in the second half, unchanged from what it had planned, but including the GST compensation paid to states. More in top headlines of the day

The goverment will soon start talks with the Reserve Bank of India to develop a framework for screening the bidders of public sector banks. More on that stories and other top headlines of the day:

Centre starts bank privatisation talks with RBI
 

The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. Read more

New SPV to get powers to acquire and develop PSU land

The new special purpose vehicle (SPV) for monetising assets of public sector enterprises may also get powers to acquire and develop land and other assets on a case-to-case basis, besides renting and leasing them out.

The National Land Monetisation Corporation will soon be set up under the Companies Act and be 100 per cent owned by the government. The entity will be able to rent, lease and develop assets to monetise them for a fee, an official said. Read more

Centre won't hit market to make up for GST compensation shortfall

The Centre will be borrowing Rs 5.03 trillion from the market in the second half, unchanged from what it had planned, but including the goods and services tax (GST) compensation paid to states.
 

After its February Budget announcement of Rs 12.05 trillion of gross market borrowing, in May, the government had said it may have to borrow an additional Rs 1.58 trillion from the market to meet the GST compensation shortfall. Read more

Lupin forays into diagnostics business

Pharmaceutical major Lupin is foraying into diagnostics to leverage its ‘doctor-connect’ to tap a sector that has low entry barriers, gives high returns on capital employed, and is witnessing double-digit growth. A formal launch is expected next month, sources in the know said.

Lupin Diagnostics will be a part of Lupin Healthcare, a 100 per cent subsidiary of Lupin. It is in the process of recruiting the team, finalising franchise partners, and setting up a 45,000 square feet laboratory in Navi Mumbai. Read more

 

Why Adityanath is desperate for Noida Airport to take off

There is little that Andreas Schmid, the Swiss-born chairman of Flughafen Zurich AG (Zurich Airport International AG), and Yogi Adityanath, chief minister of Uttar Pradesh (UP), could have in common. But Schmid, whose company is building the Noida airport in partnership with the UP government, finds himself on the same footing as the firebrand Hindutva leader who rules the state. Both hope the Rs 30,000-crore ($4 billion) project, hanging fire for 20 years, shows some progress when UP goes to the polls in 2022. Read more