Top headlines: DFI likely to be setup; corporate air travel takes wing

From DFI likely to be set up with IIFCL's paid-up capital of Rs 10,000 crore to 4 hydropower units facing damage, other dams on alert in Uttarakhand, here are the top headlines this morning

DFI likely to be set up with IIFCL's paid-up capital of Rs 10,000 crore

A new government-owned development finance institution (DFI) is likely to be set up with India Infrastructure Finance Company’s (IIFCL’s) paid-up capital of Rs 10,000 crore and an equivalent amount from budgetary support. It may have a lower minimum capital adequacy ratio of 9 per cent, compared to 12-15 per cent for non-banking financial companies. The Reserve Bank of India (RBI) Act and the Banking Regulation Act may be amended to set up the DFI for enabling it access to a line of credit, according to the draft Cabinet note, said sources. Read More

Blackstone in the final leg of talks to buy out Embassy Industrial Parks

US-based private equity (PE) giant Blackstone is in the final leg of talks to buy out PE major Warburg Pincus and Bengaluru-based property developer Embassy from their warehousing joint venture (JV), known as Embassy Industrial Parks, said sources in the know. Though the JV was looking to monetise the business at an enterprise value of Rs 1,700-1,900 crore in an earlier round of talks with investors last year, the deal could happen close to the price range, said sources. Read More

Corporate air travel takes wing on economic revival, low Covid-19 cases

The travel sector is seeing demand from companies returning, with bookings expected to reach nearly 80 per cent of pre-Covid levels in the current quarter. Online travel portals and airlines say the demand from companies is being led by essential services sectors like pharmaceutical, oil and gas, and power. Information technology (IT) and consulting are yet to resume travel like before, but travel firms and airlines expect the situation to get better as vaccination picks up in India and globally. Read More

Uttarakhand Floods: 4 Hydropower units face damage, other dams on alert

Over 150 people are feared dead due to a flash flood, following a glacier coming apart and an avalanche on the Alaknanda river in Chamoli, Uttarakhand. The accident caused damages to four hydropower projects in the area. Local reports suggested workers of the NTPC-owned Tapovan Vishnugad hydropower plant were stuck in it owing to the flash flood, but 16 of them have been rescued. Statements from the state government said a glacier broke in Joshimath. Read More

KKR-backed JB Chemicals scouts for acquisitions, plans to revamp business

KKR-backed JB Chemicals, the owner of marquee brands such as Rantac and Metrogyl, is scouting for acquisitions — of a portfolio of brands, or a company altogether. After the Mody family sold the company to private equity player KKR last year, the new management is trying to revamp the business. With the former Cipla head at the helm, JB Chemicals now plans to diversify into paediatrics and respiratory. Read More

Tata Projects aims to close FY21 with a top line of Rs 12,000 crore

Tata Projects is aiming to close the current financial year with a top line of Rs 12,000 crore and is bullish on growth in the next year (FY22). Himanshu Chaturvedi, chief strategy officer at Tata Projects, told Business Standard the firm was expected to close the financial year with an order book of Rs 55,000-60,000 crore. This will be spread largely across urban infrastructure projects. “This year, we are expecting our order backlog to end around Rs 55,000 crore to Rs 60,000 crore." Read More

Cement firms set to report volume growth despite price moderation

 With the Budget laying thrust on infrastructure, affordable housing and roads to fuel economic growth, the domestic cement industry is poised for a volume surge, albeit at a gradual pace, amid a moderate rise in prices. “The Budget announcements augur well for the cement industry but it will take time for money to get absorbed in the ground. Read Morw

PhonePe retains top position with 42% UPI market share in January

Walmart-backed PhonePe has, once again, emerged the top Unified Payment Interface (UPI) app in January, with 968.72 million transactions worth Rs 1.91 trillion, accounting for 42 per cent of the UPI market alone, the data put out by National Payments Corporation of India (NPCI) shows. In January, on a month-on-month (MoM) basis, PhonePe saw its transactions go up by a little over 7 per cent and their value nearly 5 per cent. This is the second time in a row that PhonePe has bagged top position. Read More