Top Headlines: Metro AG eyes India exit; CIL's slow growth, and more

Business Standard brings you the top headlines at this hour

Metro Cash & Carry is looking at raising $300-400 million from a strategic investor after its German parent Metro AG declined to infuse fresh funds for its expansion in India. Meanwhile, the Indian rupee sliding to an all-time low is often considered a boon for India’s exports. Read more on these in our top headlines.

Metro Cash & Carry may offer control to investor to fund expansion

Metro Cash & Carry is looking at raising $300-400 million from a strategic investor after its German parent Metro AG declined to infuse fresh funds for its expansion in India. The company is willing to offer control and has asked merchant bankers J P Morgan and Goldman Sachs to identify prospective investors, though no detailed negotiations have started with anyone for the $2 billion valuation it expects, sources said. Read more

Small exporters feel the pain as Indian rupee slides to an all-time low

The Indian rupee sliding to an all-time low is often considered a boon for India’s exports. Smaller exporters have a different story to share. Agra-based leather footwear exporter Gopal Gupta who has been grappling with challenges and uncertainty fuelled by the Russia-Ukraine conflict that has resulted in high logistics costs, has cancelled orders. Read more

PESB-like body likely to hire PSB, public sector insurance firm heads

The Centre has proposed setting up a Public Enterprises Selection Board (PESB)-like body for appointment of heads of public sector banks (PSBs), public sector insurance companies (PSICs) as well as financial institutions. The body, Financial Services Institutions Board (FSIB), would have the authority to recommend appointments for PSBs, PSICs and state-owned financial institutions. Read more

Coal India production slower than the captive mines, shows govt data

Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines have raced ahead, witnessing a growth of 72 per cent compared to 15 per cent for CIL. Read more

Airport PPPs on a crowded runway; private sector bids could be subdued

Airports hold pride of place in the government’s National Monetisation Pipeline (NMP) programme to monetise public assets. Private airport operators, including the Adani group, Fairfax, GMR and Zurich Airport, are expected to evince interest in the next round of public private partnership (PPP) development of state-owned Airport Authority of India (AAI) airports. Read more