Top Headlines: Musk takes over Twitter, IDBI Bank's stake sale, and more

Elon Musk became Twitter Inc's new owner on Thursday, firing top executives he had accused of misleading him. The proposed stake sale in IDBI Bank by the government may run into a regulatory obstacle on the issue of minimum public shareholding. Read more on these in our morning brief of top headlines. 

Elon Musk takes control of Twitter, fires top executives, including Parag Agrawal

Elon Musk became Twitter Inc's new owner on Thursday, firing top executives he had accused of misleading him and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. The CEO of electric car maker Tesla Inc has said he wants to "defeat" spam bots on Twitter, make the algorithms that determine how content is presented to its users publicly available, and prevent the platform from becoming an echo chamber for hate and division. Read more
 

IDBI Bank's proposed stake sale likely to run into regulatory hurdle

The proposed stake sale in IDBI Bank by the government may run into a regulatory obstacle on the issue of minimum public shareholding. The Centre and the Securities and Exchange Board of India (Sebi), the market regulator, may be at odds over a minimum public shareholding in the lender. Read more
 

PEs add spice firms to shelf, invest Rs 5,000 cr to expand biz, enter mkt

Private equity investors and large domestic food companies have splurged close to Rs 5,000 crore to pick up stakes in, or acquire, branded spice companies, either to enter the market or expand their market share. These include A91 Partners (25 per cent in Pushp Spices for Rs 126 crore in a primary fund raise), Investcorp (a minority stake in Intergrow Kitchen), Indian food companies such as ITC (100 per cent in Sunrise for Rs 2,100 crore), others. Read more
 

Govt target of 10K new 5G towers per week is far off, say industry sources

A day after Telecom Minister Ashwini Vaishnaw asked telecom companies to install at least 10,000 5G towers every week, industry sources in the know said the government-mandated target was difficult to achieve in the near future. However, they added the numbers should rise soon from the current 2,500 per week. While the government is ready to help telecom companies scale up 5G infrastructure with whatever policy support they need, the speed of 5G roll-out needs to be maintained, Vaishnaw said. Read more
 

Jaypee Infra insolvency: Decks cleared for NARCL to buy first stress asset

The decks have been cleared for government-backed National Asset Reconstruction Company (NARCL) to acquire its first stress asset, as no counter offer was made for its bid for Jaypee Infratech. Senior bank executives said no bids were received under the Swiss challenge, which was scheduled on Thursday. Read more