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Top 10 business headlines: DHFL crisis, Budget 2019, 5G auction, and more

From ITC's investments to DHFL lenders meeting, Business Standard brings you top 10 stories that happened on Sunday

BS Web Team  |  New Delhi 

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DHFL lenders to meet in early July to hammer out a rescue package

Lenders to beleaguered Dewan Housing Finance Corporation (DHFL) will meet in the first week of July to hammer out a rescue package, which will include the reworking of loan payments, fresh working capital support, roping in a financial investor, and putting a new management team in place. Read more here

Paytm poised to start its P2P lending business with Clix Capital

Clix Capital is in advanced talks with One97 Communications, which controls Paytm, for a strategic stake in its planned peer-to-peer (P2P) lending platform. AION Capital, which has an 85 per cent stake in Clix Capital, was formed by buying the commercial lending and leasing business of GE Capital in India. Read more here

Automakers run into collision with Centre’s electric vehicle plan

Two- and three-wheeler manufacturers are stoutly resisting the government’s e-mobility plan. The government wants to ban internal combustion engine (ICE)-powered three- and two-wheelers (with an engine capacity of less than 150cc) by 2023 and 2025, respectively, and replace them with electric vehicles (EVs). Read more here

ITC’s two investments in the hotels sector take two different paths

Tobacco-to-hotels major ITC’s mark-to-market gains from its investment in EIH, which owns the Oberoi chain of hotels, stood around Rs 400 crore in 2018-19. Read more here

From Accenture to IBM, IT hiring set to gain pace with 25,000 openings

After a lull in hiring by the IT industry seen during the election period, recruitment seems to have picked up in June, as around 25,000 openings have come up from major software services companies. “Accenture has close to 6,600 openings, whereas it stands at close to 2,800 for IBM. Read more here

Anil Ambani’s Reliance Power starts process to sell coal mines in Indonesia

Anil Ambani-promoted Reliance Power (RPower) has started the process to sell its coal mines in Indonesia and is expected to close the deal in few months, according to people in the know. The deal, if completed, is expected to fetch the financially troubled group $150-200 million. “The company has started the process and is in talks with potential buyers who may be interested in the mines for exports and domestic use,” said a person with direct knowledge of the development and did not wish to be identified. Read more here

The other side of 5G sale: High base price, less spectrum a worry

The government’s ambitious target to mop up $70 billion from telecom operators in the high-speed, fifth-generation 5G spectrum auction slated for later this year could be upset not only by the steep base prices recommended by the Telecom Regulatory Authority of India (Trai). An even more contentious issue is the fact that the Department of Telecommunications (DoT) might not even have enough spectrum on offer. Read more here

likely to retain divestment target at Rs 90,000 crore

Finance Minister Nirmala Sitharaman could set a divestment target of Rs 90,000 crore in the full Budget, which she will present on July 5, leaving the figure unchanged from the 2019-20 interim Budget. “So far, all the discussions on the full Budget have taken place with an assumption of disinvestment target being kept unchanged,” said a senior official aware of the pre-Budget deliberations. The printing process for the Budget has begun. Read more here

CCD founder hits pause on sale of real estate venture

Cafe Coffee Day (CCD) founder V.G. Siddhartha has deferred plans to sell his real estate venture Tanglin Developments Ltd to New York-based private equity giant Blackstone Group Lp for an estimated Rs 2,700-2,800 crore, three people familiar with the developments said, reports LiveMint.

Suppliers beware! GST Commissioners can monitor and sting

To strengthen anti-profiteering measures in the country, the Anti-profiteering Authority (NAA) has proposed a Standard Operating Procedure (SOP) for Central and State GST officers to keep an eye on top 20 suppliers in their jurisdictions, make mock purchases and take other measures, reports BusinessLine.

First Published: Mon, June 24 2019. 06:01 IST
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