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Top 10 business headlines: RBI Feb 12 circular, Jet Airways bid, & more

From the likely changes in RBI's February 12 circular to Jet Airways stake sale, Business Standard brings you top 10 stories that made news on Monday

BS Web Team  |  New Delhi 

rbi, reserve bank of india

RBI may tweak Feb 12 circular on stressed assets to 30-day grace period

The Reserve Bank of India (RBI) is likely to replace the controversial one-day default norm and give a grace period of 30 days to identify the early stress of borrowers. This will form part of the revised February 12 circular, which is in the works, and would come as a breather for India Inc. Read more

Jet Airways bids set to draw a blank; Etihad to say no, TPG back out too

All shortlisted bidders, including Abu Dhabi-based Etihad Airways, are learnt to have backed out of the process of investing in grounded Jet Airways. Etihad was the only airline to have expressed an interest to buy a controlling stake in Jet. The other shortlisted bidders were sovereign fund NIIF and private equity firms TPG Capital and Indigo Partners. With no bidders left in the fray, there’s little hope left for Jet’s revival, said a source. Read more

Money laundering case: ED orders Kochhars to appear with asset lists

The Enforcement Directorate (ED), probing the money laundering case in connection with the ICICI Bank-Videocon loan matter, has summoned the bank’s former managing director and chief executive Chanda Kochhar, her husband Deepak Kochhar, and brother-in-law Rajiv Kochhar. Read more

US ends Iran oil import waivers; no supply woes for India, say marketers

The Donald Trump administration said on Monday it would not renew waivers that let countries buy Iranian oil without facing US sanctions. The US had given waiver to five nations —India, China, South Korea, Turkey and Japan — till May 2. Read more

Blackstone to buy controlling stake in Essel Propack for Rs 3,211 crore

Private equity major Blackstone said on Monday it was making its largest investment in the consumer sector in India by picking up a 51 per cent stake in Essel Propack for up to Rs 3,211 crore ($460 million). Essel Propack is the Indian packaging supplier to Colgate-Palmolive and Olay. It is the largest manufacturer of laminated tubes in the world. Read more

GAIL offers winning bid for IL&FS wind assets, no haircut for lenders

Natural gas distribution major GAIL India Limited emerged as the highest bidder for the wind assets of debt-ridden IL&FS Group. GAIL quoted an offer price of Rs 4,800 crore for 873 MW of wind power assets, IL&FS said in a public statement. Read more

Sensex declines 495 points over Iran oil concerns; Nifty ends below 11,600

Indian markets posted their worst single-day fall in 2019 as rising oil prices hurt investor sentiment and dampened economic outlook. Brent futures rose as much as 3 per cent to $74.3 a barrel, the most since November 1, before easing off slightly, as the United States appeared to end all waivers issued to eight economies, including India, allowing them to buy Iranian oil without facing sanctions. Read more

Startups positive about RBI’s fintech sandbox, but wary of some clauses

Indian startups are positive about the Reserve Bank of India’s proposal to start the so-called regulatory sandboxes. At the same time, they are also wary of some clauses related to the eligibility criteria, according to the Livemint.

The RBI’s fintech sandbox allows startups operating in the country to test out financial products in realtime with limited regulations.

Jawaharlal Nehru Port Trust raises offer to buy debt-ridden Air India tower

After raising an initial bid of around Rs 1,200 crore, state-owned Jawaharlal Nehru Port Trust (JNPT) has raised its offer price to over Rs 1,300 crore to buy debt-ridden Air India’s iconic 23-storey tower located at Mumbai’s Marine Drive at Nariman Point, reports the Hindu BusinessLine.

How RBI dollar auction is helping non-banking finance companies

The central bank’s move to hold dollar-swap auctions and inject durable liquidity into the system has made it easier for Non-Banking Finance Companies (NBFC) to borrow expansion funds through overseas bond sales, according to a Economic Times report.

First Published: Tue, April 23 2019. 06:19 IST
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